Blog post By Paula Chiocchi on 2023-03-22
Trust. It’s hard to build but easy to break, and a critical component of any business relationship.
A Harvard Business Review (HBR) article highlights research that points to financial repercussions or rewards based on whether a business has low or high customer trust. It also notes that "trust in business and institutions has plummeted to its lowest point in decades."
So how can you build trust with your customers and prospective customers?
To start, think about what trust means. Qualtrics defines brand trust as “the confidence that customers have in your brand’s ability to deliver on what it promises.”
The HBR article identified four essential factors of trust: humanity and transparency (together, they communicate intent) and capability and reliability (together, they demonstrate competence). By expressing empathy and kindness (the 'humanity' of a business), companies can show their customers that there are real people behind the business and that they are committed to fair treatment.
Transparency is essential -- customers appreciate businesses that are open and honest about their intentions, motives, and decision-making processes. Customers have a simple ask: they want the companies they do business with to provide products or services that meet their expectations. Finally, reliability is crucial, as customers demand that companies deliver on their promises -- consistently and reliably. Trust is earned when all of these factors are present.
As the Qualtrics article notes, trust can be a “vital differentiation” between a customer choosing your company over a competitor’s. Trust drives customer loyalty and advocacy. HBR found that customers “who give a brand high trust scores are three times more likely to stick with it through a mistake.” Up to 88% say they’re more likely to buy from that brand again, and 62% will buy from it almost exclusively.
When customers trust a brand, they are more likely to recommend it to others. However, trust is fragile, and companies must work hard to maintain it.
Trust and Data
Because we live in a data-driven society, the data decisions you make as a business, including the data partnerships you form, can impact your B2B customer relationships. Here are four ways those decisions can make or break your ability to build customer trust and loyalty:
At OMI, we have always understood the importance of customer trust and loyalty. We trust the quality of our data so much that we guarantee 95% email validity for 30 days. Contact my team to learn more about this guarantee and our database of more than 117 million B2B contacts with validated email addresses.
OMI’s high-quality B2B business contact data is used by Fortune 1000 firms and start-ups alike to drive modern digital marketing initiatives—from intent monitoring and ABM to email marketing and omnichannel campaigns utilizing display, social media, and more. Reach out to our team today for more information.
At OMI, we believe good things happen when you share your knowledge. That's why we're proud to educate marketers at every level - in every size and type of organization - about the basics of email marketing and the contact data that powers it.