Trust 2021-Style: Build It And They Will Buy.

The old adage that successful businesses must value the customer first and the sale second is true in good times and bad. But in 2020, many trusted brands lost their luster, either from neglect, distraction, or circumstances beyond their control. The news is full of stories of business closures, bankruptcies, and permanent shutdowns.

In our own lives, our favorite restaurants are now empty storefronts, our go-to-sources of information haven’t posted stories in forever, and commercial success as we knew it, is now up for grabs. To make up for lost revenue, it would be tempting to cut corners and go for the quick-fix sale. But now is the time to put “trust-building” at the top of your to-do-list and get a head start as business reopens.

2020 has brought businesses an unanticipated gift: A bona fide opportunity for those who look behind the gloom to use culture change, team support, customer care, and communications to accelerate the path to revenue and solid growth.

Let’s call it your secret reset button: Trust.

According to Five9’s Customer Service Index 2020 Report,* “Trust in the company” is the #1 factor in deciding to buy a new product or service. Across the board, for products or services, 72% of business leaders ranked trust over price and ease of use, a 10% increase since last year’s report.

It’s not enough to have the best price or be the most innovative. If they don’t trust you, the sale and the chance for long-term loyalty and revenue growth are at risk. The report confirmed one thing we all knew: customer experience is important in creating customer loyalty, which, in turn, leads to revenue growth. But the starting point—the place where that all-important first purchase is made—begins with trust. Then, trust’s importance in revenue generation continues.

Customers must trust that you’ll provide excellent, responsive service throughout your relationship, and that the quality of that experience will remain high over time. As consumers and businesses start spending again, you’ll be well on your way to being a business that fills all five of the essential components of trust.

#1: Existential Trust

“Will you be here for me tomorrow?”

Trusted businesses are like friends. When you don’t hear from them in a while, you wonder if they still love you. Then you wonder if they’re OK. So you check out their social media and see they haven’t posted lately. Maybe you call them, but your call goes straight to voicemail. That’s not promising. In fact it’s downright concerning.

Think about how you responded to your customers in the wake of the COVID-19 and BLM crises? Did you remain silent or reach out to acknowledge the impact of these crises and clearly state your position? A trusted friend would do that.

Remember the ‘80s when virtual businesses were suspect? Back then, “home office” meant one guy in sweatpants working in his garage, who couldn’t afford commercial office space downtown. It’s come around to that again, but now medium and large businesses are working remotely, and not just on Fridays.

With so many employees operating permanently from home it’s becoming harder to distinguish a business that’s thriving from one in its dying days. Many of these businesses have quietly cut staff, eliminated whole departments, and become less responsive to customer needs. Their website still looks the same, but who can you trust anymore?

Here’s how to build Existential Trust:

1. Communicate directly with your prospects and clients. Tell them what you’re doing to stay the course, that you’re still here to supply their needs, and that you’re taking real steps to not just “get back to normal” but to actually strengthen your customer service operation to serve them better.

2. Support your greatest assets—your people—because without their alignment, service will suffer and existential trust will disappear. Tell them the truth, listen to their fears, address their concerns, and reassure them that, if everyone pulls together, the business, and their jobs are going to be fine.

#2: Intentional Trust

“Are you just trying to close the sale, or do you care about me?”

Would you rather be trust-negative, trust-neutral, or trust-positive? Obviously, your path forward would be smoother as one of the “good guys” in the company of trust leaders like those on Forbes’ “The Just 100 Companies: Doing Right by America.” It definitely takes work to do right by your customers intentionally and consistently, but the alternative means having to prove yourself time and again, with every prospect.

We hear many consumer complaints about companies who will say anything to close the deal or who drop the ball on service and follow-up.  It’s a short-sighted strategy because disgruntled customers talk, and the internet is forever. Make sure you have processes in place to nurture ongoing relationships with every customer.

To build Intentional Trust, look at the following:

1. Focus more on relationships than conversions by prioritizing trust in every corner of your organization: hiring, training, compensation plans, messaging... starting with top leadership.

2. Train all your employees to take customer relationships more seriously, whether customer-facing or administrative. Develop a rewards program to motivate customer-focused behavior, including offering a generous return and refund policy. And empower sales and support teams to go the extra mile to make customers feel valued.

3. Tell customers the whole truth and nothing but. Never try to upsell someone who doesn’t need more than the basic package. Never omit information that could impact their success later. As your relationship with the customer deepens, appropriate opportunities to cross-sell or upsell will become evident.
4. Always take the high road when discussing a competitor’s products. Highlight your benefits, of course, but be honest if another company’s products work better for this particular prospect. They may not become a customer right now, but they will become a fan and a brand advocate.

#3: Reputational Trust

“Who else buys from you, and what are they saying?”

With or without a brick and mortar presence to validate your viability, it’s more important than ever to strengthen your reputation with recent, customer success stories. There’s no replacement for glowing reviews and a long list of happy customer endorsements. Knowing that others have had great experiences with your brands means your prospects  can relax a little and consider you a viable contender for their business.

Before you breathe easy about your reputation, take a hard look at your supply chain. Is it ethical and humane? Does it meet fair trade and fair wage standards? Review your community footprint. Do you offer time-off for volunteerism? Do your partners have  stellar reputations that complement your own?

Use every media possible to showcase your satisfied customers and commitment to ethical practices:

1. Keep your site’s case histories up to date, and use social media to present a stream of  customer stories relevant to your post.

2. Be conscientious about asking customers and influencers for endorsements. Offer incentives, like cross postings to promote their brand in exchange for promoting yours. Make customer feedback content a priority and a regular part of your marketing calendar.

3. Keep your sales conversations focused on listening to your customers’ needs and responding with solutions, using stories of past clients’ successes as context to illustrate that you understand their concerns.

4. Make sure your standards are public and you are actively holding your suppliers and partners accountable in the background.

#4: Factual Trust

“Are your claims true? Are your benefits real? Prove it!”

As we get closer to closing the sale, we focus on individual features and benefits. Any marketer can claim just about anything, but trust comes with true transparency. Wherever possible, offer real-world proof that what you say about your company on your website, in social media, in presentations, speeches, collateral, and packaging is 100% true.

Ways to build Factual Trust:

1. Publish third-party research about your business. Cite an independent study or sponsor one, and find new ways to quantify your benefits.

2. Present comparison charts showing competitive strengths and weaknesses. If your product has a serious competitive weakness, improve your product, which will improve customer satisfaction and sales in the long run.

3. Market your truth wherever you can find a venue.

4. Assign a Brand Trust Manager to monitor and respond to posts about your firm on review and social media sites. Task them with responding to every query, every criticism, and every bit of praise. Visitors will come to see you as a force of honest information and responsive customer care.

#5: Committed Trust

“Do you deserve my loyalty?”

Building trust is a long-term strategy. Once established, it inspires customers to defend your honor against occasional slip-ups, it creates organically-generated brand ambassadors, and protects against bad press. Become a beloved, trusted brand and customers will stick to you, sing your praises, and recommend you to associates, generating new business without even trying.

Ways to ensure brand loyalty:

1. Cultivate a culture of trust. Treat your teams with respect, listen to their concerns, and support their growth, so they project a message of positivity and pride in your brand.

2. Cultivate brand community. Invest in influencers to generate 3rd party content, join industry forums to become a thought leader. Invest in your blog, launch valuable PR campaigns with content that will be re-posted and cited across the internet.

3. Combine behavioral and researched data on your customers and prospects to stay ahead of their needs. They’ll feel seen, heard, and valued, while they reveal their innermost feelings about their goals and their connection to you.

Relationships are your most important assets. Check in with customers often, partner with them, and promote them whenever you can, letting them know you value their loyalty.

The business world will never be the same, but firms that focus on transparency, team building, communication, and customer service—the ones who work at being trustworthy—are the ones who will have a distinct advantage.

Ask us about a Brand Trust Analysis

Evaluating your own company’s trustworthiness is nearly impossible to do from within. Leading companies through change to build trust and resiliency is what we do at Infinite Edge Consulting. Ask us for an Infinite Edge Trust Analysis for an evidence-based evaluation of your five key trust indicators and a plan for strengthening your ability to close sales and build lasting customer relationships. You'll receive your results immediately after taking the 8-minute assessment.

Find out more at www.infiniteedgeconsulting.com.

InfiniteEdge is a consultancy of marketing and culture experts that helps companies build trust and navigate today’s rapidly evolving market environment, while providing all the marketing services you'd expect from a top-tier integrated agency. Invite us in to help you transition your marketing operation from reactive to responsive and develop a roadmap to help you thrive through the coming unknown. Or email us directly with questions.

* Five9’s Customer Service Index 2020 report of 300 business decision-makers with 100 or more employees and more than $250 million in annual sales, including financial services, travel, media, healthcare, retail, services, and education.