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Trust is on the Up!!

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Executive Summary.

  1. Why this is important.
  2. Two global, independent studies provide proof.

Trust is on the UP!!

By Andrew Clare

pic_andrewTwo recent independent studies, one from Accenture, the other, Edelman’s 2011 trustBarometer, show that trust is becoming the key influencer in client decision making on a global basis.

Taking these results for what they are, attaining ‘Trusted Advisor’ status with select clients is all the more important in developing long term, mutually profitable relationships.

Both studies were global in nature. Accenture polled 5,800 people in 17 countries, across 10 industries whilst Edelman polled 5,075 people in 23 countries, across 16 industries.

Also, Don Peppers the co-founder of Peppers and Rogers, in a recent forum at GIBS spoke about trustability and sited Amazon.com as an example. They will prompt you when you order a book you have already ordered from them previously and ask whether you still want to order it. That’s trustability.

 Consumer_Survey_quote

Source: Accenture 2010 Global Consumer Survey

Whilst both studies make for interesting reading and analysis, I’m focusing here on results pertaining to B2B aspects.

This table indicates the level of improvement in trust across various industries. It indicates clearly the growth in trust in the technology and telecommunications sectors, whilst also highlighting the very low rating for the financial services sector.

 Trust_in_Industries_Global

This graphic illustrates the impact when experiencing negative and positive ‘trust’. Huge impact would be an understatement to say the least.

 

 company_trust

Source: Edelman trustBarometer 2011

Never forget that trust is based on credibility. Credibility is built on doing what one says one is going to do by when one said one is going to do it. Simple really. To me this is best summed up by quote from an unnamed source;

“Promise what you can deliver, then deliver more than you promise”

 

If you’d like copies of the respective surveys, please click on

http://www.accenture.com/us-en/Pages/insight-accenture-customer-satisfaction-survey-2010-summary.aspx for the Accenture study

or on http://www.edelman.com/trust/2011/ for the Edelman study

 

Andrew Clare is Managing Partner of reLiance a business to business relationship marketing practice. I focus on improving client profitability through developing, implementing and measuring sustainable, collaborative business to business relationships.

Cell: +27 83 326 2451, E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it , Web: www.rassa.co.za, LinkedIn: www.linkedin.com/in/andrewclare

 

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