The importance of trust in business

Trust is fast becoming one of new and existing businesses current problematic areas. What is meant by trust is the relationship that should occur between the customer and the business, whether or not this business is a service or product based organisation.

It is often overlooked with start up businesses as they frequently get too concerned with launching their new service or product and generating a mass hysteria to create demand for what they are selling to ultimately turn a profit, in doing this they are missing the best opportunity to impart trust from the very beginning of the businesses formation as trying to introduce this into the market at a later stage will inevitable be a harder process as the brand has already been established along side its ethos and morals .

Existing businesses can fall foul to this also as they can be too focused on their competition and what they are doing, in doing this they are neglecting the customer as all of their attention is focused else where. Times have changed and the business world can change rapidly so it is crucial to pay attention to your customers as well as your competition, as if you neglect the customer you won’t have to worry about your competition as you’ll be out of the game before you know it.

As a whole very few organisations will even consider if their future and current customers actually trust them, considering trust is regarded as the foundation to every healthy and successful relationship in business and every other aspect of life. Often likened to a two way street it’s true that is works both ways, if the customer doesn’t trust the brand or product it is obvious that they won’t part with their hard earned cash and if the business doesn’t trust their customers they wont have a market to sell to.

This blog is not designed to give you all of the answers to how you can each put trust into your customers, that is down to the people involved in each business, not just the managers and or owners. This blog is designed however to raise awareness of the current issues surrounding this topic and what is likely to happen if this issue is not addressed.

Here at It’s All Good (IAG) we put our trust into our new clients right at the beginning of their customer journey, we do this by not asking them to sign up to lengthy contracts, in fact we don’t ask them to sign up to any contracts at all. This is an approach that we decided to take after analysing our competition and seeing that they all had minimum term contracts and initial set up fee’s. To us this instantly demonstrates that the business in question does not trust their client and therefore demonstrating an unhealthy bond right from the get go of the business relationship.

By not tying the customer down to a heavy contract you are not only showing them that you are willing to undertake work without the safety net of a contract you are also empowering them and creating a healthy working environment for you both which can only increase the chances of a successful outcome and repeat business..

One of the main contributing factors to the general public and business owners alike having a sense of distrust without there being anything evident to cause it is the media. In our opinion all of the negatives associated with business and their relationships with their clients can be attributed to the media and their perpetual need for a negative story to generate sales of their stories. It is well known in business practice that if someone has a positive experience they will tell a few close friends and family but if they have a negative experience they are inclined to shout it from the roof tops and in this day and age social media platforms like Twitter and Facebook give them the metaphorical rooftop to shout it from.

This is what the media outlets thrive on and we are constantly fed negative stories about our favourite brands and companies. Even the most positive looking story can be spun to their advantage questioning every organisations morals and intentions. This constant barrage of negativity has a trickle down effect so much so that customers and companies are programmed to assume the worst before any business transaction has ever happened. If everyone walks around with the attitude that they are going to be ripped off or scammed people will only stick to the brands that they know and customers that they can ‘trust’ thus hindering any progression for business or stopping any new businesses being discovered by individuals trying new products and places.

In conclusion to this blog/rant it is important to not develop tunnel vision and allow yourself to be aware of any changes and developments in the consumer and competitive market. It is never to late to introduce elements of trust into your day to day routine but the longer it is left the harder it will become. To reiterate we are not saying to drop all assurances and safeguards in the hope that customers will trust your brand and flock to you in their thousands but more so to be aware of the image your brand is portraying by having such a distrusting nature. I hope you are not put off by my writing style and opinions as this is my first blog and I am still finding my feet! Feel free to comment and if you have any burning questions drop me a line at tom@itsallgood.online

Peace

T x