Bank on your reputation capital
When I teach I often say, “The upside to the downside of this depressed economy is that we are turning to each other and being very sure who is getting our money. We need each other now more than ever.”
For me, the idea that our personal economy and our community are intertwined is a beautiful thing. So how do we go about choosing who to give our money to? What is it that sets one person apart from another if they do exactly the same job? We hear again and again “be your authentic self” but what exactly does that mean?
As you might suspect, the difference between when to use one person over another, one company over another boils down to trust.
If we were to look up what trust means, I’m sure we’d all agree on the definition but acting trustworthy in everyday business situations isn’t always as simple as it seems. Often we have only minutes to mingle with our peers or potential client opportunities so getting to the offer can mean pushing the conversation in one direction — toward the sale.
Steering a client away from a product or service you’d really like to sell them despite the fact that it’s not in their best interest to buy at this time, or at this price point can be a difficult thing to do. But that’s exactly what Santa did in Miracle on 34th Street.
Santa let people know where to get the toy for less. The shoppers were stunned, the management was furious and Santa was put on trial for being insane.
Doing right by someone whether they become a client or not, buy your product or not, is starting to have value, a currency so to speak.
Rachel Botsman’s TED talk is about the currency of trust and about how social media and the rapid adaptation to new technologies is creating a system that enables us to measure trust.
It’s no longer going to be a matter of your credit score [where only banks understand the algorithm] but about being able to trust a stranger based on influence, connections and reviews.