Recently, a B2B client asked about the relationship between trust and customer experience and how to win back clients after a breaking trust “event” [Major foot-in-mouth disease]. Listen, it’s easy to laugh about it now, but I’ve been there more than I care to admit… say it again… “Think before you speak”…
Regardless, banks, and most enterprise B2B companies, want to be the “trusted advisor”, without REALLY understanding the mechanics of trust (and root causes of distrust).
The World Economic Forum published a paper that is one of the best I have read in the past few months on the topic. In The Evolution of Trust in Business – From Delivery to Values the authors delve into such areas as the drivers of mistrust, why businesses often have a mismatch in the business’ contribution and the perception – good or bad – of that contribution.
The business case for trust really emerges in 5 areas, which the authors dive into:
- Better business terms, processes and conditions
- Enhanced innovation and entrepreneurship, which contributes to competitiveness
- More loyal, productive and engaged employee relationships
- Stronger external relationships up and down the value chain
- Greater resilience to withstand shocks and crises more effectively.
Finally the last sections of the paper provide insights into “A New Approach for Trust”…
Given the misalignment of some companies today, it’s a great read.