Edelman recently released its 2015 Trust Barometer. Edelman surveyed 33,000 people from 27 countries around the world on their trust in the institutions of government, media, business and NGOs. Edelman has been doing this for fifteen years now and have set themselves up as experts in this area.
The study talked about the overall decline in trust in business since last year. What does this mean for your business? A few of the key points that we found interesting as well as our tips for overcoming them are below:
People trust social media and search results more than journalists.
You must engage!!! We may sound like a broken record here, but managing your online reputation and engaging with your audience socially online are vital to having people trust you. A company who does not engage in social media might as well not have any. But remember as you do that social media is meant to be social, not another forum for advertising. If you want to advertise on Facebook and other social media, pay for it. Don’t try and push it on your followers or they may not follow you for very long. Edelman said it best when it said, “When companies trust businesses they are more likely to buy and pay more for their products. Recommend them and defend them” In this case being popular really will pay off.
Big business isn’t as trusted as small, family owned and developing companies.
Good news for the little guy! People feel like they are more involved in a startup company and therefore trust it more. Putting your trust in a big, already established company who may or may not need your business is hard to do. It’s like giving your money to a faceless person. When people can see who they are helping with their business and what their money is doing, it makes them a lot more willing to give more. If you are a big company, try involving your customers more. Let them know what you are doing and how it is helping.
People feel that pace of change is too fast and products/innovations aren’t tested thoroughly enough.
Transparency is the key to the hearts of the consumer. Like we said before, consumers like to know what is going on with a company and where/what their hard earned money is doing. If someone is going to pay $300+ for a phone, they want to know that it works and has been tested. An aspect of transparency that most companies overlook or completely ignore is the benefit. Letting consumers know how this innovation or service will help them, their families and the community is a huge deal! Think about “green products” or TOMS shoes; people like to know that they are doing something positive with their money while still getting something out of it. Letting your customers know how it will help them, their families or others in need is a good way to help ensure they keep coming back. Edelman found that 81% of people agreed that a company can take specific actions to increase benefits and improve the economic and social condition in the community where they operate. Why not try and give the people what they want? It’s a win-win situation.
Gaining People’s trust can be difficult and losing it only takes a second, one mistake. But a loyal customer can increase profits tenfold. Let us help you gain your customers trust and see how we can help you better connect with your customers. Contact us for more information.