The Formula for BuildingTrust
I recently heard a story about a shoe repair shop as told by one of their long-time customers. It’s a heart-warming small business tale that I think you’ll enjoy. The sole proprietor is a cobbler at night; he holds down a delivery job during the day.
His shoe repair business is built on a self-service model that depends on trust. Customers leave their shoes for repair in a converted newspaper vending machine located on his front porch. Shoes that are ready for pick-up as well as the money folder are also in the machine.
Yes, I said the money folder. Customers pick up their shoes and leave their payment, and in over 25 years he has never come up short. Without trust relationships will not move forward. In fact, I often think of building trust through the following formula:
Trust = (Rapport x Credibility) / Risk
In the global economy we read plenty about earning customer trust. However; you don’t see too much written about trusting the customer. Can you earn trust without giving it? Small businesses typically produce nearly half of the U.S. private nonfarm GDP. You can’t help but feel that two-way trust is what really holds our economy together.