20 Apr Customer’s Trust Propels a Domino Effect
Customer trust is essential in business. Without customers, business will not survive. Without a customer’s trust, business will not prosper. Here are the reasons why we should always get customers to trust a business’s brand and product or service.
Word of mouth
When business is just starting, it is dependent on word of mouth. Whether a company spends a lot of money on marketing or not, getting people to talk about a brand or service matters. This is why some companies spend a lot of money paying any of the Kardashians to talk about their products on social media. Yes, this is part of marketing, but there is word of mouth involved. If a customer truly trusts a product or service, he or she will talk about it. And social media has become very handy for customer sentiments. Rest assured that if a customer hates your brand, the rant on social media is going to be a mile long.
According to Forbes magazine, 68% of Americans do not trust the media. And this is at par with how Americans trust in general. In the case of business, Americans are wary that every move a company does is just marketing. This is why it is very important that we get customers to trust us because then they will just share the good word—or their trust for that matter—on their own.
Trust begets trust
Before Netflix became the large streaming network that it currently is, it was in the business of DVD sales and rental. Trust was a big part of its DVD rental business. Netflix trusted its customers to mail back their DVDs after the rental period lapsed. And most of the customers mailed back the DVDs. There was an insignificant number that didn’t, but Netflix chalked it up as part of the negative side of the business. According to Fortune, Netflix would not have as many subscribers—for the then DVD rental business—had it not bestowed trust upon its customers.
Trust breeds reputation
If customers trust your business then your company will develop a positive reputation. Reputation, in business, is critical to its survival. And this reputation hinges on the trust that customers vest on the company. Some new customers are dependent on the “number of stars” they see from the internet. This is apparent in the online hospitality service Airbnb. People check out the most-starred housing services for their convenience. If customers trust your product or service, chances are they will give you colorful commentaries on your website and in social media in general.
Essentially, this is just like a friendship. If there is trust between friends, the relationship will last forever. The friendship will also birth loyalty. This is the same for business. If a company elicits a customer’s trust, loyalty will be forged. And that loyalty can be extended to families and other friends. And these families and friends have their own kin and special relationships. A customer’s trust is the push that will set off a domino effect.