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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John Sinke September 13, 2011 at 2:37 am
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Not only the economy runs on trust, some businesses “sell” trust as their main product or service. In Tripadvisor’s case we are talking about trusted reviews from travellers all over the world. What happens when your customers stop trusting you, you can read here: http://www.tnooz.com/2011/09/12/news/tripadvisor-quietly-changes-site-titles-axes-promise-of-trustworthy-reviews/