In business, trust is vital

We’ve all been in that position before; you have a problem you don’t know how to solve, and you have to rely on a professional to fix it for you. It’s anxiety provoking not to have control or to not know all the answers. Luckily, being able to trust that a professional has your best interest in heart makes that predicament a lot less frustrating.  

From a consumer perspective, of course this makes a lot of sense. From a business perspective, that means building trust and a reputation of trustworthiness is vital to your overall success.  

In this issue of the Pulse, we look at why trust is important and the cost of ignoring it as a factor in your customer relationships.  

An example of building trust in a real interaction. 

Recently, my relatively new, otherwise-great gaming laptop stopped charging. Initially, I thought it was the charger, which I replaced to no success. Frustrated and anxious about the cost of resolving this issue, I made the decision to send the laptop in to a local computer shop with a good reputation – the same shop that recommended this model.   

Anxiously, I sent my beloved device away right before Christmas, knowing I wouldn’t be seeing it any time soon. However, I trusted it was in good hands.  

I was right. We got a call in January detailing the issue – something I don’t quite understand about the motherboard – and a list of options for what to do next. The repair person had gone ahead and recovered my data, and I could choose to either replace the computer, replace the motherboard, or send it to a different store with a micro-soldering specialist who might be able to fix the issue this store couldn’t. I was assured this other shop – which I had never heard of – was credible, and that they worked with it often on projects too niche for their capabilities.  

Once again, I trusted the professional, and once again, sent my laptop away – this time, to someone I had no experience with. Again, that trust didn’t lead me astray. The specialist at the other store fixed the issue, and for less than 10% of what the cost to replace either the computer or the motherboard would have been.  

The repair person at the original shop could have made a lot of money selling me those parts. Instead, they sent me to someone else who could do what they couldn’t. And for that, I trust implicitly that they always have my best interest at heart.  

Trust is something you earn.  

This is just one story of hundreds of good interactions I’ve had with businesses I now trust; but it saved me a lot of money and heartbreak over potentially losing my computer. I’m sure every person reading this can conjure a similar memory, where a professional made a choice that perhaps wasn’t best for their profit, but was ethically the best choice and left you walking away feeling good.  

A reputation – including reviews and testimonials – for this kind of service is important to a business’ ultimate success. Which computer repair shop is going to get the most repeat customers? The one with the fastest services and the most expertise? Maybe. The one with a proven track record of doing whatever it takes to help their clients? Definitely.  

Losing trust is expensive.  

Recent studies have found that trust in a business is important for as much as 80% of consumers. Likewise, 71% of consumers say they are unlikely to buy from a company they no longer trust, while 73% confirmed they would spend much less.  

Those numbers are significant. Up to 80% of your customer base is not worth putting in jeopardy by not prioritizing building trust in your business strategy. In everything from your marketing, employee training, and operations guidelines, trustworthiness needs to be something you’re striving to achieve and maintain.  

In conclusion… 

As a business, it’s up to you to earn your customers’ trust. Failing to do so can be costly. However, living up to that trust will build a loyal customer base, bring in more business, and help your brand thrive.