Trust — it’s complicated. On one hand, trust is essential to both being human and running a successful business. Trust impacts how society functions and is what allows us to put our lives in the hands of pilots, Uber drivers, restaurants, surgeons, investors and our significant others.
But for all this good faith, we are becoming increasingly more cynical. It’s essential that companies acknowledge this trust deficit as it directly ties back to the success of a brand. Our trust in the nation’s major institutions has been eroding for decades and is a fraction of what it was nearly 40 years ago for 10 out of 14 institutions. The Pew Research Center reports that public trust remains near historic lows with only one in four Americans saying they trust the government to do what’s right. We distrust organizations and authority figures, having been burned by a number of spectacular trust fails, ranging from insider trading and emissions scandals to contaminated drugs and cyber threats.
How do we create meaningful relationships when we are engulfed in doubt? By leveraging the three key components of trust: capability, reliability and caring. Businesses that consistently demonstrate these qualities will create a better consumer experience and earn their trust, thereby driving growth, improving loyalty and creating true-believers out of them.
Mind The Gap
With the rise of digital, social and mobile platforms, consumers have become powerful influencers, deciding when, where and how they interact with businesses, and disrupting the traditional path to purchase. People are getting trusted information from family, friends and co-workers and, in some cases, the shared wisdom of the population as a whole. This has created a gap between a consumer’s expectations and a company’s ability to fulfill those promises. And while consumer opinion has always mattered, today’s social-sharing environment needs to be entered with caution; a company’s voice is magnified and can make or break its brand.
Successful businesses can bridge this divide by leveraging the following three trust-building strategies at every communications touch point along the buyer’s journey.
- Expertise. Can you do what you say you will do? Do you have a track record of success in a certain domain? In this area, actions speak louder than words. At a minimum, therefore, trust in a business involves technical skill, reliability and competency. A company’s service or product needs to deliver the results it promises.
With consumers mistrustful of sales reps who they perceive to be pushing an agenda, companies also need to provide proof of expertise and be a genuine resource for others. For example, ability can be demonstrated through content marketing programs that offer insights and resources with no strings attached. Understanding industry pain points and offering practical, relevant advice are actions that build trust and credibility and nurture long-term relationships.
- Integrity. Do you listen to your customers? Are you able to admit to an uncomfortable truth? Consumers support and advocate on behalf of companies they trust. Believable companies engage in honest and transparent communication and act with sincerity. They share information, rather than hide or control it. They also own their mistakes and openly discuss the steps they’re taking to make things right. For these reasons, an integrated social media program can help foster a culture of transparency where trust can thrive.
Social media is a powerful tool that can cut both ways. While it may prompt the occasional negative interaction, it also presents an opportunity to be proactive and engaging, helping establish positive relationships with your target audience. Being open, responsive and transparent to negative comments will go a long way to building trust and credibility.
- Benevolence. Are you trusted to do the right thing? How much do you care about your customers and employees? Consumers want to know that a business has their best interest at heart. Extending benevolence isn’t about handouts — it’s about acting in ways that make people’s lives better. Thus, trust is personal. Consumers care deeply about the actions of the corporate entity just as much as the quality of its products and services. By expressing honest opinions, striving to improve perceptions about the business and communicating the positive influence it has on society, you will be seen as more caring and trustworthy.
Identify what is unique in how you serve your target customers, and how that links with your mission, vision and values, and communicate frequently. When the public understands the character of the organization, and how the vision and values translate into a societal benefit, they are more likely to buy your products, recommend the company, trust it to do the right thing and even invest in it.
Trust is hard to win and easy to lose. It’s also at the heart of any business’s ability to succeed. Understanding the core elements of trust will not only foster healthy and productive relationships but also enable brands to differentiate their products and services in a competitive market. It’s time for companies to step up, do some real good in the world and stand for something worth believing in.
Andrew Pelosi, president of Partners & Simons, co-wrote this article.
