How do you choose what smartphone to buy?
Or, why would you pay more for a product you can get cheaper elsewhere?
Lastly, what’s the deciding factor for staying or leaving a job?
The common denominator here is Trust.
In a world overburdened with information, it’s no surprise that trust has gained a new critical currency—one no business can ignore.
Whether you’re interested in boosting customer revenue or attracting top talent, trust (or lack of it) will be a major deciding factor.
So, if businesses want to survive and thrive in the digital age, they must invest in building trust—not only with their customers but also with their employees and stakeholders.
How much trust do you think your business has?
50%? 70%, even 90%?
Well, here’s some research that might transform your perspective.
According to a PwC survey, 87% of executives believe consumers have high trust in their businesses. In truth, only 30% of consumers agree.
This disparity is a big issue.
And it’s not just about keeping your customers happy. Trust is equally important to employees and business partners.
Research from the Harvard Business Review found that workers at high-trust companies experience 74% less stress and are 50% more productive.
What does trust look like?
According to Harvard Business Review, people trust you when they:
- see the real you
- believe in your judgment and competence
- feel that you care about them
Getting just one of these wrong is a surefire way to torpedo your trust.
So, how do you build trust in your business?
We believe these are the foundational areas where businesses can align with consumers and employees on their trust.
They are:
- Ethical business practices (advising what is in the client’s best interest)
- Operate as a partner, not a vendor
- Focus on employee wellbeing and set them up for success
- Admit mistakes with fast action to resolution
Aligning these areas can significantly enhance your reputation, loyalty, and long-term success.
Final thoughts
For long-term business success, prioritise building trust both internally and externally. Engage hands-on, empower employees, and ensure quality to connect meaningfully with all your audiences.
