(warning. This blog begins with an overarching business cliché)
Seismic changes in consumer sentiment and behavior have altered the landscape for how customers purchase products or services. Consumers have grown increasingly brand agnostic given the amount of information and social, mobile technologies that we have at our disposal.
(Duh)…..yeah but, then why has……?
Almost everything about the consumer changed….. YET business remains the same. Almost every business model remains stuck in an outdated analytical system of tactics to rationally measure consumer behavior.
No longer is efficiency and profitability the strongest currency to measure the health of a business. The currency that matters most in our new economy is the currency of trust. Trust is about creating authentic customer experiences. Trust creates an emotional connection that defies price.
Trust can only be built around personalizing the product or service experience for the customer. Trust is the humanization of business. Trust is uniquely emotional. Trust is the reason for why we buy, and what we buy.
Trust cannot be purchased. Trust cannot be commoditized. Trust cannot be measured or manipulated.
This drives rational analysts crazy.
Trust triggers our emotional receptors that drive loyalty.
Brands that are leapfrogging the competition like Facebook, Google, Amazon, Starbucks have created dominant world class value propositions around simplicity, authenticity and trust. Trust cannot be bought, it can only be earned. If you break trust, there are no metrics that will repair the damage. Trust is human, trust is emotional and trust is the new king of the economy.
If you want to grow your business? (internally and externally)
……Grow your trust.