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BLOGTrust, Pain, and Price

by Randall CraigFiled in: Blog, Make It Happen Tipsheet, Trust

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, Pain, and Price

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.

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