Building Consumer Trust – What You Need To Know
Customer acquisition is a difficult chore, and the toughest of all is retaining them with absolute satisfaction. However, it is not something quite impossible. All you need is to create customer trust in your products and/or services which is far more important than customer satisfaction.
Customer loyalty is important that can be tracked through commonly-used KPI of customer satisfaction. But you also need to measure how effectively you are building their trust in your people, products and brands.
Make an Enduring Impact.
Business leaders must have a deeper understanding of what impacts their consumer-base. The access to their customer’s behavior and attitudes helps them make key decisions to create customer trust.
What’s your company’s performance in terms of building and maintaining customer trust – better or worse?
Unfortunately, most of the companies have no answer for this. Sadly, many of them still believe that customer experience (CX) and customer satisfaction score (CSAT) is what all matters. The fact is that consumer trust is significantly important to understand and improve consumer experience.
What exactly trust is in customer interactions?
For any successful business, customer relationships must be built on trust that needs to be measured accurately and consistently that eventually helps improve business operations and customer processes.
Read on to learn more about the importance of measuring consumer trust and how effectively you can build it for your business success.
Mapping of emotions of potential customers is vital in market research and business analysis. Trust takes the lead when it comes to customer experience – it makes a big slice of human cognition related to experiences.
Customer trust can be measured in two ways, at least – either complete trust or complete distrust for a brand/product/service.
In fact, the increase and decrease in consumer trust over time can be measured accurately that largely depends on product/service quality and the excellence of sales personnel interaction with customers.
Consumer trust is a critical aspect in any business relationship.
Trust is composed of several things. Ask yourself, why a customer should believe in your brand. Is your workforce determined enough to achieve business goals? Intentionally or unintentionally, people think and evaluate whether or not an organization is trustworthy – consider honesty, fairness, confidence and competence are key parameters to consider, all while paying attention to how reliable they are with consumer interests in their mind.
Unlike other emotions, trust takes time to change or vanish since it is influenced by memory and our prior experiences provide a rock-hard ground to have faith in a brand. For example, you can instantly go from satisfaction to dissatisfaction. But in case of trust that involves cognition people first evaluate the situation and then may take action.
Trusting a brand is a complex thing to deal with. It involves multiple thought processes while finding the right reasons why a brand or products is trustworthy.
Measuring Customer Trust:
Consumer trust largely depends on how you communicate across your customer touchpoints. In any business, you don’t need to worry about the individual personality types, and can quickly and easily focus on the buyer persona on the whole.
Likert scale is the best way to measure customer trust – scale responses in your survey research. All businesses, ideally, continue to seek feedback from their clients for improved customer satisfaction.
Anytime you have been asked for verbal feedback or receive a follow-up survey in written communication, the company such as a software development agency is calculating their CSAT score. It could be done at different times in any customer-purchase process.
Customer comments also serve as signals identifying how trustworthy your business is for your end users. The contextual use of various terms that customers use in their comments provides a powerful measure of their trust or distrust in your company then any Likert scale ratings. Just keep scanning your customer communication and comments and read ‘between the lines’ to measure their trust.
Even negative reviews tell a lot about your business shortcomings. Fix them and you will be good to go in strengthening client trust.
For building long-term loyalty, you need to build customer trust in the first place. Earning and retaining customer trust is not easy, but with valuable services, clear communication and fair dealings you can do it in a much better way.
Here are some recommendations that will help you in this regard – regardless of your business.
- Communication is key
- Confidence is crucial
- Empathize with customers
- Fair dealing is mandatory
- Adapt to changes proactively
With these traits, any company can serve the customers better and build trust that will benefit it even during the times of crisis. Being good at providing the solutions to fix customer problems plays a vital role in convincing prospects to do business with you – trust increases when customers know you understand and meet their needs.
Customer trust is vital for building long term business relationships, brand loyalty, and repurchase. A company may disappoint you in terms of satisfaction (far more volatile compared to trust), but it can always make its clients happy. It’s only possible with their trust in you. Without trust, business relationships end and you might not get another chance to rebuild it. So, keep on measuring and tracking customer trust.