How a Shortage of Consumer Trust is Killing Your Marketing Efforts
The Big Trust:
Trust – it’s kind of a mystery, isn’t it? In some cases, it may feel as if you can trust a stranger after just one conversation, while it can take years to trust others, if ever. Consumer trust is arguably one of the most valuable assets an organization can have. However, many companies squander the trust they are given without ever realizing it. To grow your business it’s not only important that customers can trust you, but also that you know where their skepticism may lie. So how do we make sense of trust and put it to good use in our marketing efforts? Let’s begin with what trust is and work our way up.
The Evidence: Deciphering What’s Causes Trust
George MacDonald once said, “To be trusted is a greater compliment than being loved.” Frankly, I’m inclined to agree. Trust is comprised of 5 elements, all of which speak volumes about you as an individual.
These 5 elements are:
1. Intent – Expressing intentions to act in good faith
2. Character – Being honest, trustworthy, and genuine
3. Transparency – Forthcoming and open, without hidden agendas
4. Competence – The capacity to do something successfully
5. Consistency – Being reliable and meeting obligations
These five qualities are the foundation for trust, and trust can’t exist without them. This is because humans use them as a safeguard against risk. When we are met with a situation that could end both positively or negatively, we begin to consider risk management. When the outcome is dependent on the actions of another person, we unconsciously decide whether we believe said person can achieve a positive outcome by looking for these five qualities. They are the best indicators of whether someone can, and will, do as they say.
The Ah-Ha: How It’s All Related
All of that may seem relatively intuitive, but it’s important to understand the intricacies of trust before you can properly apply them as a tool for building your business. The Three R’s of Marketing tell us reputation is the first step in increasing sales and building a brand alike. Consumer trust is such an important commodity in this instance because it is vital to a good reputation and a necessity for building consumer relationships. Although it may seem elusive, this asset is a hallmark of any successful business. So now we know what trust is and why it’s important, your last question is likely: How do we build it, especially with customers we’ve never met?