We talk with Rick Watson in episode #140 of the Cultivating Growth Podcast. Rick is a financial expert, trusted advisor, and the Founder of the National Referral Network. He is also the author of “A Firm Worth Building: Running a Better Professional Business.” Rick offers insight on building trust in sales and strategies for building a two-year relationship in just a few weeks!
What we cover in this episode:
- 07:20 – Edification
- 16:30 – Trust Compression
- 24:20 – Trusting the Process
Edification
Rick defines the term “edification” as lifting up others. Rick states, for example, “If you say to yourself, I am good at what I do, but I surround myself with people that are smarter than me, that means that you are edifying these people.” You are giving them respect, making them feel important, and making them approachable to others.
Edification can be a turning point for a client in the referral process. An accountant can tell a client, “Let me refer you to another accountant.” Or, they can say, “Let me refer you to a wonderful accountant with a great reputation.” They can even attach a story to this person to make it more personable.
Remember that Edification is a two-way street. While you are bragging about the people you know, those people should also brag about you. Why not benefit both sides? Talking about this with colleagues may feel uncomfortable, but it’s important for everyone to understand and grow the business together. Edification plays a big role in that.”
There are two types of Edification: internal and external. Internal Edification can mean building up your staff. Show them the respect and appreciation that they deserve. This can ultimately boost performance and productivity. The second type is external. This type is for colleagues, friends, etc. When you edify an individual, you give them a uniqueness that can benefit them personally and professionally.
Edification also means releasing control. If you want total control of clients and to be the most important person they work with, you are only limiting yourself and your growth. The client wants the best, and if you present yourself as the best without giving credit to other amazing people, you will eventually have to “fire” clients and risk growth. Humility is an important aspect to remember in business. Lift others, not just yourself, and it benefits everyone involved.
Trust Compression
Trust Compression aligns with Edification in many ways. When you have edified an individual, you have painted them as a trusted individual. Clients can feel closer to them and place more trust in their offerings. Trust is crucial in business. Those initial meetings with a potential client can be the beginning of growth or loss for your business.
Rick states, “It is not the amount of time you spend with somebody. It is the number of interactions you have.” Our brains make decisions about people based on interactions. How did the other person perceive the interaction? Did they get something out of it? Then, you must ask yourself, how do I give them the most essential information they will retain while building trust quickly?
Rick found that the solution to this problem was to implement micro meetings. Split your usual 1 hour intro meeting into four micro meetings that last about 20-25 minutes. These meetings are a few days apart. Offering information this way allows the individual to retain the information and learn something new.
In addition to these meetings, think about adding bits of communication in between to add even more trust. Rick calls this method “Bridging the Gap Meetings.” Rick suggests sending a video about what you will discuss in the following meetings so everyone is more prepared. This method creates constant communication and a strong relationship in just a few weeks.
Trust is crucial in today’s virtual world. When you cannot have an in-person meeting, you must work harder to build that trust. This method allows the client to keep you in mind even when you aren’t there. It creates a virtual relationship that feels like an old friendship.
Once you have created that bond and friendship, you open yourself to receiving referrals from them. They want the rest of their family and friends to know about you now. It’s amazing how quickly you can build a strong relationship by using both encouragement and trust.”
Trusting the Process
In any business, a potential client will want the information up front without deep discussion or “small talk,” etc. When this happens, you need to ask yourself, is this client right for me? Suppose they are unwilling to develop a relationship with you or your team. In that case, this is simply a transactional relationship and won’t necessarily help you or them in the long run.
Do you want a client who rushes through the knowledge you provide them or is not taking in the advice you offer? Rick mentions that if you rush the process and bring people in through the “side door” rather than the “front door,” you are doing a disservice to them.
There is a reason for the processes put in place, and when you skip some of those processes, your client may miss important information that causes issues later in the relationship. Stick to the process and don’t feel the need to modify or change rules for people. A solid foundation and good relationship with people who give you their time and are genuinely interested in solving the problem allow for the best outcome.
Conclusion
Edification, trust compression, and trusting the process are critical to building strong business relationships. Edification involves showcasing people’s strengths and fostering mutual respect and growth. Trust compression builds trust through meaningful interactions. Trusting the process emphasizes the importance of following established procedures, ensuring long-term success and client satisfaction, which results in more referrals for your business. These principles create a foundation for trust, growth, and effective communication.