What do consumers say impacts their trust in a business?
- 53% said the company's reputation for honesty and fairness
- 57% said the company's reputation for being both dependable and reliable.
- 54% said the company's reputation for providing good value for money
The full chart of factors impacting trust in business
So in light of this information, what steps can you take to build your customer's trust in your business?
Advertise Honestly
Adhere to established standards of advertising and selling.
Tell the Truth
Honestly represent products and services, including clear and adequate disclosures of all material terms.
Be Transparent
Openly identify the nature, location, and ownership of the business, and clearly disclose all policies, guarantees and procedures that bear on a customer’s decision to buy.
Honor Promises
Abide by all written agreements and verbal representations.
Be Responsive
Address marketplace disputes quickly, professionally, and in good faith.
Safeguard Privacy
Protect any data collected against mishandling and fraud, collect personal information only as needed, and respect the preferences of consumers regarding the use of their information.
Embody Integrity
Approach all business dealings, marketplace transactions and commitments with integrity.
So once you have adopted and implemented these Standards for Trust, you have to let your customers know it!
A 2007 Nielsen Survey cites:
78% of people's trust in a company forms from word of mouth advertising
- 63% from newspaper sources
- 61% from online consumer opinions
- 61% from company web sites
- 56% from television sources
Juniper Research projects that number of people using social networks will grow to a whopping 600 million users by 2012. So use all available marketing resources available to you both on and off line.