Get All Access for $5/mo

How Brands and Market Researchers Can Leverage Trust in the Post-Pandemic World Transparency and empathy build trust and create a sustainable competitive advantage for your company.

By Andrew Reid

Opinions expressed by Entrepreneur contributors are their own.

Often when we talk about trust, it's in the context of something that's been lost — and the massive costs involved. In 2018, Accenture did a survey of 7,000 companies and found that more than half of them had experienced a major drop in consumer trust, translating into $180 billion in missed revenue potential.

Pretty scary. But on the flipside, there's a lot of untapped potential when consumers do trust you. In its 2021 Trust Barometer survey of 33,000-plus people in 28 countries, Edelman makes that opportunity abundantly clear. At a time when Covid shook people's faith in our institutions — especially government, the media and NGOs — business came out on top as the world's most-trusted institution.

On every issue, from responding to Covid-related health and safety protocols to embracing sustainability practices, business is now trusted — more than other institutions — to "do what's right."

Related: 5 Things Market Researchers Can Learn From Marketers

Turning trust into a competitive advantage

Knowing there is a foundation of trust, the question becomes: What do you do with it? Smart brands have figured out how to leverage trust to maintain and grow their customer loyalty in recent years. Take Apple, for instance. The tech company has made its commitment to protecting user privacy central to its brand promise, and at a time when consumers are increasingly concerned about how their data is being used, Apple's positioning really sets it apart from the competition.

Whereas Apple has built its business around selling stuff — phones, computers, watches — Google and Facebook rely heavily on selling our data to subsidize their "free" services. But free always comes at a price. According to the Verge Tech Trust Survey from December 2019, the number-one reason people choose not to use Facebook these days (46% of those surveyed) is "Privacy/Trust with my personal information."

Compare that to Apple. How many times do I choose the Apply Pay option when I'm about to make a mobile payment because I trust Apple? I never think, "Oh, is my credit card going to get stolen by this third-party company?" In fact, I'm blindly confident.

When consumers implicitly trust you — whether because of your privacy or security policies, your commitment to sustainability or the enduring quality of your products and services — they not only want to do more business with you. They also want to communicate with you, help you solve problems and make your brand stronger.

Trust is a two-way (communications) street

Think about it: What makes our friends or family trust us? It's when we are open and transparent, when we encourage honest feedback and when we're capable of showing real empathy.

For insights professionals, trust requires being transparent about our research, explaining our tools and methodologies — even allowing consumers to join us "behind the curtain." In a previous post, I shared the example of a client who introduces herself in each project with a quick video while walking her dog. It's casual, it's fun. It's human.

It's also about showing vulnerability and admitting when we mess up. Brands often are afraid to admit to failure, but in increasing numbers, they realize such humility is critical to their success. According to human-resources consultancy Development Dimensions International, about 20% of U.S. employers now offer empathy training as part of management development. And that number is expected to double within the decade, so there's a clear connection between real empathy and brand success.

Related: How to Create Your Buyer Blueprint

During the Year of Covid, we've heard it said over and over again that "we're in this together." That's especially true for many brands who, thanks to social distancing, have had to develop a much more direct relationship with consumers. For those who continue to embrace this newfound intimacy — who trust their customers to help solve problems, fill gaps and shape future products or services — the sky will be the limit.
Andrew Reid

Entrepreneur Leadership Network® Contributor

Founder and CEO, Rival Technologies

Andrew Reid is the founder and CEO of Rival Technologies. Based in Vancouver, Rival's platform enables companies to create mobile communities they can engage for insights. Reid also founded Vision Critical and is a YPO member.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Solutions

Increase Productivity with This Microsoft 365 Subscription, Now $25 Off

It can make the entrepreneur life a lot easier.

Business News

Apple Pay Later Is Ending. Here's What's Taking Its Place.

The program was available for less than a year.

Leadership

This Artist Answered a Businessman's 'Powerful' Question — Then His Work Became 'the Poster Child for Juneteenth': 'Your Network Really Becomes Your Net Worth'

Reginald Adams was the executive director of a Houston-based art museum for more than a decade before he decided to launch his own public art and design firm.

Leadership

Harvard Business School Professor Says 65% of Startups Fail for One Reason. Here's How to Avoid It.

Team alignment isn't nice to have -- it's critical for running a successful business.

Business News

Here's What Companies Are Open and Closed on Juneteenth 2024

Since it became a holiday in 2021, Juneteenth has been recognized by some major corporations as a paid day off.

Growing a Business

I Hit $100 Million in Annual Revenue by Being More Transparent — Here Are the 3 Strategies That Helped Me Succeed

Three road-tested ways to be more transparent and build relationships that can transform your business — without leaving you feeling nightmarishly over-exposed.