Do you want to do business with people or organizations you don’t trust? Probably not. If you don’t have any better options, you might continue relationships despite a lack of trust – but as soon as a more reliable option comes along, you’ll be out of there.

Your customers feel the same way. If you want to earn their loyalty, you need to earn their trust.

According to MarTech, a SurveyMonkey survey found that 65% of respondents say that brand trust matters “a lot” or “a great deal” to them, and another 27% say that it matters “some.” In other words, for at least 92% of consumers, brand trust is at least somewhat important. As SurveyMonkey CEO Zander Lurie explains, “Businesses that fail to establish trust — the foundation of any relationship — will lose to businesses who can.” 

It can be hard to quantify trust the same way you can quantify other, more concrete assets, but this doesn’t mean that trust isn’t valuable. In many ways, it can be the most valuable asset your company has. After all, trust is closely tied to reputation, and a company’s reputation can make or break it.

Trust in Business Is Low

According to the 2021 Edelman Trust Barometer, only 54% of the people polled in January 2021 in the U.S. trust businesses. This is a decrease of two percentage points compared to May 2020. People actually trust businesses more than they trust the media or the government, but there’s still a lot of room for improvement. 

There are many reasons for consumer distrust.

Some people are worried about their data, an understandable concern given the high rate of data breaches and the constant threat of identity theft. As a result, many consumers have grown suspicious of any company asking for their personal information. 

Other people are worried about products and services that could harm them, a fear that’s probably been made worse by recent high-profile lawsuits against household name companies. 

How to Earn Trust

Nothing engenders distrust faster than the words “trust me.” 

You can’t just tell your customers to trust you. You have to show them that you are worthy of trust. Likewise, writing a nice company value proposition isn’t enough. You have to demonstrate that you’re committed to the values you claim to have.

Consumers are paying attention. According to Marketing Dive, a study from Forrester found that 51% of Gen Z consumers between the ages of 18 and 23 always research a company before making a purchase to make sure the company’s social responsibility stances align with their own. Gen Zers are also more likely to distrust a company compared to older generations. 

Walking the Walk

Creating a trustworthy company isn’t a one-and-done task. Every action that your company takes – and every action that the employees who represent your company takes – contributes to your company’s level of trustworthiness.

It starts from the top. Although your customers probably aren’t dealing directly with the CEO of your company, upper management will have a trickledown impact. 

Let’s say your company crafts a mission statement that focuses on honesty, integrity, and transparency. These mission statements appear on your website and in your employee handbook. That sounds good—but how often do employees actually review the website or handbook? Probably not very often. If these values aren’t supported every day, they will quickly be forgotten.

It will be even worse if your company’s practices directly contradict your mission statement. For example, maybe your mission statement says that your company endeavors to put the customer first. Your policies, on the other hand, focus on ambitious sales numbers, your managers put pressure on employees to meet these quotas at any cost, and your employees are rewarded for stretching the truth to make sales. 

Or maybe your mission statement pledges a commitment to diversity and inclusion. This won’t mean much if your policies make things difficult for working mothers and your company creates a hostile environment for minorities. 

You can’t just talk the talk. You have to walk the walk. And speaking of talk…

What Would Your Employees Say About Your Company?

Your employees are the face of your company. If they don’t trust your company, you can bet that this will show.

Anonymous surveys can help you see how employees really feel about your company. You can also check social media and sites like Glassdoor, which let workers rate their employers. Keep in mind that customers can see these sites, too. If your employees (or former employees) are complaining about unethical practices at your company, consumers will have one more reason to go to your competition.

Your employees represent your company. You need them to do so ethically. You also need them to be true fans of your company. That way, their genuine enthusiasm will show in every customer interaction. 

Is Your Company as Trustworthy as It Should Be?

If you care about things like customer loyalty, talent retention, and your company’s bottom line, you should also care about trust. So, ask yourself – is your company really as honest and transparent as it could be? 

Don’t just say “yes” and pat yourself on the back. Take time to reflect.

• What are your company’s values? How are these values reflected in your daily operations?
• What actions undermine your company’s values?
• How does your company achieve transparency? What current practices could be considered less than transparent?
• What complaints do customers and employees have about your company? How could these complaints be addressed?

At Digital Market Media, we understand that earning trust requires intention and purpose at every level, every single day. We are doing our best to earn your trust with transparent practices and the industry’s best service. If you have a suggestion, please let us know. We value your input.