Trust plays an important part in any relationship – including those between businesses and their customers.
Results from the 15th annual Edelman Trust Barometer – which tracks trust in the global institutions of business, government, media and non-governmental organisations – released this month provide some interesting insights around this premise.
While the barometer explored the concept of trust in many forms, perhaps the most relevant to businesses (and the ways in which they operate and connect with customers) was ‘Building trust’.
The barometer found five performance clusters that helped businesses build trust. They were: integrity, engagement, products and services, purpose and operations. Of these, integrity was the considered the most important, with engagement not far behind.
The study notes: “The trust-building opportunity for business, therefore, lies squarely in the area of integrity and engagement. These areas encompass actions such as having ethical business functions, taking responsibility to address issues or crises, having transparent and open business practices, listening to customer needs and feedback, treating employees well, placing customers ahead of profit and communicating frequently on the state of the business.”
The byproduct of trust and mistrust
The importance of trust was reflected in the barometer’s stats. This included 80 percent of respondents saying they chose to purchase a product or service from a company they trusted; while 68 percent would recommend a company they trusted to others.
On the flip side, 63 percent say they would not buy a product or service from a company they distrusted, with 58 percent saying they would share their dislike of a company with others they know.
The role of trust in CSR
While the insights generated by the Edelman Trust Barometer explore the notion of trust between customers and companies on an overarching level, they do highlight the growing importance of ethical business practices to the modern consumer in 2015. Your corporate giving program can play a vital role in helping promote your company’s giving philosophy and philanthropic efforts – particularly in regards to integrity and engagement.
Talk to Benojo about to learn more how we can help your business create a giving program that can help you do just that.