Building Trust with Customers: Where Business Growth Begins
An analysis of 6 corporations by The Economist magazine found that companies lose 30% of their value when customers lose trust. Trust Across America, an organization that tracks public company performance, also identified that the most trustworthy companies in America outperformed the S&P 500. Further, a 2015 study by Interaction Associates showed that high-trust companies are more than twice as likely to outperform low-trust companies revenue-wise. The verdict is clear—building trust with customers also builds revenue.
Customer trust is a consumer's faith in your products. It is the confidence that a customer has that you'll deliver on your promises. If you are not focusing on customer trust, you can still start now.
Why Building Trust with Customers is Crucial
Many companies do not invest in building trust with customers, according to a study by Gallup. Building trust is an opportunity to separate your business. Here's why:
1. Trust Breeds Credibility
“Without trust, context isn't believable. Without trust, you're not credible. If one isn't reliable, you're telling the other party that their time isn't important. Being reliable is a sign of respect.” (VS Member).
Trust fosters business credibility and reliability. Having business credibility means your customers have faith that what you offer is legit and will fulfill their needs. Factors such as being honest, exhibiting transparency, fulfilling your promises, avoiding ethical issues, and having an online presence, as well as creating a distinct brand identity increase business trust and raise your credibility.
2. Higher Trust Equals More Customers
“Without trust, there aren't clients and customers.” (VS Member).
Customers will not spend their money on companies they have no trust in. In fact, a Consumer Research Survey by Salsify showed that 46% of consumers are willing to pay a premium for trusted brands.
Even if you are marketing a quality product, if your customers don't believe you can deliver, you will still lose out. A marketing strategy will be more effective when you have built trust.
3. Trust Gives You A Competitive Edge
Trust is the new currency for business. Customers no longer care about who's providing the best products but more about who's being authentic, transparent, and focused on building relationships rather than making a sale.
Your goal should be to connect with your customers by building trust. People who do not trust you will not buy from you, sometimes, even when you try to regain that trust. According to a PwC report, the cost of losing trust is far higher than the benefit of gaining it. Trust also helps you establish loyalty which puts you ahead of your competitors in the battle for sales.
How to Begin Building Trust with Customers
Building trust with customers begins with prioritizing customers. “The most common mistake we see businesses make is being self-promotional rather than customer-centric in every word and action.” (VS member).
To build a credible online presence, you need to:
1. Invest in Customer Service
Providing a great customer experience will inspire your customers to invest in you. To maintain positive customer service, you must have dedicated support staff, provide quality service, and listen to your customers to understand their needs and concerns.
2. Use Customer Reviews and Testimonials
95% of customers read online reviews before buying a product. Almost the same number (94%) avoid a business because of negative reviews. Customers want proof that your business will meet their needs despite your brand reputation.
Post your best reviews and testimonials on your social platforms, your website, as well as every other place where your customers can access them. Video testimonials can feel more transparent than written content and give people a chance to see the faces behind your brand.
3. Put Your Customer First
Focus on giving customers what they need by creating a customer-centered culture. You can create a customer-centric business by investing in customer service and soliciting customer feedback. Your company should also adapt to meet the needs of customers. You might need to sweat the small stuff to create those “Wow!” moments for your customers. Pay attention to the small details. Customers will notice and appreciate when you make their experience even just 1% better than your competitor.
Ways to Position Your Business as Authentic & Reliable
Being an authentic brand drives trust, breeds longevity, and results in a stronger bottom line.
As a VS member put it, “Being authentic is liberating. It frees us to be us. To be free from things we felt forced to accept because we were taught to believe. It takes bravery, it takes effort. It is very difficult in a society that rewards being like everyone else…people trust us when we are true to ourselves, and that trust makes it possible to get things done.”
The quality of your online presence — your social media pages, your website, and everywhere else, speaks volumes about your business and is the first step to building trust with your customers. You can create authenticity online by:
1. Mixing Business With Pleasure
Showing clients your humane, day-to-day life experiences is probably the best marketing strategy. People want to associate with people they can relate to. Posting your fun side and vulnerable moments is a way to create a connection with your customers and build trust.
2. Being Transparent and Vulnerable
Stories draw people to your business. The trick is in telling it as it is without editing out your personality. In fact, you want them to know that you've stumbled along the way and succeeded in the end. Customers who relate with you will spread the positive experience and bring in more customers.
3. Redesigning Your Website
An appealing website design is also a top element that inspires customer trust. Research shows that 94% of customers judge the look and feel of a website before they decide if they will proceed. According to a VS member, a trustworthy and authentic website also contains the following:
- A list of products and services supported by a multitude of great reviews
- Content that addresses customers' pains and problems and directs them to a solution, backed by testimonials and facts
- Current standards of security and privacy, including an SSL (Secure Sockets Layer) certificate
- Names and faces of real people
Start Building Trust with Customers Today
Today's successful businesses are focused on the customer. Building relationships and establishing trust will put you ahead of your competitors. One of the elements that will present your brand as trustworthy is having a well-designed website. An attractive web design with testimonials, security features, relevant content, and names and faces of your team members can help your business appear more credible and boost sales.
Viral Solutions can help you create an irresistible web design and provide full-service marketing services that will build trust with your customers. Request a free consultation with us to find out how you can take your business to the next level today.
At Viral Solutions we are committed to seeing YOU succeed. It is our goal to grow your business with proven digital marketing strategies that will help your business for the long haul.
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