Tom Wanek in his book “Currencies that buy Credibility” (2009) teaches the six currencies that you can invest in to purchase credibility in the market place to drive more traffic, sales and word of mouth business.
The 2008 Edelman Trust Barometer says “that most ads today lack believability” and that companies would be wise to pay more attention to fostering trust in advance with their customers as trust can serve as a catalyst for company growth.
Neurologists have discovered that humans are uniquely gifted to detect and respond to trust in other humans. We use these abilities to reduce uncertainty or avoid risk and the pain of loss. This means your customer relies on the same abilities when making buying decisions.
So fostering trust goes a long way in persuading customers to buy from you.
Signalling theory indicates that the more you risk or spend the more believable your message becomes.
Wanek argues that, after years of research and observation, he has determined that credibility can be purchased by investing in one or more of six currencies.
The six currencies that buy credibility are:
Material Wealth
Warranties and guarantees are the most frequently used currencies risked in business today. They illustrate the power of risk reversal which occurs when the business reduces buyer uncertainty by assuming the financial risk of making the purchase.
Power guarantees are simple and specific. No fine print. No small print loopholes. No flaccid language.
Look at the Fedex and Domino Pizza on time delivery guarantee where if it is not always on time you don’t pay a dime.
Our own accountancy guaranteed service is based on this currency. You can see it here.
In effect if you don’t perform you don’t get paid or you are financially penalised.
Time and Energy
Invest time and energy to arm visitors to your website with the expert knowledge that they require regarding the services you provide or the products you sell.
This free valuable information may from time to time lead a website visitor to deal with your competition but it will build trust and confidence in your company which will be of far more value in the long run. Your content can do all the influencing and selling for you.
Opportunity
You can connect more credibly with your target customers by forfeiting opportunities in other areas.
Wanek gives Geppetto’s workshop as an example of this currency. This is a U.S. toy store which refuses to stock toys made from plastic or deal with any gadgets requiring batteries. It is the price the company willingly pays to stand out from the crowd and appeal to parent commitment to nurturing a child’s creativity.
Power and Control
Deliver genuine knowledge to your customers.
Identify drawbacks to a product offering. Discuss gaps in knowledge or expertise. Highlight shortcomings and oversights in service.
In order words are you willing to stand naked in front of your customers?
If you can buck conventional wisdom by having the courage to reveal an uncomfortable truth you can have a direct and positive impact on your top line sales.
Transparency boosts credibility and elevates trust. By admitting the drawbacks you elevate the believably of the merits of your product or service.
Giving customers better information boosts their buying confidence.
Shoeline.com disclosed their product return rates and increased sales by 26%.
Google has given up the currency of power and control to its employees to create a free spirited and creative culture that inspires people to thrive.
Among other innovators they allow employees to spend up to 20% of their work week on a project of their choosing.
This cultivation of innovation and ingenuity has allowed the company dominate and results in more one million job applications per year.
Reputation and Prestige
Your company’s reputation is the lifeline to credibility. You cannot become or remain successful without one and as a general rule it’s reckless to risk one’s good name.
In 1962 Avis bucked conventional wisdom and placed its reputation on a tightrope with its legendary “We Try Harder” advertising campaign. They highlighted their number 2 position in the car rental industry and focused on publicity stating that “they needed to try harder to get customers”. This boosted their credibility and sparked spectacular growth so that by 1966 the company’s market share rose from 10% to 35%.
Safety and Well-being
Concorde suffered a devastating plane crash in Paris in July 2000. After reinforcing their wings with bullet proof Kevlar and installing puncture-proof tyres the senior executives of Concorde boarded the plane in September 2001 and flew half way across the Atlantic and back.
These executives were willing to risk their own personal safety and well-being to demonstrate their belief in the plane’s safety.
Unfortunately their journey was on 9/11.
Summary
Credibility is a vital part of persuasive communication. Without it, your message will be unremarkable and unconvincing. Investing in one or more of the six currencies injects your marketing message with a strong dose of credibility which leads consumers to anticipate a trustworthy buying experience.
Nothing will erode your credibility faster than conflict between what you are saying and who you are being. Any inconsistencies will be immediately recognised and will raise a red flag of disconnect and doubt. Cheap talk won’t win your customers loyalty or trust. Make sure that you are being who you say you are.
Power Statement
Wanek advises that a company should have a power statement that provides a framework that encompasses your company’s marketing message and serves as a guideline from which all advertising should be based. It’s goal is to eliminate any ambiguity or doubt about what your product or service will do for the customer.
A power statement consists of three essential persuasive parts: relevancy, contrasting and credibility.
Relevancy means that your marketing message must communicate an idea, feeling or outcome that the customer truly cares about. It should be focused on the customer and not on the company. It should explain what the product or service will do for the customer.
Contrasting in marketing is the degree to which your message strikes a clear and unmistakably difference between you and your competition. The objective is to clearly state what your product or service does and why this makes you the obvious choice.
Customers are looking for a buying experience they can trust – the credible option.
Power Statement Example.
The following is Wanek’s statement adapted for our accountancy firm (shameless self promotion):
Your business isn’t running as smoothly as it should.
It just can’t when you’re monkeying around furiously trying to get your accounts to balance and cannot quickly get financial information that you can rely on. After all, your time is better spent growing your business and not acting as an unpaid bookkeeper.
Turn your accounting needs over to Parfrey Murphy.
Hi, I’m Noel Murphy of Parfrey Murphy Chartered Accountants. We are Cork’s full service accounting firm with all staff fully qualified and not some operation that won’t be there when you need them. We handle:
- Outsourced accounting and payroll
- Profitable business advice
- Annual accounts and audits
- Tax consultancy
When it comes to accounting support Parfrey Murphy can run the whole kit and caboodle. You can always speak to a live person whenever you need us. In fact, you can even reach me on my mobile (087) 2553851. Yes that is my direct line for you. There is not a single administrative assistant to protect me. As I said, we are always there for you. So let Parfrey Murphy handle your accounting needs and you get back to growing your own business.
A power statement produces copy that is direct and persuasive.