Trust is defined as a “firm belief in the reliability, truth, ability, or strength of someone or something”.
Business is about building a relationship with your clients and also your employees. Like any relationships, your business should be built on trust. It is the currency and fuel that runs a business, even more, important than money. Without trust, deals will not take place and employees will not work for you.
Below are some more benefits when trust is prevalent in your company.
Builds Reputation
When you trust someone, it is easier to recommend them to your circle of influence. Think about all the products and services you have used. Why did you recommend them to your family and friends? Because you liked them or you were satisfied with them. As a result, you became a fan and an ‘unofficial’ spokesperson for that product or service. More so, you always expect that when you buy that product or use that service again, you will have that same quality as the first time.
Gain More Customers and Increase Profits
When people begin to trust you, they start recommending to the people around them. That means an increase in customers, which can be translated into more profits. It is also easier to introduce a new product or service when people trust you because it does not take a lot of convincing for them to believe you. Take Apple’s example – every time they introduce a new product or upgrade, people are excited and flock to their stores to get them.
Gives Opportunity to Expand
It is impossible for a business to stay in one place when their reputation is growing. The demand to expand is automatic because people want to have easy access to them. Thus, the only way to address this need is to develop, to take your product or service to those who need and want them.
Attracts Investors
Every successful start-up will tell you that investors start flooding when they have proven that their product or service works. In other words, investors trusted them based on the figures they show them. Some good examples are those startups who got bigger funding on Shark Tank. When the angel investors ask them why they are requesting such percentage and the start-up owner has the figures to back his claim, he can secure much higher funding than expected.
Customers Become Brand Advocates
When people trust your brand, they become brand advocates. Most of the time, these people own blogs and social media accounts that have thousands, even millions of followers. So when you can gain their trusts, and they begin talking about your brand, they are taking it to their thousands of followers who could become your next customers. According to a study, 80% of Americans seek recommendations first before buying.
Less Money to Spend on Advertising
The result of having brand advocates is you spend less money on advertising. Even if you do spend, it is easier to convey your brand message to people because they trust you.
Customer Retention Increases
Any business wants to have their customers for life. Trust inspires customer loyalty as in any relationship. Thus, if there’s one thing you should invest in for the first time, it should be the trust.
Become an Influencer in Your Niche/Industry
As your customers increase and your business expands, so does your influence. As an influencer, you become an authority that other companies look up to. They look at what you’re doing, and they follow it. If your trust rating is high, they consider the words you say as set in stone.
Employees Become Productive
Aside from building your relationship with clients and customers, trust also nurtures your relationship with your employees. When trust becomes a part of your company culture, your employees are happy to work because they feel secure and safe.
Less Time for Decision-Making
When employees feel that you trust them, they are confident in making decisions that need to be done. This lessens the back and forth time, and more things are accomplished.
Building Trust
Trust indeed has a lot of benefits not only for an individual but for business as well. Just an important reminder about trust: It should first start within your company. Employees who do not trust their employers and vice versa will find it difficult to channel it externally.
There are many ways how to build trust with your employees and clients. Maintaining an open-door policy with your employees where they can freely express their concerns and suggestions is one way to promote trust.
As for your clients, consistently delivering and improving the level of quality and service can win their trust. And since we are in the age of digital, ensuring that your clients’ data are safe and secure is another way of building trust. Regarding data protection, Monetha is one solution that can help you make secure transactions.
These are just some ways how to build trust and its benefits to your company. So if you want to scale your business, start with trust first.
