3 ways to build trust (to build a better business)

Of all the attributes you can develop in your business, few are more important than building trust. When it comes to customers, 81% say trust in the business is a determining factor when deciding where to buy from. Also, trust with employees and business her partners is equally important. In fact, a Harvard Business Review study found that employees at “trusted companies” were 74% less stressed and 50% more productive.

Unfortunately, building trust is easier said than done. Especially if you are operating in an industry that is not known for trust. We’ve heard tales of shady used-car salespeople, but many other industries, such as technology, also face a fair amount of skepticism. In many cases, this mistrust is justified.

The good news, however, is that regardless of your industry, you can take actionable steps to build trust.

1. Focus on the basic elements for trust

How can a business build trust? This can be difficult for companies to identify as there is often a disconnect between leaders, employees and clients. Fortunately, his PwC survey in 2021 was able to identify four fundamental areas where perceptions of all three groups are closely aligned.

In order of priority, consumers, employees, and businesses all identified “protecting data and cybersecurity,” treating employees appropriately, “ethical business practices,” and “admitting mistakes” as key components of trust. I regard it as Perceptions varied about whether other activities helped build trust, but there was broad agreement among groups on these four areas.

Focusing on these key factors when starting a business can help build trust. Leaders should take responsibility for how the business is performing in each area and make efforts to implement changes where necessary.

Of course, communicating your efforts in these areas is also valuable in building trust in your business. People need to know what you’re doing, and being transparent and open can go a long way in improving public perception.

2. Understand (and adapt to) client goals and build trust

Building trust is not just about acting ethically. After all, clients rely on you to deliver quality work. No matter how honest you are, if you can’t meet their needs, they won’t trust your business.

This value was made especially clear in a recent conversation with Sure Oak CEO Kim K. Melillo. She explains: Of course, this approach can be applied across industries. By conducting due diligence to understand our client’s objectives, competition, trends, etc., we can customize our products in ways that yield better results. A more holistic approach yields a true win-win. “

When business partnerships are fully aligned on KPIs and have a clear understanding of the desired outcomes of their collaboration, partners have clear direction and guidance for their work.

The same is true for consumer facing businesses. The better you understand what your customers want and need, and you adapt as needed to deliver the results they want, the easier it is to earn their lasting trust. People who are happy with their money the first time will want to do business with you again.

3. Make sure your words match your actions — always

The advice “Do as I say, not as I do” already becomes a problem when given to a child by a parent or by someone in authority. Business leaders rarely say this, but when words and actions don’t match, they can easily send this message.

The business world is full of examples of this. As Christine Alemany writes in Harvard Business Review, “Remember the summer of 2020, when PR teams across the industry jumped in to spread public denunciations of systemic racism. It quickly sparked performance alliances from companies such as Glossier, whose public anti-racism pledges conflicted with testimony from former employees about workplace discrimination and harmfulness. So be sure to back up any announcements with actual instructions.”

If your words don’t match your company’s track record, consumers will blame you and you will lose trust instead of building it. You have to make sure you fully support it.

Consistency in your actions means that you can make a point on your website or publish a PR statement, whether it’s supporting environmental issues or simply providing transparency to your clients. I guarantee people will actually believe you when you do.

Build Trust, Build Better Business

When an organization strives to be truly trustworthy in its words and deeds, it not only looks better in the public eye, it serves its clients better and gets better results from its employees and partners. You will be able to Efforts to build trust can be a key foundation for lasting success and ultimately a key differentiator within the industry. Break the norm and build a strong brand identity based primarily on trust.