Trust, Pain, and Price
??Randall Craig
Advisor on business growth, marketing strategy, thought leadership, and digital. Author. CEO at Pinetree Advisors. Hall of Fame business speaker.
Have you ever considered the connection between Trust and "Pain", to price? Obviously, the bigger the problem (eg. "pain"), the more an organization would be willing to pay to solve the problem. But where does trust fit in?
An interesting way of looking at the problem is with a set of two-by-two matrices.
Trust and Pain: With low trust and low pain, there is no need, and therefore no business that is available. And as the pain grows, high-trust competitors will scoop the business. With high trust, the spectrum is more palatable: the business is yours, with the proviso that price would reflect the cost of the pain. Action: To prevent competitors from scooping the business, an investment in trust must be made along with an investment in marketing. Too often, organizations — and their agencies — focus on the latter.
Trust and Price: With low trust and a low price, you may be successful with some buyers, but it isn't sustainable. Low trust and high price is a quick road to nowhere: why buy from you when others are more trustworthy? Over time, this leads to competitive disruption — think about the impact of Uber on the taxi industry. High trust and low price may indicate that there is an opportunity to improve margin. A high price and high trust is obviously the winning quadrant.
This week's action plan:
Over time, you may think that you are in one quadrant, but may "drift" into another. Or the market may have changed. This week, explore where you are with specific prospects and clients, and whether a shift is possible... and would make a difference.
??? Join our next virtual conversation and Q&A session for leaders! This month's topic: Pivoting Your Organization: Deciding When (and How) to Change Direction
After many years of success, things have changed:
These situations all have to do with “The Pivot”. In this live session, we’ll explore the Why, When, and How to make the high-stakes pivot decision, and insights into doing it successfully.
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Date: Tuesday, May 14 at 12 noon ET (no cost to attend)
Register here ?? https://randallcraig.net/pivot
Questions can be submitted in advance to ??Ronja Francoeur Soroka and we’ll do our best to address them during the hour.
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