Why Trust Is the Foundation of Success

Originally posted September 24, 2024 on Fast Company. https://www.fastcompany.com/91194911/why-trust-is-the-foundation-of-success

B2B buyers can be incredibly risk-averse. That makes trust-building in the B2B software space a key challenge.

Despite the confident facade many B2B buyers project, a 2023 survey from Forrester uncovered a surprising truth: 43% make defensive purchase decisions , choosing products deemed “safe” over other considerations. B2B buyers can be incredibly risk-averse. That makes trust-building in the B2B software space a key challenge.

I’ve worked for years in the B2B software industry, and trust-building has always been a core practice. At my current company, it needs to be even more so. Many of my buyers have histories at three-letter agencies or backgrounds in law enforcement. They may be working in the private sector for the first time. The questions they ask are deep, probing, and analytical.?

Building trust isn’t just about walking the walk and talking the talk. It’s about being forthright. However, trust-building also requires strategy with a set of behaviors and tactics you can develop to help overcome doubts.

LISTEN CLOSELY TO THE DETAILS

Understanding the nuances of your customers’ needs goes beyond mere customer service — it’s about building a partnership. Engage in detailed conversations to grasp what your clients are saying and what they aren’t. This can involve meticulous attention to feedback during product demos or careful analysis of usage data to anticipate needs before they are explicitly communicated.

This isn’t a task leaders can leave to product and CX teams. Senior executives bring a broader set of business experiences to the table that can be beneficial to client relationships. By focusing on the nuances of conversations, you can contribute to a stronger and more meaningful dialogue with your customers.??

BUILD CREDIBILITY THROUGH THIRD PARTIES

No matter how good you are at building trust, nothing overcomes doubt like the word of a neutral third party that is a satisfied customer. Let’s face it: We’re all motivated by success. When a customer provides a reference, it resonates because there’s no apparent motivation other than their fandom.

Encourage your satisfied clients to share their experiences on B2B product recommendation sites, as detailed case studies and client reviews can prove your product’s effectiveness. Make these resources easily accessible on your website and in sales materials. This underlines the proven success and reliability of your solutions in various scenarios.

SELL SOLUTIONS RATHER THAN PRODUCTS

Buyers don’t commit because they like software. They commit because the software solves their problems—whether that be a lack of time, budget, or capabilities. Build trust by asking questions about your customer or prospect’s challenges and discussing how to solve them. When it comes to software, your success is their success.

By aligning your objectives with the goals of your clients, you reinforce the perception that you are more than a vendor; you are a strategic partner invested in their long-term achievements.

BE TRANSPARENT IN ALL INTERACTIONS

Transparency is key in building and maintaining trust. Be clear and honest in all interactions, from sales pitches to customer support. If a feature is in development, communicate this openly rather than overpromising and underdelivering. This honesty will prevent future disappointments and strengthen your credibility.

Regularly update clients about product updates or organizational changes that might affect them, building trust and dependability. Listen closely to your customers’ needs and provide clear, straightforward responses. This openness fosters a sense of trust and credibility, paving the way for long-lasting business relationships.

DO WHAT YOU SAY YOU WILL DO

It’s really simple: What erodes trust quickly is a failure to match actions and words, especially when dealing with third parties and counterparties that might not be familiar with your track record. It means you have to sweat the small stuff.

If you have contract negotiations and promise red lines by the next morning, it must be done. These sorts of promises are small trust-building exercises that add up.?

BE PROACTIVE AND CHECK IN OFTEN

Trust also stems from a mutual understanding of success. Define key objectives with your customers right away and check in regularly on progress toward those objectives.

Some customers will never speak up when they feel a vendor isn’t helping them achieve what they set out to do. Instead, they will let issues fester and stew. Being proactive (and admitting when progress is hindered) gives you a chance to get ahead of issues, adjust course if necessary, and save the relationship.?

GETTING BEYOND “SAFE”

Many of us in the startup field are either trying to disrupt established ways of doing business or challenge incumbents. It’s hard. Traditional ways of doing business are familiar and safe. No one ever got fired for selecting the software vendor with 80% market share. And yet, most of us are in business because we know there is a better way of doing it—whatever we’re trying to do.?

What I’ve learned over the years is that building trust isn’t about proving your solution is better—its performance should speak for itself. It’s about cultivating a relationship where clients—even the ones who are prone to distrust—feel secure in taking a chance on something new, knowing they have a committed ally by their side.