Small Business Marketing, Branding, brand story

Why trust might be the key to your success

Lets talk about the Trust Equation….and why it is so important to your success, because as a small business it represents a great opportunity to set yourself apart.

 

Did you know that only 1 in 4 brands trusted by consumers ?

 

Furthermore Almost 70% of consumers don’t trust advertising and 42% distrust brands, seeing them as part of the establishment and therefore ‘remote, unreachable, abstract and self-serving’

 

That's not great is it?

 

But the good news is, if as a brand you are trusted, you have a 35% greater chance of cutting through all the noise to reach your potential customers. We also see a 400% increase in consumers wanting empathy and kindness form business.

 

So the key to success is being trusted then right? But how do you do this when you are a small business.

 

First lets look at the Trust Equation

 

Trust equation

The Trust Equation uses four objective variables to measure trustworthiness. These four variables are:

 

  • Credibility: The quality of being convincing or believable.
  • Reliability: The degree to which the result of a measurement, calculation, or specification can be depended on to be accurate.
  • Intimacy: close familiarity or friendship - how well do you know or feel you know someone
  • Self Orientation: where is your attention focussed. Is it on Yourself or on others?

These make sense right and to me it would seem common sense, but  how does this translate into benefiting your business?

 

To me the trust factor is built on acting in  a consistent manner. But what does this mean in real terms that benefit your customers?.

 

[Tweet "Put your values and purpose at the centre of anything you are doing - if you don't any investors and customers will see right through it. So for instance mine are #Honesty, #Integrity and #passion"]

 

If you do this and you build trust then your customers will be keep coming back and will becoming your biggest advocate.

And do this consistently. 

In a small business where you have control and mistrust is high acting according to the trust equation really could be your answer!

If you need help building your brand story and consistency why not book a 30 min strategy session here? https://www.fiftyonedegrees.uk.com/contact/

 

Author Info

Picture of Caroline Sumners

Caroline Sumners