On a recent episode of the television show ‘Shark Tank’, an entrepreneur appeared before the panel to pitch his idea. It was quite a bold concept and he matched it with a bold amount of investment requested from the ‘sharks’. At first, the panel were curious about his product and were keen to find out more. He seemed to be well thought out, and spoke articulately about his business model.
After a short time, his presentation started unravelling. The panelists’ questions revealed that despite initial appearances, the product was still very much in testing stage (despite indications to the contrary). The value of the business was based purely on speculation, not on previous sales or solid market research. In addition, they discovered that in a timeframe of approximately 10 years, he had started up (or been involved in) 8 business ventures; and not one of those ventures had been successful. It was no surprise when all 5 members of the Shark Tank announced that they were ‘out’.
This entrepreneur may have been trustworthy. But unfortunately, for him, there were too many ‘alarm bells’ for the investors, and they were unable to believe in what he was pitching to them. There is a difference between ‘being’ trustworthy and ‘proving’ your trustworthiness.
Although your customers are unlikely to ask you the in-depth and hard-hitting questions asked on ‘Shark Tank’, they will still form opinions about your business based on their interactions (either directly or indirectly). Everything, from your branding, to the end point delivery, gives your customers ‘clues’ about your trustworthiness.
Your branding might entice them to contact you in the first place. But if they experience delays and excuses, or receive inferior products, they are highly likely to distrust you. This may be despite the fact that you are not intentionally providing poor service, and are genuinely very trustworthy. But if the customer experience doesn’t reflect your values, your honesty and integrity will mean nothing.
The well-known saying ‘actions speak louder than words’ applies perfectly here. Every interaction you have with your customers must show and prove your trustworthiness: otherwise you may find yourself in the same boat as the unfortunate Shark Tank entrepreneur.
