Lets talk about the Trust Equation….and why it is so important to your success, because as a small business it represents a great opportunity to set yourself apart. Did you know that only 1 in 4 brands trusted by consumers ? Furthermore Almost 70% of consumers don’t trust advertising and 42% distrust brands, seeing them as part of the establishment and therefore ‘remote, unreachable, abstract and self-serving’ That’s not great is it? But the good news is, if as a brand you are trusted, you have a 35% greater chance of cutting through all the noise to reach your potential customers. We also see a 400% increase in consumers wanting empathy and kindness form business. So the key to success is being trusted then right? But how do you do this when you are a small business. First lets look at the Trust Equation The Trust Equation uses four objective variables to measure trustworthiness. These four variables are:
- Credibility: The quality of being convincing or believable.
- Reliability: The degree to which the result of a measurement, calculation, or specification can be depended on to be accurate.
- Intimacy: close familiarity or friendship – how well do you know or feel you know someone
- Self Orientation: where is your attention focussed. Is it on Yourself or on others?
- Put your values and purpose at the centre of anything you are doing – if you don’t any investors and customers will see right through it. So for instance mine are #Honesty, #Integrity and #passion
- Build credibility by publishing content and showing that you really understand the issues and concerns of your customers. Publish your values on your website. Stand up for what you believe in.
- Show reliability by delivering on time and to budget every time. Don’t overcommit. Say No when you need to and always deliver a service you would want for yourself, and if something does go wrong then own up – don’t try and hide it . Like Uber did. And they wonder why people don’t trust big brands?
- Talk about yourself less and your customer more and build empathy by reflecting consumer stories in your brand story let them see that you really understand