Confidence & The Speed of Trust
Trust is built on the back of 4 key ingredients: Integrity, Intent, Capability, and Results. This means in every deal the buyer of your product is using the explicit or implicit information available to determine if they can trust you. Examples would include personal relationships, past experiences with you, experience with similar products or services, your reputation, what other people say about you, how skilled they believe you are, and the results that you have delivered for others. As a brand new business with an MVP offering, results are unknown, therefore the customer must rely on Integrity, Intent, and Capability to determine if they trust. With that said, it's easiest to first deal with people who know, like, and already trust you, then use that transaction as proof of your results with future customers.
- Integrity is the foundation of trust. It means that we are consistent in our words and actions, have strong moral principles, and are honest with others. Integrity is built over time as we prove to ourselves and others that we can be relied on.
- Intent refers to our motivation for interacting with others. If our intentions are pure and we have good motives, others are more likely to trust us.
- Capability refers to our ability to deliver on our promises. If we say we're going to do something, people will trust us more if we follow through and do it.
- Finally, results refer to the positive outcomes of our actions. If the people we interact with see that they benefit from trusting us, they will be more likely to continue doing so in the future.
Trust is essential for any transaction to take place. Without it, neither party would be willing to take the risk of agreeing. By building a strong reputation for trustworthiness, we can create lasting relationships and make transactions smoother and easier.