There are many factors that lead to success.
You need a great product that’s in demand, an effective marketing strategy and the tools to provide products efficiently and in a cost-effective manner. However, nothing is more important than trust.
This is perhaps more crucial today than ever before. In an age when people typically buy products and services from companies in distant locations, dealing with people they’ll never meet in person, trust is the fabric that holds everything together.
In many ways, the world is getting more complex and impersonal.
Not that long ago, the average person knew the people and businesses with which they exchanged money and services. You and your family would have been on a first-name basis with your grocer, butcher, shoemaker, and so forth.
Now, as populations expand and more and more commerce is conducted online, you’re more likely to order your goods and services by pressing keys on your computer or smartphone. The impersonality of these exchanges requires a great deal of trust.
A Widespread Lack Of Trust
People today have “trust issues” regarding all major institutions. In fact, recent studies show that overall trust in government, media, business and other organizations is at an all-time low.
A recent poll, for example, reveals that only 32% of Americans trust the media.
A universal decline in trust certainly has an effect when it comes to people’s attitudes toward business: Millennials in particular tend to distrust traditional institutions.
Trust issues are both general and specific. In a general sense, people have the idea that businesses are just trying to fool them or charge them as high a price as possible.
More specific trust issues involve matters such as internet security, fraud, identity theft and low-quality or dangerous products.
As a business owner, you can’t be expected to solve large-scale societal issues such as the public’s trust in major institutions.
You can, however, do everything you can to increase the level of trust people have for your business.
How To Build Trust Today
Whereas in the past, trust was built by close proximity, now businesses must cultivate it in other ways. This includes:
- Providing quality products and excellent customer support.
- Offering secure shopping experiences, which you can prove with security certificates such as SSL.
- Displaying reviews and testimonials that provide social proof from other satisfied customers.
- Paying bills on time to show your business partners that you are responsible. This means keeping accurate records and having a reliable bookkeeper or accountant on staff. It also requires that you consider your budget before ordering products and services so that you don’t overextend yourself.
- Being incorporated and licensed properly.
- Having a professional appearance. Whether your business operates out of a storefront or via a website, customers are reassured when the design and atmosphere convey professionalism rather than a slapdash approach. I once underestimated the importance of a professional website, thinking that as long as I offered quality products, people wouldn’t care about how the site looked. Yet, after doing a complete website overhaul with easier navigation, improved graphics and user-friendly menus, I found that people spent more time on the site and more leads turned into customers.
- Exhibiting positive media stories, citations and perhaps longevity (e.g. a business, website or domain that’s been around for 10 years as opposed to three months). There’s also the personal reputation of the owner, which can be verified by Google searches and social media research as well as through more thorough background checks.
It takes some effort to put all of this into practice, of course.
The Age Of Reputation Marketing
Because trust is such an issue today, companies are ever more concerned about reputation management.
This includes online reviews, media coverage and the overall attitude people have toward brands.
Some analysts argue that cutting-edge businesses need to move beyond reputation management and embrace reputation marketing.
This is a more proactive approach, where you don’t simply react to what others are saying about you but actively cultivate an exceptional reputation. Here are a few examples of reputation marketing:
- Actively seeking reviews (in an ethical manner) rather than hoping customers will post them.
- Emphasizing positive reviews and testimonials on your website and in your marketing. Ask satisfied customers for reviews (video testimonials are especially effective) and feature these on your website and sales pages. Ideally, when you promote a certain product or service, potential customers can read or watch a review that touts its benefits.
- Providing timely and even real-time coverage of your business. This could be done via social media, press releases, live stream video or a frequently updated blog.
- Creating a consistent and transparent brand across all platforms. Both paid advertising and organic marketing should reflect your customer’s needs and your core values.
Trust will only become more crucial for businesses in the future.
Cultivating trust and engaging in reputation management is mandatory for any business, large or small, that wants to gain a competitive edge in our increasingly distrustful world.
