There is one foundational quality that every business needs to succeed: trust. It’s what keeps customers coming back, and it transforms patrons into brand champions who recommend your business to their friends and family. Employee engagement, customer satisfaction and innovation improve – driving your success to new heights.
Here are eight statistics showing why trust is one of the most important traits a business can have.
- Surveys show 62 percent of consumers are attracted to companies that show ethical values and authenticity.
Accenture asked consumers to identify the factors guiding where they shop without considering price and quality. Respondents said it’s important that companies keep promises, be transparent, treat employees fairly and care about the environment. Ultimately, consumers buy from businesses with ethics and authenticity.
- Businesses have a responsibility to make decisions that benefit the community, according to 77 percent of consumers.
Businesses that deliver value to their communities don’t just build trust, they also establish themselves as reliable community leaders. When businesses invest in their communities by providing reliable jobs, quality products and useful services, every member of the community experiences the benefits.
- 94 percent of shoppers are loyal to companies that operate with transparency.
Consumers want to know what their money really supports. Businesses who are upfront about information like where they source their products or how they treat employees illustrate they understand the value of both trust and transparency.
- 73 percent of customers will even pay higher prices for products and services from companies who operate with transparency.
Businesses can charge higher prices without isolating their customer base as long as they display ethical business practices. Consumers will pay a premium to support good businesses.
- Businesses that operate with a strong sense of purpose appeal to 94 percent of consumers.
Today’s consumers consider purchases a major part of their personal and political identity, so they choose businesses that align with their individual values. The vast majority of consumers are attracted to businesses that pursue a purpose beyond just company profits.
- Ultimately, 66 percent of consumers will switch brands in an effort to support ethical companies.
To maintain brand loyalty, companies must live up to their stated values. Millennial and Gen Z consumers are especially drawn to companies whose values reflect their own, with roughly 91 percent of younger consumers willing to switch brands.
- Positive customer service experiences will bring 89 percent of consumers back.
Every customer interaction builds (or diminishes) trust. Just one positive customer service experience is all you need to inspire long term customer relationships.
- 83 percent of customers are loyal to businesses that resolve customer complaints.
Resolving customer complaints not only helps restore your reputation when trust has been broken, but also can help generate lasting loyalty with customers who feel their concerns have been properly addressed.
In business, your reputation is your livelihood. By treating trust like any other skill that you can learn, improve and refine, your business can thrive.
Angie Barnett is president and CEO of the Better Business Bureau of Greater Maryland.