I believe your KLT Factor is your single most important measure of success in your business. After a year of research for a book I’m writing (stay tuned – – coming in 2017!) I found no other measure in increasing business growth and reversing attrition than improving your know, like trust (KLT) factor. Let me explain.
What does it mean to “know” someone?
I hear people say all the time, “I know so-and-so.” I think, “Really?” Or, you know of so-and-so. I think that’s more accurate.
We can’t know everything about anyone right from the first meeting. It’s not supposed to work that way.
We have an exchange of typically more superficial items and then court that understanding with more meetings and more exchanges. The goal of the KLT Factor is not only to move them to the “like” status, but to really figure out, “Do we want to continue to have this relationship?”
Do your homework in the “know” stage. It’s the most important part of getting business right.
What does it mean to “like” someone?
So you’ve established you know more about someone, and guess what – you want to keep them around. You like each other. That’s a good thing, right? Only if liking one another moves the needle in the same direction for both people.
For example, I know plenty of folks who get down this road with a client and then say, “This person is exhausting. I can’t stand them. They drive me batty.” Put your red flag up because if you do not really like someone, it’s next to impossible to get to the “trust” stage and do it well. You can’t fake it til you make it here. Sorry!
Vet your clients well. Liking someone means you’re establishing a commitment toward something bigger and going back on this will be ugly later on. (Ever heard of divorce? Yeesh!)
What does it mean to “trust” someone?
I believe another word for trust is “vulnerability”. You have to be willing to show your true colors, expose your belly, and be open to fully trusting another in a personal relationship. Guess what? There is no difference in the advisor/client relationship either.
Trust is established once you’ve anchored yourself to someone. You care about their business. You care about their employees. You care about all the little things (good and bad) which happen to them. Like a barnacle on a ship, you move along through business with them. This is real trust.
Be a person of action – Look at your current relationships and be certain you’ve established a KLT Factor or protocol for vetting relationships well. Understand the differences in knowing someone and knowing of someone. Do you have clients you don’t like? Dig deep on why! For those clients you do trust and they trust you back – this is the holy grail of business development. Respect it!