90% of business executives think customers highly trust their companies while only 30% of consumers actually do (according to PwC’s 2024 Trust Survey). That “trust gap” is a problem: when customers trust a company, they are more inclined to make repeat purchases, less sensitive to price changes, and more likely to recommend the brand to others. More trust equals higher profits.
How can companies actually increase customer trust? Consider the following actions:
- Customer service: This is your frontline in the battle for trust. Ensure your customer service is responsive, empathetic, and solution-oriented. A positive service experience can turn a disgruntled customer into a loyal advocate.
- Listen: Engage with your customers across multiple platforms. Whether it’s social media, email, or in-person interactions, make sure you’re listening and responding to their needs and feedback.
- Care: Demonstrate that you value your customers beyond the transaction. Personalize interactions, celebrate their milestones, and make them feel part of your brand’s journey.
- Transparency: Be open about your products, pricing, and policies. Customers appreciate honesty and are more likely to trust brands that are upfront about their limitations and strengths.
- Social proof: Encourage satisfied customers to share their experiences through reviews and testimonials. Real stories from real people carry more weight than any marketing message. Share these testimonials widely to build credibility.
One example of a company that enjoys customer trust is Chewy.com, a pet retailer. Chewy has distinguished itself through its exceptional customer service. For instance, when customers experience the loss of a pet, Chewy has been known to send sympathy flowers to grieving customers who reach out to return pet food. This gesture not only includes a full refund but also encourages customers to donate the food to shelters, showcasing a deep understanding of customer emotions and needs.
Another example: Subaru. Known for its transparency and commitment to safety, Subaru has built a reputation for reliability and proactive customer service. This level of trust is further reinforced by the company’s consistent efforts to address customer feedback and concerns, which enhances its relationship with consumers.
Find out how to increase trust among your customers. Email me at info at bureauwest.com.
Sources: “PwC’s 2024 Trust Survey: 8 key findings,” PwC, March 12, 2024; “Translating trust into business reality,” PwC, September 23, 2022; “How Business Can Build and Maintain Trust,” Harvard Business Review, February 7, 2022