Business Bourbon & Cigars: Episode Summary Episode Title: Building Trust as a Competitive Advantage with Natalie Doyle Oldfield
Host: Scott Joseph
Release Date: December 19, 2024

Introduction

In this insightful episode of Business Bourbon & Cigars, host Scott Joseph delves deep into the pivotal role of trust within organizations. Joined by Natalie Doyle Oldfield, an award-winning entrepreneur, author, and globally recognized thought leader on trust, the conversation explores how trust serves as a cornerstone for business growth, customer loyalty, and high-performing teams.

Guest Background: Natalie Doyle Oldfield

Natalie Doyle Oldfield shares her professional journey that led her to become a foremost expert on trust in business. With a 25-year tenure in marketing roles within IT companies, Natalie transitioned into sales during the tumultuous period of the 2008 market crash. Despite initial fears and a lack of formal sales training, her focus on the customer during challenging times highlighted the critical importance of trust in business relationships.

Driven by a desire to understand why some companies excel while others falter, Natalie pursued further education. Her research culminated in the creation of a scientifically-backed framework centered on Trust Equity, enabling businesses to measure and enhance trust systematically. This led to the founding of her company, Success through Trust, over a decade ago, where she develops tools and systems to help organizations build and maintain trust.

Notable Quote:

"Relationships are the lifeblood of all of our businesses, and companies that are trusted outperform other companies." [04:44]

The Importance of Trust in Business

Natalie emphasizes that trust is not merely a soft skill but a tangible asset that directly impacts both the top and bottom lines of a business. She introduces the concept of Trust Equity, a measurable indicator of how much customers trust a company, which in turn influences sales, customer retention, and referrals.

Key Insights:

• Customer Trust Drives Sales: Trusted companies can charge premium prices, with 54% of customers willing to pay more for trusted brands.
• Trust Enhances Retention: 80% of people worldwide choose to buy from companies they trust, leading to higher repeat business and customer loyalty.
• Internal Trust Affects Performance: Trust within teams fosters higher engagement, reduces sick days, and ensures deadlines are met, thereby positively influencing overall business performance.

Notable Quotes:

"When you have trust equity, imagine that... you get a comfort level that... I'm going to try them out." [13:46]
"If you look at it, the more trust equity you have, the more trusted you are, the better results you're going to get." [04:44]

Building Trust Within Teams

Natalie outlines practical strategies for cultivating trust within organizations. She introduces her Trust Mastery Program, which focuses on equipping teams with the skills to build and maintain trust both internally and with customers.

Strategies Discussed:

1. Customer-Centric Culture: Start with understanding what's most important to the customer.
2. Empathetic Listening: Encourage teams to listen with empathy and compassion, ensuring that decisions are inclusive and considerate of all stakeholders.
3. Transparent Communication: Leaders should be open and honest, sharing necessary information to prevent misunderstandings and foster a supportive environment.

Notable Quotes:

"Listen carefully with empathy and compassion. Question and involve the other person in a conversation or a decision that affects them." [26:32]
"The more you share, the more vulnerable a leader is, the more open they are and authentic, the quicker you can build trust with someone." [36:53]

Common Mistakes Leaders Make in Building Trust

Natalie identifies several pitfalls that can undermine trust within teams and with customers:

1. Lack of Sincerity: Leaders often fail to show their authentic selves, putting up a facade of perfection which can erode trust.
2. Intransparency: Not sharing essential information can lead to doubts and reduce the ability of teams to support each other effectively.
3. Poor Listening Skills: Leaders may listen without truly understanding, leading to miscommunications and disengagement.

Notable Quotes:

"If someone's perfect all the time, we start to wonder like, okay, when's a ball gonna drop?" [34:26]
"When leaders are not transparent, when they don't share everything that the other person needs to know." [34:26]

Measuring Trust: Trust Equity

Natalie introduces Trust Equity as a quantifiable measure of trust within an organization. By assessing Trust Equity, businesses can identify strengths and weaknesses, allowing them to implement targeted strategies to enhance trust.

Implementation Steps:

1. Assess Readiness: Evaluate the current state of trust within the team through assessments and surveys.
2. Identify Gaps: Determine areas where trust is lacking and understand the underlying causes.
3. Develop Action Plans: Create strategies to address these gaps, focusing on transparency, communication, and customer-centric practices.

Notable Quotes:

"Trust Equity is a key performance indicator for a lot of companies I work with." [04:44]
"The more trust equity you have, the more successful you're going to be." [37:52]

Case Studies: Real-World Applications of Trust Building

Natalie shares compelling case studies demonstrating the transformative power of trust-building initiatives:

1. Technology Company Transformation:

   • Challenge: Low customer trust leading to complaints and poor sales performance.
   • Solution: Implemented the Trust Mastery Program, focusing on empathetic listening and customer-centric practices.
   • Outcome: Within 60 days, customer complaints ceased, and the sales team began bringing in new business, significantly boosting revenue.

2. Manufacturing Company Turnaround:

   • Challenge: Flat revenue in contrast to industry growth, coupled with low employee engagement and missed deadlines.
   • Solution: Launched a "Regain Trust" initiative, involving guided discussions and training to rebuild trust internally and externally.
   • Outcome: Over six months, the company saw a resurgence in customer trust, increased sales, and enhanced employee morale, leading to substantial business growth.

Notable Quotes:

"Within about 30 days, my client saw changes. People on his team were bringing in business Scott. They were selling more to existing customers." [28:48]
"A year later, they have so many opportunities and their sales have gone up so much that they've had to invest in new capital equipment to fulfill all the orders." [45:57]

Actionable Steps: Building Trust Today

For listeners eager to start enhancing trust within their organizations, Natalie offers a straightforward, actionable step:

Step 1: Connect with a Client

• Action: Reach out to one client and ask them, "What's most important to you?" [50:35]
• Purpose: Understanding the client's perspective fosters stronger relationships and demonstrates genuine interest and commitment.

Additional Resource: Natalie offers a free team trust assessment on her website, successthroughtrust.com, allowing businesses to evaluate their current trust levels and identify areas for improvement.

Notable Quotes:

"Start. Call one client, Connect with one client. Ask them what's most important to them." [50:35]
"It's amazing how sometimes we're afraid to ask that or make that call. It does so good." [51:17]

Conclusion

Scott and Natalie wrap up the episode by reinforcing the indispensable role of trust in achieving business success. They emphasize that building trust is a deliberate and ongoing process that starts from the top and permeates every aspect of an organization.

Final Thoughts:

• Trust is akin to a culture of safety; it requires intentional effort and commitment from leadership.
• By prioritizing trust, businesses can unlock significant growth, enhance customer loyalty, and foster high-performing, engaged teams.

Closing Quote:

"It's about unlocking growth, both professionally and personally." [Podcast Description]

For more insights and resources on building trust within your organization, visit Natalie's website successthroughtrust.com and take advantage of the free trust assessment offered.

Thank you for tuning into Business Bourbon & Cigars. Subscribe to our podcast and YouTube channel to stay updated with more episodes that challenge and empower you to grow your business with no-nonsense strategies. Until next time, build trust and make an impact!