What is Trust?
Trust is a fundamental aspect of human relationships and interactions. For brands and businesses, trust could be the difference between closing or losing a deal.
There are 5 key components to trust:
- Reliability: Consistency and dependability in behavior and actions over time. When someone is reliable, they fulfill their commitments and obligations.
- Integrity: Honesty, ethics, and moral principles in one’s actions and decisions. Integrity involves doing what is right even when no one is watching.
- Transparency: Openness and clarity in communication and actions, ensuring that there are no hidden agendas or secrets.
- Empathy: Understanding and considering the perspectives, feelings, and needs of others, which fosters a sense of connection and mutual understanding.
- Competence: Demonstrated skills, abilities, and capabilities to fulfill responsibilities and achieve objectives effectively.
Why is Trust Important? (for Businesses)
The 2 key considerations for purchasing are Trust and Pricing.
As such, Trust and Pricing affects the Likelihood of Purchase.
The equation and diagram above is applicable to most (if not all) products and services.
It explains why consumers are willing to pay a premium price for products from brands like Apple, because they are trustworthy.
On the other hand, consumers are willing to compromise on reliability at the right price from stores like Daiso.
How to convey Credibility?
- Gather reviews and testimonies: Appraisal from customers who have used the product or service before is more convincing than any marketing campaign.
- Showcase list of past projects: A business or brand’s past experience is a good measure of their competence. Just make sure not to share any confidential details of the projects by accident.
- Employee spotlight: Sharing about employee’s life and work adds a human touch to the business. It’s also an opportunity to create a good impression of the business’ workplace culture.
- Get featured on news platform: Being featured on mainstream news platform such as SPH Media builds a lot of credibility for the business. These news platforms are renowned and only features quality news from legitimate businesses.
Never betray the Trust of your customers
Trust is like a mirror, once broken, you can put the pieces back together, but there will always be cracks in the mirror~
Wise Person
It takes a lot to build trust and very little to destroy it.
Businesses must never violate the trust and relationship between them and their customers. Words spreads fast in the market, people will avoid using the product or service from these businesses with bad reputation and low trust.
Summary of Trust
Trust building is an unending process.
It is often an overlooked value among businesses as most businesses focus on the price tag for their products and services.
Trust is the new currency in this digital age of inauthenticity.
Businesses must invest more into Trust building.