Evaluating Consumer Trust in Your Company

by Kraig Guffey | Oct 10, 2017

Folks – we have a trust problem.

Take a look at these stats from a Harvard Business Review article:

For the first time in the 17 years of the survey, The Edelman Trust Barometer saw a decline in trust across all 4 major societal institutions of Government, Business, NGOs, & Media.

Two-thirds of the 28 countries surveyed reported they did not trust the big 4 to “do the right thing” – the average level of trust in the 4 institutions combined was less than 50%.

Here was the real kicker for me:

60% of respondents trusted “a person like yourself” — on a par with trust in a technical expert or an academic.”

Wow. 60% of respondents trusted people like themselves on par with EXPERTS OR ACADEMICS IN THAT FIELD.

That means 6/10 people believe a person with no experience in your industry on par with YOU.

Good news though, there are people out there that can help us understand more about building trust with our customers.

It was a recent Mailchimp for Agencies email that got me thinking about this trust issue. I wish I could take credit for writing it. I agree with it 100%. Thank you, Paul Jarvis (@pjrvs), co-founder of Fixtail, for sharing this with the agency community!

Here is a link to view the email: https://mail.mixmax.com/m/J5Dh9VaT3FJtoVxqn

I hope everyone will read it.

To tease/persuade you into reading the whole thing, here is a quick cliff notes version:

“In studying how trust is built between companies and consumers, Dr. Urban has found that there are 3 aspects of trust:

  1. Confidence (“I believe what you say.”)
  2. Competence (“I believe you have the skills to do what you say.”)
  3. Benevolence (“I believe you’re acting on my behalf.”)

He’s found countless instances of companies who advocate for their customers, seeing their customers then advocate for them. It’s a long-term investment in honesty and transparency, and it’s a strategy every agency can help its clients employ from the start of a campaign.”

We came up with a grid based on these questions to help us determine what level of trust our clients had with their customers across a few different roles in our business. It was a GREAT exercise that sparked incredible conversation & ideas on how we can help build trust between our clients & their customers.

Trust Grid

You may find you don’t need to do this analysis by different roles – but it could be an incredibly helpful exercise for your business to simply place a score for each of the 3 areas of trust and see where you net out.

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 by Kraig Guffey

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