A fundamental part of every relationship is trust. And it doesn’t just apply to friendship or couples, if a business doesn’t have trust with consumers, it can negatively affect the business.
When it comes to trust, it can take a while to earn it. In fact, a survey by Edelman shows that 45% of consumers wouldn’t trust that business again after unethical behavior or a scandal. And 40% would completely stop buying from them.
It only takes one mistake, problem, or misunderstanding for trust between a consumer and a business to be completely gone.
And A Lack Of Trust Can Be Costly For A Business!
For example, in September of 2018, the Cambridge Analytica scandal revealed Facebook released over 87 million user profiles to them.
Because of this situation, Facebook’s shares fell more than 24% and they lost $134 billion in market value in ONLY a week!
A report by Accenture has shown that U.S. brands lose $756 billion per year because of a lack of trust.
When consumers don’t trust a business, they end up shopping somewhere else or it delays them in buying.
So, How Do You Earn Consumer Trust?
1) Don’t Just Tell Them, Show Them
Instead of telling a consumer, you can do something, it’s better to show them you can.
For instance, conducting live product demos works great to decrease people’s uncertainty of the product or service and answer any skepticism that they have. This is because you are showing and proving to them how your product or service works. People are able to literally see it for themselves to believe it.
If you write a blog or book, you can demonstrate the knowledge you have in your industry. It will help build up authority and credibility with consumers as they can see for themselves that you have experience.
And to build up consumer confidence in your brand, try doing case studies to show results from real people. When people are able to see the results and data from your product or results, they will have less doubts about your offer.
So, by using the examples mentioned above, your business can earn consumers trust to help turn them into a customer.
2) Protect The Privacy And Information Of Consumers
Another way to earn and keep consumer trust is by protecting their privacy and information.
When the customer’s information is accidentally leaked, it can ruin the trust that consumers have with your business. And can result in your business losing revenue, just like in the Facebook and Cambridge Analytica scandal.
But by having security and protocols in place to protect customer’s information, you can avoid a situation like that happening.
3) Feature Customer Reviews
Also, a great way to help consumers feel more trusted when buying from you is through customer reviews.
This is because of social proof, people tend to trust the opinions and actions of their friends or family. For example, you are more likely to purchase something if a friend or family member recommends it.
As a matter of fact, the Word Of Mouth report states that 83% of consumers say that recommendations make them more likely to purchase a product or service.
And Salesforce states that 69% of customers read reviews written by a trusted expert before they decide to make a purchase.
So by using social proof, such as encouraging customers to leave reviews to have featured on your site, it will build up and earn trust between you and new customers.
4) Provide Good Customer Service
By providing consumers with good customer service, it can also earn and build their trust. Salesforce shows that 76% of shoppers view customer service as a test of how much a brand values them.
No one is going to trust a brand with awful customer service, so make sure your business is solving all customer complaints with ease.
Because in Edelman’s survey, it shows 67% agree that a good reputation may get them to try your product or service, but unless they come to trust the business behind the product or service, they will stop buying from them.
And you can provide consumers with great customer service by responding to them in a timely manner. Lead Simple suggests that responding within 5 minutes is the golden window of opportunity. It gives you the best chance of converting them into a customer.
Because if you aren’t responding to potential customers, then another business is.
Customers prefer businesses that reply to them first, and you can reach out to them immediately using marketing automation, such as LeadsTunnel!
With LeadsTunnel, you can instantly respond to leads that are interested in your business through automated SMS or email. So, that you won’t miss an opportunity to get their business.
But you are probably wondering..
How Do I Even Generate Leads?
Because even if consumers trust your brand, you first need to attract people to your business. And you can do that with Lead Generation.
As a matter of fact, 61% of marketers say that Lead Generation is one of the biggest challenges they face according to HubSpot.
With Lead Generation being one of the most important parts of a business along with one of the biggest challenges, many businesses could use some extra help, and that’s where we come in!
Whether it’s creating an irresistible lead magnet, finding the right target audience, or executing the entire campaign for you, we can help with our Automated Lead Machine.
And the best part? It’s completely done-for-you! You’ll receive a flood gate of high-quality for your business.
If you want to learn more about how our Automated Lead Machine can fill your sales pipeline with more leads than your business can even handle…
Hopefully, this blog has given you insight into the importance of consumer trust and how it can positively or negatively impact your business.
Please comment below letting us know your thoughts on the psychology of consumer trust. And don’t forget to share this blog with your network of entrepreneurs!