There is a trust gap between customers and the companies and brands they do business with. The two questions to ask that will define this gap are: Do you think your customers trust you? (This is opinion.) Do your customers trust you? (This is fact.) The difference between the two questions is the trust gap. […]
There is a trust gap between customers and the companies and brands they do business with. The two questions to ask that will define this gap are:
The difference between the two questions is the trust gap. If you think your customers trust you, that’s a 100% score. When you ask your customers if they trust you and receive answers other than YES, then the average of those answers subtracted from 100 is your trust gap.
Consider the findings from PwC’s 2022 Consumer Intelligence Series Survey on Trust. Eighty-seven percent of executives think customers highly trust their companies, but only about 30% of customers do. That’s a 57% gap! OUCH!
And if you think that is bad, consider that the survey also found 71% of consumers say they’re unlikely to buy if a company loses their trust. David Horsager, the world’s trust authority, sums this up well when he says, “A lack of trust is your biggest expense in business.”
The goal is no trust gap. And how do you do that? Here are six ways:
BONUS: In my effort to always give my clients more than they expect, here’s a bonus. Deloitte surveyed 260 C-suite executives about trust. While 61% claim they want to improve trust with customers, only 19% have members in the C-suite dedicated to the effort. So, here’s your bonus tip: Consider adding a Chief Trust Officer, or similar position, to your organization.
Shep Hyken is a customer service expert, keynote speaker, and New York Times bestselling business author. Get more information on The Customer Focus™ customer service training programs. Follow on Twitter: @Hyken
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