Taking your business to the next level The KNOW, LIKE TRUST Principle

In this digital age the rules have changed. Barriers to entry have faded away, competition is more fierce than ever and new tech 'disrupters' proliferate.

So what does this mean for your business when your looking to stand out? You have a great product or service yet not enough people know about it... or at least not enough of the right people.

Ultimately, it means fluctuating and stagnating sales at best or a failing business at worst.

So if either of those scenarios is familiar to you the Know, Like, Trust principle should become your new best friend in 2018. 

The Know, Like, Trust Principle Is The Simplest Way To Give Your Business A Massive Boost

So what exactly is this marketing principle?… 

Essentially it is your simplified customer journey - the route your customer takes before they buy. Notice I focus on buying and not selling here. 

Since content marketing started to become popular in 2011 marketers have being trying to coin new and ever complicated ways to describe the buyer journey however whichever way you split it, it always comes down to 3 fundamental stages:

Stage 1 (Know)

First up, and most logically, your buyer needs to know about you and your business before being able to proceed to the next stage. Who are you and why should they care? You’ll of course need a mix of inbound and outbound marketing to maximise your results here.

Stage 2 (Like)

Typically, marketers call this the ‘like’ phase. Although it’s always helpful for the customer to like you, it’s much more important they respect and like what you have to say. This may involve challenging them at times on how best to solve their problem. 

Stage 3 (Trust)

This is only achieved if they believe you know at least as much, if not more than they do and they respect you as an expert.

Here’s What Else You Must Consider If You Want To Use The Know, Like, Trust Principle

It’s useful to consider how buyers make their buying decisions. It won’t surprise you it’s complex and depends on each individual, the context they’re in, and their specific buying drivers.

Part of the challenge is to figure out how each organisation, team and individual buyer makes this sort of decision. To do that, you could consider the following ideas:

Why and how we buy 

Customers buy solutions in an attempt to improve the situation they’re in, relative to their strategic goals and objectives.

Customers decide they want to change and now is the time to make the buying decision. And they decide the value promised to them, or the return on their investment is almost certainly worth more than the investment itself (note: the investment is not just monetary but includes a perceived assessment of the time and effort involved in the buying process too).

When customers have enough trust and certainty in one solution beyond that of our valid alternative options, they are likely to be ready to buy.

Risk and trust

At the heart of this process is a balance of perceived risk and trust; anything that suggests increased risk to a customers investment (or our relative time and effort) will move them away from the sale. This is why they do their research before meeting you.

So anything that increases a customers certainty they’ll get the return they are promised will move them towards wanting to buy.

So how do we build that trust, whilst decreasing perceived risk to the buyer?

Well, in it’s simplest form it comes down to your buyer trusting at least two of these three things; 

- Your organisation

- Your product

- You 

Which of these most influences a buying decision is contextual. 

In general the smaller your organisation the more weighting is put on knowing, liking and trusting you. The larger organisations are much more dependent on their brand positioning and the public perception of their product.  

Ultimately, how you help the buyer through their buying decision is within your control. The question is, how well is are your marketing and sales practises helping you create that relationship with your ideal customers before, during and after that first meeting?

Make know, like, trust the cornerstone of your marketing and you will find that your sales no longer fluctuate or decline and instead you have a steady stream of predicable revenue flowing through your business.

Article by Fergus Parker and Mark Moore