A recent study of consumers in the U.S. and U.K. into "The Role of Trust in Consumer Relationships" found that emotional and rational trust
are responsible for anywhere between 22 and 44 percent of customer loyalty.
When respondents were directly asked about trust-building activities, the majority, regardless of country or industry, talked about improved communication. Their responses referred to greater quality and clarity of communication, greater transparency and sharing of information. They also spoke about companies providing a sense of "looking after" their customers as well as ensuring a high level of competency and conduct from employees.
The study concluded with tips on how companies can gain and maintain trust:
- Get your service right: Since past experience, reputation and word of mouth are key factors in building a dedicated consumer base, it’s important for retailers to determine and listen for basic customer needs, manage the brand’s reputation and use social networks to enhance communication.
- Get it right when it really matters: Identify when to put communication into action. Rather than flooding social networks, Twitter logs and inboxes, find the right event to reach out to consumers and show compassion when needed.
- Make customers feel “looked after.”
- Make front-line staff a priority: Customers must trust a retailer’s employees before they can trust a brand. Ensure top-quality staff by covering the bases of competence, values and ethics.
- Customise: Whether it’s through social media, email or telephone, reach out to individuals when it’s necessary. The quicker a retailer eliminates customer issues or concerns, the better.
David Newberry, Chief Marketing Officer of Pitney Bowes Business Insight, who conducted the research said, “Trusted brands build upon each interaction to enable lifetime customer relationships, every customer interaction - is an opportunity to build or break trust.”
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