Academy Group 5, chief executive mentoring and experiential learning group (with members from the Coventry area) worked with Phil Hesketh this month to explore the difference between influence and persuasion and how to use this knowledge to improve relationships and business with key customers in the current difficult markets. (See Phil’s website at www.heskethtalking.com.)
Key take-aways were:-
- Direct your marketing and attention towards enhancing reputation rather building brand image. Phil defined reputation as:REPUTATION = EXPERIENCE – EXPECTATION(reputation is built when customers experience of your product/service exceeds their expectations).
- People buy from suppliers they trust – and will pay them higher prices (allow them higher margins). Phil focused on “Intellectual Trust” rather than “blind trust”, where intellectual trust is formed by customers’ real experience of your people and business:INTELLECTUAL TRUST = (HONESTY x EXPERTISE x “DO WHAT YOU SAY YOU DO”)÷ SELF INTERESTWork this out by giving a score 1-10 for each of these (10 good for all except perceived self-interest of 1 is best). Maximum score = 1,000
I’d heard Phil speaker on a previous occasion some years’ ago and I was impressed that he’d updated his material and made it especially relevant to the current economic climate.
Phil gave our CEO members lots of very practical tips on gaining sales and achieving price increases in difficult markets. All those present awarded very good feedback.
Peter Pritchett, Chairman Academy Group 5
The Academy for Chief Executives, a leading provider of experiential business learning® facilitates peer groups of CEOs and Managing Directors who meet together every month to network and take full advantage of experiential learning. To hear great speakers like this every month and engage in The Board You Could Never Afford®, to find out more about the Coventry Group, or to find a local group near you, visit www.chiefexecutive.com.