Online trust must be worked on, cultivated, and maintained. If that is not done, you could be losing possible business deals. Building trust works across different business models and industries. It is the most power weapon that you have as a brand to create a competitive edge against the competition.
A while back business primarily depended on word of mouth to build trust in the market. A satisfied client would tell others of the benefits of the products, the friends buy the product and tell others about its goodness. Soon a large number of people get to know that the business has great products.
However, the internet penetration has changed the dynamics of trust over time. However, rather than becoming easier, it has become complicated. Trust remains a powerful tool to drive business, but the mechanism of building it has changed.
Before building trust, it is important that you know why it is important to have online trust for the business.
Using trust for reputation management
Trust is vital for your business in many ways because it talks of the larger reputation of your brand. Trust is not an entitlement but something that business earns y putting the right procedures in place. Such procedures involve reaching out to your clients thoughtfully and intelligently.
Your business should also maintain connections with a client in various platforms including email, social media platforms, your sites and may other areas. Not every experience with your clients will be good or perfect. However, when there is a problem, it is important that the business reaches out to the clients and has the problems solved fast for the customer satisfaction.
According to Elite Push, all these efforts enhance the reputation of your brand on a larger scale. You do not have to be perfect n what you do. However, you need to let your clients know that you have their best interests at heart. You must show commitment and determination to add extra effort into showing clients that you have their interests at heart. This is key to developing the strong bond of trust.
The numbers tell it all
According to North American Hutrust survey, an overwhelming 83 percent of the clients said that they would happily tell others of a company or brand that they trust. Technology has made easier than ever for them to tell others about a good brand. They do not have to call friends and family for that to happen. It only takes a post on social media, a single retweet or a review in a forum like Yelp and the word is spread to an unlimited number of people. Interestingly, the online world pays attention to everything that is shared regarding brands.
Online reputation is important as it determines the purchase decisions and shapes opinions of both clients and prospects. Both the business and clients need the trust.
Reviews are one example, while most reviews leave a lot to be desired, one negative online review posted on a popular site may not give an accurate description of the situation on the ground, but its power is undeniable huge.
In a survey carried by Search Engine Land, 88 percent of the clients said that they did trust online reviews just as they trusted personal recommendations from friends and family. Elite Push also found that businesses with a star rating of less than three at review sites such as Yelp lost more than 90 percent of their prospects. Does this ring a bell to you?
You may be thinking that a large portion of the market does not read the online reviews. That is not true. It has been found that over 90 percent of the customers to any product check the online reviews before buying products. Most of them check the reviews on a regular basis even when they are not buying products.
Thus, any business that is looking to expand its market presence and sales volumes should consider looking for ways to ensure that they get raving reviews by clients online.
Many companies are running for the same clients as your business. They have products that do pretty much the same as your products and employees with similar qualifications and they could be offering their solutions at lower prices.
However, what differentiates one company to the other is the honest trust that it has developed with its market. This is one the most important aspects of your business that can be controlled, managed and made to work for the brand. However, if you fail to work on trust, cultivate, and maintain it, you are likely to lose lots of cash from lost business opportunities and higher spend on the marketing efforts. Thus, it is in your best interest to develop an honest trust with the market and work hard to maintain it at all costs. Otherwise, one of your competitors will do it and take away all the business.