• by Arun Sinha , January 5, 2010

As we embark on 2010 and begin to put the recession behind us, trust is one of the most important issues that organizations face when it comes to the future of their brands.

A 2008 study by the CMO Council found that some 99% of customers surveyed said they would either scale back or terminate relationships with companies who fail at building customer trust. In the past, trust may not have seemed like a natural part of management's role, but nowadays it is seen as a critical part of every business that has been proven to have an effect on the bottom line. Customers need to see that a solid foundation has been built within a business and that their needs will be taken care of on a regular basis, as well as in times of crisis.

Taking a Transparent Approach and Investing in Customers
For many organizations, the first step to building trust is understanding why their business isn't trusted. By proactively soliciting feedback from customers, you will be in a better position to serve them. Being open, honest, and accountable shows customers that you have nothing to hide, and will also help to instill a cultural shift internally within your organization.

In turn, that will help executives and staff change the way they think about the customer in everything they do each day, resulting in better service as well as positive feedback from customers. Poor customer service has severely impacted a number of brands and spawned major losses and, in some cases, even resulted in ceased operations. Finding out from customers exactly what it is they are looking for allows you to customize campaigns and initiatives that understand and address their specific needs.

Don't Reinvent the Wheel
Before spending money to launch a new initiative, it is advisable to examine your company's existing platforms and determine if there is something that has already been created that could be expanded further to accomplish your goals. At Zurich Financial Services, we transformed an existing initiative known as HelpPoint into a global communications platform aimed to better understand our insurance customers' wants and needs by offering them anytime access and all hands on deck service for their insurance matters and emergencies.

Similarly, Jet Blue recently revamped its TrueBlue customer loyalty program to focus on awarding all customers, not just frequent fliers, recognizing that one does not have to be a frequent traveler to be a loyal customer.

Tracking your Name and Brand
While the digital age continues to provide consumers with an open forum to share opinions and collect information, it also provides businesses with an opportunity to respond and react to consumer perceptions, as well as to dynamically engage with their key audiences and brand advocates. Consumers around the world are placing more emphasis on companies' reputations than ever before. A great reputation doesn't necessarily translate to a successful business, but a bad reputation can be detrimental to a company's future.

Today it is becoming increasingly critical for businesses to track their images and brands online, both to capitalize on the burgeoning pool of opportunities that the Internet continues to offer, as well as to ensure that online perceptions remain accurate and favorable. Monitoring is important, but equally essential to your company's reputation is responding to online conversations, both positive and negative. Consumers are more likely to engage with your brand in the future if they see that your company values their patronage and appreciates their feedback.

Be a Trendsetter
In order to re-engage and rebuild the trust of your customers, it is important to think in terms of what you can do from an industry standpoint instead of from just an individual perspective, acknowledging that customers are more skeptical now than ever before. This might seem like a lot to take on, however, leading an initiative that impacts an entire industry will benefit your company both internally and externally, not to mention place your brand at the forefront of the competition and position the organization as a leader in your industry. Once this is achieved, in the event of a crisis, you will be better positioned to address the situation, and the entire structure of your organization will not suffer.

The success of your business ultimately lies in the hands of consumers, and therefore, as a manager, it is crucial to consider customers when making important business decisions. Trust translates into creating a consistent and reliable business model that stands strong in any economic climate that will better prepare businesses and customers for unforeseeable conditions. By implementing best practices and engaging regularly with consumers, businesses have the ability to cultivate mutually beneficial relationships based on the core ingredients that must be present in any successful relationship.