Is trust, sweet trust.
What and whom do you trust? Worldwide, what and whom the population trusts has shifted significantly over the past nine months. And businesses, as a whole, are less trusted today than they were at the start of this year.
I’ve referred to the Edelman Trust Barometer before in this column. It’s an annual survey of populations around the world, including New Zealand, and monitors public trust levels of key institutions such as government, business and the media. Google “2020 Edelman Trust Barometer” for an interesting read.
After Covid-19 hit the world, this year Edelman updated the Barometer in May from its annual result in January. Predictably, people are tending to trust government more than ever before as we look to government leaders to get us through this uncertain time.
Around the world, trust in the media is also at an all-time high. But predictably, a majority of people (67 percent) are fearful about misinformation being spread about the Covid-19 virus. Thus, social media is not trusted by the vast majority.
So, what about business? When it comes to being trusted, business is not hitting the mark. People want to see businesses doing more for their staff, their communities, their suppliers and others who depend on them for livelihoods.
The Edelman Trust Barometer survey found that, “To increase trust, business should focus on solutions, not selling, with respondents calling for the private sector to collaborate with competitors (and) redefine their company’s purpose and goals around fighting the pandemic.
“Fewer than one in three respondents (29 percent) believe CEOs are doing an outstanding job responding to demands placed on them by the pandemic…”
So, here’s a question for Waikato business owners and managers reading this column: What have you done since March to stabilise and increase trust levels in your staff, customers and others who matter to your business success? The complicating factor in the current environment, of course, is that you must build this trust with audiences who are often worried, fearful, sceptical and ready to find fault with any wrong step you take. Plus, you are likely focused on keeping the doors open, finding new markets, maintaining customer bases, holding onto staff and generally staying afloat. Who can afford to spend time thinking about maintaining and building trust? I would say you can’t afford not to. Waiting until Covid-19 blows over might just be too late. So, what do businesses need to be proactively doing to keep their ‘trust banks’ full?
Here are a few key things:
Be seen.
If you are a company that’s doing the right thing, caring for your people and going the extra mile for customers during this time, remember to not only do the right thing but tell people you’re doing the right thing. But be careful in your delivery. This isn’t about blowing your trumpet; it’s about demonstrating your values to those who matter. This is also the time to ensure you can be found offline and on.
That means having a great social media presence and interacting on each channel in a meaningful way.
Listen more than you talk.
Whether it’s your staff, your customers or your suppliers, people trust someone who genuinely listens. Now more than ever, businesses must adjust to continually changing circumstances. You’ll make the best decisions when you’ve taken the time to truly listen to those around you.
Tell great stories.
People want to be inspired during this international crisis we find ourselves in. Share what your business is doing through heart-warming stories that endear people to your company and your people. And remember that while words are great, videos and photos are much better.
And remember that tried and true strategy of trust building: getting others – your customers, your business partners, your staff – telling your stories for you.
Keep your promises.
This goes without saying. People are looking for businesses and leaders who tell them what they are going to do and then deliver.
Be consistent, show progress toward goals and communicate often.
This also means acknowledging what you don’t know and recognising when things might have to change as you navigate your way along this new journey.
Keep it real.
No matter what you do, be honest with people and be true to who you are as a company and as a leader.
People are overly sceptical at the moment. Therefore, they don’t want to see anything overly glossy
or contrived.
Just be you. Authenticity always wins when trust is on the line.
