All successful relationships are built on the foundation of Trust. In a business context, Customer Trust is crucial for success.
Think about it.
When was the last time you bought a product from a company you don’t trust? Or subscribed to a platform notorious for horrifying customer experience? Probably never, unless you like to live on the edge.
In a recent survey, 95% CMOs and Brand managers chose “establishing trust between my brand and the consumer” as an answer to the question, “What issues keep you up at night?”
The thing is, the power dynamic between consumers and brands is shifting. Social Media has increased transparency and amplified customer opinion (which is great!). On top of that, the market is saturated with choices. All of this has led to a consumer with a refined bullshit detector.
Trust is in short supply. Customer loyalty, even shorter.
Don’t believe us, skeptical human?
As per the 2020 Edelman Trust Barometer report,
(Edelman has been measuring Trust for the past 20 years.)
But before you decide this to be a doomsday scenario and start packing your bags, listen. Consumers don’t trust brands and are therefore not loyal to them. Now, wouldn’t it give you an edge in this super crowded market if you could earn consumer trust? But how the heck does one do that?
If your customers know exactly what they are getting into when they do business with you, it would definitely help in building trust.
Deliver fantastic, jaw-dropping, hat-tipping customer experience. We are only slightly kidding.
We live in an experience economy (Proof!).
This means that consumers usually value service and experience over product.
If you have a brilliant product but your service sucks, chances are your customers will drop you like hot lava. Part of why companies like Netflix and Amazon are so successful is because they provide excellent customer service.
If your customer has a problem/query and they are able to reach you easily and you are able to understand and solve it in a timely manner- you have trust and loyalty for a lifetime.
We cannot overstate how incredibly crucial Omni-channel customer experience is. Clearly, customer trust companies that they can contact. Simply, to earn Customer Trust, be accessible.
If contacting a company becomes a day long game of treasure hunt, just say goodbye to the customer. They will not be coming back.
Nobody likes shady shenanigans. Least of all, consumers. Making misleading promises and then inevitably failing to deliver on them breeds mistrust and suspicions. So, be truthful, trust-worthy and transparent. Consumers like knowing exactly what they are getting into. Now when trust between companies and customers is usually low, make sure you set yourself apart.
What’s more, as per research,
consumers trust recommendations over advertisements.
So, you might as well light all that ad money on fire if you can’t get your customers to recommend you. Which they will only do if they trust you.
We have talked before about the importance of Emotion and Empathy. We are emotional creatures. Customer behaviour, like all human behaviour is emotionally driven.
Empathetic customer experience builds the ground for trust and loyalty. If you listen to your customers’ problems and opinions, they will be loyal to you. Who doesn’t like being heard?
In fact, as per Deloitte,
“Studies show that we primarily rate brands based on personal feelings and experiences—not information. And when a positive emotional connection is created with a brand, 92 percent of us are more likely to stay loyal to brand, 88 percent are more likely to spend more, and 91 percent are willing to advocate on behalf of the brand.”
Need we say more?
To sum up, Customer Trust is supremely important if you want your business to succeed. But consumers don’t trust anyone anymore. However, if you wish to gain their trust, delivering great customer experience, being transparent, and being empathetic are good places to start.
Good luck!
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