It’s an unfortunate fact that today we live in an age of rampant mistrust. Thanks to social media and digital communication, misinformation is easy to disseminate and is more likely than ever to be accepted as fact. Folks who wish to deceive find it relatively easy to do so, and increasingly attract a receptive audience when messages align with personal beliefs. As a result, trust in our government, our institutions, and our media outlets has fallen to unprecedented levels.
According to a 2023 Gallup poll, only 8 percent of Americans feel a “great amount” or “fair amount” of confidence in the United States Congress, which was the institution rated with the least public trust in the survey. At the other end of the scale, 65 percent of respondents said they had confidence in small businesses, although this rating was down 5 percent from 2021. Rated just slightly higher in public trust than Congress were newspapers (18 percent), the criminal justice system (17 percent), television news (14 percent) and big business (14 percent).
Although we could cite numerous reasons for the erosion of confidence in our national institutions, there are a few key factors that tend to lead to a loss of trust over time: overpromising while under-delivering, a lack of honesty or clarity in communication, and failing to act on critical issues. In other words, the same issues that erect barriers in your personal relationships can have a similar impact on your business.
Business—and pretty much any other kind of human activity—is built on relationships. Relationships need trust to survive and thrive, just like people need oxygen. Trust ensures your customers will return time and time again, your business partners will support you in good times and bad, and your colleagues and employees will stay loyal to the company’s mission. Perhaps most important, trust enables your reputation to serve as a shield against attacks or when an unexpected crisis threatens the business.
Consequently, the risks to businesses lacking a fortified bank of trust have never been greater. Increased cynicism toward traditional institutions, the rise of social media and the spread of misinformation have created an environment where trust is easily eroded—and there are an increasing number of businesses and individuals willing to capitalize on this environment to gain an edge against competitors. The outcome for businesses can be catastrophic, including a tarnished reputation, lost revenue, or worse.
Fortunately, proven tactics exist to help businesses shore up their reputation and fortify trust over the long term.
First, develop loyalty through reliable and ongoing communication. Trust is built over time, so maintaining an ongoing communication program ensures your customers, partners, employees, and other audiences develop a deep and lasting relationship with the business. Robust and regular communication helps improve the overall customer experience, assists you in understanding your customers, and works to enhance your business reputation.
In addition, be inclusive and attentive to all stakeholders, external and internal. Customers and business partners want to feel that you hear and understand their needs. The same goes for employees. Demonstrate you know your audiences by communicating with them in ways they are comfortable with and that meet their expectations. For example, cater to customers’ communication needs by offering several ways to keep in touch. Some customers appreciate a phone call or text message on important matters, while others prefer to be reached only through email communication. Providing a choice demonstrates you understand customers’ busy lives. Act similarly with business partners and vendors by tailoring your communication to where they “live,” be it online, in person, or through voice phone calls. Keep in mind the rule of thumb: Listen twice as much as you talk. Two-way communication leads to strong relationships.
Finally, remain honest and transparent. Businesses must have unimpeachable respect for their customers and partners. This means communication must always be open and transparent about products, services, delivery dates and, yes, even when mistakes occur. Perhaps especially when mistakes occur. Businesses can be forgiven if unforeseen circumstances interfere with a delivery date or a product’s performance, so long as those circumstances are clearly communicated and explained. However, when challenges erupt and communication is stifled or appears insincere, trust quickly dissolves. People will forgive an occasional mistake, but they will never forget if you failed to communicate information in the most challenging of times.
Following these three simple tactics can help you and your company establish and maintain a strong bank of trust that will safeguard your business when challenging moments arise. Customers and partners who are happy with a business are more likely to spread the word, making them your most valuable advocates and bolstering your reputation among key audiences. Perhaps most important, a bank of trust will be the attribute that helps your business maintain customer and partner loyalty when difficulties arise.
Above all else, one principle stands as the cornerstone of business success: there is no substitute for trust.
Shawna Seldon McGregor established Maverick Public Relations in 2018 after two decades at communications agencies in New York and Denver. In addition to some of the top brands in cannabis, she has provided PR support for diverse clients including the Green Inaugural Ball, Smithsonian, The Nature Conservancy, and AARP.
