What makes trust
Thursday, November 25, 2010 at 8:30AM The Edelman interviews of high income, highly educated around the world gives some clear indications of what makes us trust.
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Personal action
This is what an informed public, in 20 countries, aged 25-24, would do when they trust a company:
- 91% - Chose to buy their products or services
- 76% - Recommend to a friend or colleague
- 55% - Paid a premium for the products or services
- 42% - Shared positive company opinions/experiences online
- 26% - Bought shares
If the company was distrusted, 77% would refuse to buy.
Factors important for building trust
The same study shows that the factors voted most important for building trust are:
- 94% - Offers high quality products or services
- 93% - Is a company that treats its employees well
- 91% - Communicates frequently and honestly on the state of its business
- 87% - Is an innovator of new products, services, or ideas
- 85% - Commits time, money, and resources to the greater public good
This list is not complete, but I just wanted to highlight the fact that treating employees well is almost as important as good products. Another interesting factor is that committing time money and resources to the greater public good - Corporate Social Responsibility - is almost as important as being an innovator.
What are the conclusions?
I take the Edelman report as support for Open Management. To work for a greater good, involve employees and commit to action for the common good is both motivating for people within and without the company.
Confident, supporting customers and motivated staff sound like a great combination. What do you think?
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