With the increasing access to information on the
internet, customer expectations are higher than they’ve ever been, and the
competition is fierce. Customer trust has always been important for a brand’s
growth and success, but this new environment makes it absolutely vital.
In addition to nurturing lifelong customers that
will consistently choose your brand over another, consumer trust also gives
your business a little leeway if problems arise in the future. No matter what
may happen, earning the trust of your customers ensures your brand can survive.
So, what is customer trust and how is it earned?
This isn’t a new concept, but it’s an area in which many businesses fail. The
transparency that leads to trust is about more than including the standard copy
about why your brand is better than the rest — you have to truly care about
your customers and their problems.
What Is Customer Trust and Why Is It Important?
Generally, customer trust happens when you have
a deep understanding of your customers’ needs and have a valid solution to
their problems. You provide them with relevant information and products or
services that cater to their unique needs, rather than touting the benefits of
choosing your brand.
Ultimately, this trust is about putting the
customer first in your content and your products or services.
The reason trust is more important now than it’s
ever been is a direct result of the bombardment of information and options
available today. Consumers no longer need to choose between only a few brands.
They have virtually limitless options and access to reviews, testimonials and marketing tricks
that can give them an idea of what you have to offer.
Because of this, marketers need to look beyond
the competitive pricing, features and benefits, and direct their attention more
toward the history and legacy. Customers have become empowered and skeptical
, so they’re
looking for the whole package — one that will not only give them a product or
service that’s reliable, but also a brand and customer service that they can
count on now and in the future. Ideally, your product or service will address
their needs at the time, but in the event that it doesn’t, they want to know
you’ll be there to make it right.
How Is Customer Trust Created?
As we know, the idea of building consumer trust
isn’t new, but it is difficult to achieve. Just making promises about your
brand is no longer enough, since consumers are looking for actions that back up
your claims. This has a big influence on loyalty as well, since customers are
more likely to return to the brand that gave them the experience they wanted
the first time around.
Authenticity is key. Authenticity is the one
thing that transcends industries, generations and cultures, since it’s the
universal thing that all customers are looking for. It’s about being
transparent and giving the customers what they expect, whether in products or
service, and delivering the values of the brand.
Of course, authenticity and transparency are useless
for the pure sake of it. You need to be providing content that demonstrates an
in-depth understanding of your customers’ needs and expectations, so you can
provide them with relevant, valuable solutions. Superlatives, false claims,
half-truths and other marketing hype that can’t be verified instantly reads as
false, so focus on positive information of substance and value to your
customer.
Also, if you’re falling below expectations in
some way, it’s vital to learn from it and find a way to improve. While it may
be difficult to accurately measure the value and performance in terms of
customer trust, you can set standards for your brand to ensure that each and
every aspect of your business is accountable and staying on track. This not
only makes your trust tangible for your audience, but it also keeps your
business living up to the image you’re putting out into the world.
Why Is Customer Trust Hard to Earn?
There are many reasons trust can be hard to
earn, especially for certain brands, but skeptical and savvy customers are the
main reason. More and more data breaches and misuse of data are dominating the
headlines, so it’s becoming more difficult for consumers to immediately trust a
brand and be open to new or unproven brands.
Fortunately, this issue is easy to combat if
you’re truly putting the customer first. A brand must be clear about its
purpose and values, as well as being transparent with policy and procedures.
Perception is everything, and a brand that offers the truth is more likely to
have good impressions with potential customers.
There’s been a shift in power between the
business and the consumer. In the past, the brand had the power and customers
had to accept what was given. Now, consumers have a broad outlook and
understand more about what a company should and should not be, so they’re less
forgiving of missteps. Customers want a brand that shows its customer loyalty
and demonstrates shared values, so an effective strategy would be to align your
brand’s values with the information you’d gladly offer to the public.
In addition, transparency is often forced upon
brands, since consumers can find dirt if they look hard enough. In all
likelihood, questionable ethics and practices will leak in other media and be
found by consumers, leaving a brand looking disingenuous and sleazy, which is
worse than having no trust at all.
Handling Breaches of Trust
As hard as it is to earn the trust of your
customers in the first place, it’s even harder to get back following a breach
.
That’s why having solid trust within your customer base is the only way to
bounce back and survive the fallout.
Brands that offer a product or service that
meets or exceeds customer expectations and delivers benefits that connect with
customers is key, as well as an overall company culture that demonstrates a
willingness to learn from mistakes. Gone are the days of media spin, since the
best way to approach a mistake in the current climate is by owning up to
shortcomings and showing a determination to move forward.
If handled properly, a small mistake or breach
of trust can even provide an opportunity for growth. A brand that gracefully
addresses a mistake and has an effective plan to recover can gain some positive
exposure.
Conclusion
While customer trust may sound like a swift
strategy or “silver bullet” for new leads and business growth, it’s anything
but. That trust is difficult to earn and keep, and is far more than just a
marketing strategy.
The authenticity and transparency necessary to
garner real customer trust comes from honest communications, solid company
culture and treating the customer as you would want to be treated, rather than
just lip service.
Though it’s clear that consumers _want_
trustworthy brands, their general
trust isn’t high. This can be an area of opportunity for new or developing
brands, or brands looking to revamp their image and surge ahead of competitors.
Whether we like it or not, the power is with the consumer, so it’s more
important than ever to put their needs first for business success.