TRUST MATTERS

5 reasons why trust matters in business:

1. The economy runs on trust. Market failures, like the recent global financial meltdown, generally occur because somewhere trust has failed.

2. Cost is a consequence of mistrust. Without trust, your interactions with your customers, your suppliers, the media, your colleagues and even your boss, become more difficult and more expensive.

3. At the heart of every brand is trust. Those brands that are more trusted get bought more regularly and are proven to win in the market.

4. Society needs trust as social capital. Trust is a vital element in the cohesion of communities and people, without it we atomise and turn inward.

5. Trust makes us money. Whether that is through more profitable relationships or a stronger more vibrant economy trust is an essential.

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WHO DO WE TRUST?

Survey shows those with profit and power fail at trust

The picture of who we trust is relatively stable. Over the 16 years between 1993 and 2009 Ipsos MORI in its ‘Trust in Doctor: Annual Survey of public trust in professions (2009)’ measured a 22% decrease in the trust held in business leaders and a 10% decline in the trust held in politicians. Even the trust ascribed to the ordinary man or woman in the street saw a 16% fall.

Generally the ‘altruistic’ professions, such as doctors, nurses or teachers are more trusted than commercial or ‘power driven’ professions, such as business people or politicians. When those being trusted are not out to gain something for themselves, such as profit or power, we find it much easier to trust.

For the complete guide on how to create trust in your businesses and brands get your copy of Why Should Anyone Buy from You? BUY NOW