6 Ways to Build Trust for your Business

“Trust is like the air we breathe. When it is present, nobody really notices. But when it’s absent, everybody notices.” - Warren Buffet.

My trust lesson from a 2-year-old

One busy early morning, my daughter, a 2-year-old, came seeking my attention. “Mummy come and see,” she said. I told her I was coming and made to follow her. Just as she was out of my room, I closed the door behind her (I'm the best mom, I promise), and instructed my sister to attend to her. A similar scenario presented itself again a couple of days later. But, she wasn't going to have it this time. For every step she took, she looked back to confirm I was right behind her. I felt so ashamed and embarrassed, moreso that I meant to follow through with her this time. She doubted my sincerity. 

Trust in business terms

Trust is the willingness of an individual to believe another or group that the latter would fulfill a promise as agreed to by both parties. A customer will part with money to receive a product at a later date, for instance, because it’s believed that the supplier will deliver products on agreed terms.

The lubricant for a lasting success

The commitment to keep a promise by any business organization, (or person) determines the perception customers and other stakeholders would have about that business over time. The influence of this in a business setting is contagious. The more the employees trust in the business and the business structure, the more they demonstrate this to the customers; the more the customer trust in the business, the more they share word of mouth and referrals; the more suppliers and other stakeholders trust in the business, the more strategic alliances, and partnerships are formed. The impact is huge!

“The best thing you can do to help others take responsibility is to authentically practice the behaviours that you want them to practice” - Michelle Reina.

Understanding the cost

In the same vein, a business that falls short of its commitment to internal customers loses their trust. This leads to a lack of customer commitment and like wildfire, reflects in staff-customer interactions. Such customer shares this with other potential clients; suppliers pick up on the information going around, which then comes to the notice of prospective business partners. A study by the White House Office of Consumer Affairs revealed that a dissatisfied customer will tell 9 - 15 people about it. And that approximately 13% of dissatisfied customers will tell more than 20 people about their problem.

"If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are" - Greg Smith.

Six quick tips to consider

It's imperative therefore for every business to continually seek ways to build a trusted relationship in the cause of business. The following are some ways to consider in building trust with customers:

Business Intimacy

An organization must continue to invest in relationships with all stakeholders. The intended act to show that you are interested in the partnership and relationship goes a long way to determine how relaxed the client is with you in terms of risk-taking. Show your stakeholders that you care through personalized services: by remembering and celebrating memorable events such as birthdays and anniversaries with customers; by identifying and addressing customers by name; by actively participating in community services in the form of CSR, among others. Do this and your business is portrayed as a responsible and responsive entity. This builds trust.

Competence

This asks the ability question. Does the organization deliver on its promises in a timely fashion? Does the organization have the capacity to deliver on their set promises? Does the organization have the manpower and relevant skill to deliver on their promises? Does the organization go the extra mile to deliver on promises? Customer experience is key. Experience with a customer will determine if there would be a repeat purchase or intention of business continuity. More and bigger risks will be taken if there is a precedent to anchor experience on expertise and commitment to service efficiency.

Consistency

Consistency leads to near perfection. How consistent is your level of service delivery as an organization? Do you have a global approach to training and insisting on the expected standard of service delivery for your staff? Is it segmented, or no training or standard at all? Under similar conditions or circumstances, would you or your employees respond to customers’ issues in like and appreciable manners?

"Building trust is a process. Trust results from consistent and predictable interaction over time" - Barbara M White.

Service Recovery

Unforeseen circumstances or contingency may deter a business from fulfilling promises. This can be a major setback even to the best business intentions. However, the recovery measure is important as it goes a long way to (further) solidify the relationship. For instance, if you have a delivery policy for between two and seven days to deliver products (or services) to customers. If for unforeseen reasons you are not able to deliver on schedule, you lessen the burden by act promptly: presenting the situation before the customer, and offering how you hope to resolve it before it comes to their knowledge. So, let's say a delivery scheduled for 12 pm, wouldn't get delivered until 3 pm. Instead of waiting for the customer to find this out on their own, you apply this principle i.e service recovery! Knowing your fate with the customer, you put a call through to them ahead of scheduled delivery day/time to inform them of the situation. You offered a free installation which normally lasts about two hours upon delivery and at no charge to the customer (this costs your business zero naira anyway). You got the product ready in time for an on schedule 5 pm launch, deployment or presentation. Not the best situation by any standards. But, considering there isn't a single problem owing to the late delivery, for the client, you'll probably earn a commendation for the recovery measure taken. This builds trust and further solidify the client - business relationship.

Communication

Quick and effective communication is key in every aspect of life as in business. Is it a delay in service delivery? Delay in salary payment? Delay in loan repayment? Delay in payment to suppliers? Or delays that happen when you are short or out of stock on products. These are potential crisis. Never let the other party assume. Be quick to listen, and or apologize. Show appreciation for feedbacks. Provide and relate available options when there is an issue. This fosters trust and enables the other party to communicate; to plan; to feel catered to; allays their fear, etc.

Testimonials

Do you receive genuine commendation from your clients? Then, testimonials from happy customers are one of the most effective ways to build trust in your brand for prospecting customers. Learning from the experience of other people is a natural human instinct. It's precisely the case in a digital age where customers have access to client’s sites or social media handles. Looking for product reviews, service recommendations, etc, to form an opinion about the business is the order of the day. Good and visible testimonials across communication channels help to shape the perception of prospective customers.

Best lesson ever!

With a bit of effort on my part, using a combination of the above strategies, my daughter's trust for her mum has been on the upswing ever since. That's my million dollar prove. I trust It'll do magic in your business relationships.

Please, share your experience and perspectives in the comment below.

Ejide Akinbiyi