5 Effective Ways to Build Trust in Business
Trust is an essential component for long-lasting businesses in today’s competitive market. The leaders who win are those that have open and action-based communication. Look at Donald Trump’s win at Presidency if you want an example of a straight talking no nonsense approach, staying clear of ambiguity.
For millennials, brand authenticity is second only to loyalty discounts in importance when choosing companies to support, according to the same BCG study. In today’s ever-changing landscape there is no bigger incentive for businesses to build up trust.
#1 Communication is Key
The easiest way to build trust is to employ workers that you can communicate honestly with, investing time and energy to build them up to their best. With this, the foundations of your business will be strong enough to weather any changes.
If you empower every person in the company to speak honestly, openly and effectively this limits miscommunication and misunderstanding. By allowing every one to take charge and responsibility for their actions, this levels the playing field.
#2 Creating Value
According to its 15th annual trust barometer by PR firm Edelman, trust in business declined in two-thirds of the 27 markets the survey covers and is now below 50% in 14 markets. This is the worst showing since 2008.
84 per cent of millennials don’t like traditional advertising nor do they trust it, according to a recent study by the McCarthy Group. This is caused by over-saturation of messages through advertising and social media.
To combat a lack of trust, businesses need to create value for money and consistency in the brand’s message. Over-inflated promises may gain attention initially but if the company fails to deliver this sends a very negative message.
Therefore, know what you can deliver that is different from competitors and aim to be the best and out deliver on these assets. Build a relationship with your customers, asking what can be improved for an even better service.
#3 Service First
As the saying goes, “the customer is always right.” Listening to your customer’s needs, desires and problems can be stressful but if you take the time and effort to listen and implement changes, you will build a stronger business.
Creating high but achievable standards for employees acts as the foundation for a long-lasting business. Listening to employees can also help you become more flexible to expectations. If workers are over tasked, they can achieve targets but they may be exhausted. This reflects badly on the company. Therefore you need to balance customers and workers needs to create sustainable goals that are empowering and attainable.
#4 Honesty and Ownership
The PwC global CEO survey released in Davos, 2015 showed that 78% of business leaders see too much regulation as the biggest risk to growth. However, rather than frustration settling in, it’s important to see the big picture. Take an honest and logical approach to seeing the obstacles, highlighting what is possible and what you can improve.
Business often experiences set backs. Learn from them and do not hide failures and hurdles. By being honest about these you are taking ownership of them and helping customers see the real picture. Be open to mistakes and ensure that the business has learnt from them. After all, authenticity is business is highly valued by customers.
#5 Consistency and Listening
Knowing your individual values as well as what the business stands for, make sure you keep your integrity intact. Short, instant wins are very tempting but refer back to what you believe in and don’t be afraid to stand up for those ideals.
Consistency relates to the brand’s message, values and output. By constantly measuring them, this helps ensure an excellent benchmark. However, be open to ups and downs, learning from mistakes to be willing to change.
Listening to what customers needs can help improve your service and the business. Keeping your ideas fresh and relevant in today’s volatile environment is imperative in order to stay ahead.