13 December 2018
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Why Developing Trust is Most Important Factor When Starting a New Business

Why Developing Trust is Most Important Factor When Starting a New Business

Building brand trust is rather like forming a new friendship with someone. The importance of trust in business relationships cannot be stressed enough. It is important to gain your target audience’s trust, as they will not patronize your products/service or recommend it to others if they don’t trust your brand.

 

Importance of Brand Trust

 

Building trust in your brand should be a key element of your marketing strategy, whether it is an established business or a new business. The trust your target audience has in your brand is what makes it unique in their eyes. It makes them confident enough to purchase your product and inspires them to become repeat customers.

 

Here are some top reasons why trust is so important and beneficial for your business brand.

 

This trust is not something you can gain overnight and nor is it a one time deal. It is rather an ongoing process that requires diligent perseverance on the part of the business.

 

If you lose the trust of your audience, it is difficult or in some cases, even impossible to regain it.

 

 

Why Develop Trust in your Business?

 

Why Developing Trust is Important When Starting a Business

 

  • Building trust in a relationship enhances security. When customers trust you, they believe that your business offers security. For instance, if yours is an online store, customers will not fear to part with their money when they wish to make a purchase.

 

  • Winning Repeat Customers. Without trust, you will not retain your customers. They will leave you and turn towards the competition. You can pay any amount for SEO but recommendations from happy customers is the ultimate marketing strategy. People check out online reviews before purchasing a product.

 

  • Building trust in business is important for identification and Recognition of products. Building trust helps your customers identify your logo, your website, your company and your products.

 

  • Brand loyalty. Differentiating your company from the rest of the competition. When you build trust, your consumers become loyal to your brand. This Is why they purchase your product over the ones of your competitors. Not because your product is different from the rest, but because they perceive it to be different and they choose you.

 

  • Trust helps you connect emotionally with your customers. For instance, when you buy the Nike brand, you are emotionally connected with it. You trust the brand so much that it makes you feel that you’re capable of achieving your goals of running; walking; trekking and so on. The company has created a trust that creates a lot of emotional reactions in its buyers.

 

  • Deliverance on promises. Only if you continually deliver on your promises, you can build trust with clients. This creates a shortcut for your customers while making a decision. By building customer trust and loyalty, they find it easy to make a purchase, as they know your product will be everything it claims to be. Your customers will come to love you due to this trust in your brand and they don’t have to think twice when making a decision.

 

 

  • Attracting Quality Talent. When you build trust, it will help you retain your current employees and also attract the best talent in the industry. It shows that your organization is a great place to work in. For instance, Google has created so much trust in the industry, that anyone will give an arm and a leg to join their company.

 

  • Improving your reputation among other stakeholders. When you build trust in your brand, it improves your relationships with your business partners, your purchasers, licensees, your providers and other stakeholders in your business. A provider, for instance, would love to work with a company that has become a trustworthy name in the industry.

 

  • Building trust in teams helps them to remain focused on goals and strategies. It helps your business to become more successful.

 

Why Develop Trust in your Business

 

By building trust with employees, all the personnel and staff right from the CEO to the floor worker will get a new sense of purpose and drive and be committed towards the goals and the strategies to use in achieving them. These are the benefits of building trust in the workplace as there is a real and tangible connection between leadership and building trust.

 

  • Expanding your business. Trust truly helps you to adapt and modify your business with the changing trends. This is because your loyal customers will continue to follow you in new ventures, due to the trust they have in your brand.

 

 

Trust Building Activities

 

Trust is earned. It takes time and some special strategies to build trust in your brand or business.

 

  • How to build trust with customers? Call Customers. Get testimonials from your customers. Ask them what they think about your product and whether they liked it or had any issues with it. Use their comments as testimonials for your products to build more trust.

 

  • Write out articles to imbibe trust among your audience. Ads don’t work, as people have started distrusting them. Even if you must run ads on your website, add a testimonial along with it to create trust.

 

  • Give your customers some freebies for building trust in business. For instance, you can offer an ebook or a free workshop from time to to time to build trust.

 

  • Generate referrals for your product/business. You cannot wait for referral to come by naturally. Use a proactive system for generating it. This is important. When you wish to go to a new restaurant, you usually ask friends for their recommendations, right?

 

  • Endorse other products. Endorse products of other businesses and ask them to do the same for you. It improves your marketing strategy without any additional cost.

 

  • Make yourself available.

 

  • Keep your promise.

 

  • Be genuine.

 

  • Offer studies, facts and figures.

 

  • Build trust with clients by being transparent and sharing processes. If you want to be a good leader then you need top strategies for building trust with employees.

 

  • Make an emotional connect. Personalize your strategy by telling a story instead of just making dramatic, impersonal claims. Let your personality come across to your potential customers. Use a smile, put your picture up there as part of your marketing strategy.

 

Trust Building Activities

 

 

Tip: For instance, if you wish to sell energy drinks for children, it’s not enough to inform mothers about the health benefits. Tell a story that touches a mother’s emotions and how an energy drink could create an essential difference in her child’s life and you have a permanent customer in her.

 

 

  • Rebuilding trust. You may even have to rebuild trust after a crisis whereby your brand could have been damaged. For instance, Samsung faced this challenge recently.

 

Trust is important for your business

(Image Source: www.eweek.com)

Last Word

 

Would you buy a car if you thought it wouldn’t get you home? Would you purchase it from any dealer if you thought  that he was cheating you on the price? Would you buy it if you thought he wouldn’t help you if it stopped moving on the way home? That’s the importance of trust in a business.

 

Your customer is your biggest asset. Your business cannot thrive without them. You need to nurture your relationship with your customers and build trust in your brand. This helps retain your customers, builds better work relationships with your employees, improves brand recognition and reputation and offers something of value to your customers.

 

Running a business is not just about making profits. It is based on how your target audience and customers view you. Listen to them and build TRUST.

 

importance of trust in business relationships

Gaurav Jain
Article by Gaurav Jain
Hey There! My name is Gaurav Jain, a full time affiliate marketer since 2007. The reason for starting eMoneyIndeed.Com blog is to help you Save & Make Money Online. I write about Blogging, Online Marketing, Webhosting, SEO, Affiliate Marketing, Startups, Social Media, Email Marketing and more. Hope you enjoy the posts on eMoneyIndeed.com

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