Stephen M.R. Covey joined me to talk about trust for the August session of the Duct Tape Marketing Coaching Excellence Series.

Covey is co-founder and CEO of CoveyLink Worldwide and author of bestselling The SPEED of Trust

Trust is such a big issue in business and, in fact, a core component of my definition of marketing – getting someone who has a need to know, like and trust you. The need for trust is such an obvious notion but I think many people take a limited view of what it really means. Covey talks about the need to both earn and give trust as equal parts of the same concept.

During our chat he share a story about a street vendor who was frustrated by the fact that he could only serve a finite number of customers because he spent so much time taking money and making change. So, as a test, he started allow the customer to pay and make change on their own. He discovered that not only could he serve many more customers over lunch, people were rarely dishonest and, in fact, tips were higher. By extending trust he built his own.

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