There is one foundational quality that every business needs to succeed: trust. It’s what keeps customers coming back, and it transforms patrons into brand champions who recommend your business to their friends and family. Employee engagement, customer satisfaction and innovation improve–driving your success to new heights.
Here are 8 statistics illustrating why trust is the most important trait a business can have.
1. Surveys show 62% of consumers are attracted to companies that exhibit ethical values and authenticity.
Accenture asked consumers to identify the factors guiding where they shop without considering price and quality. Respondents said it’s important that companies keep promises, be transparent, treat employees fairly and care about the environment. Ultimately, consumers buy from businesses with ethics and authenticity.
2. Businesses have a responsibility to make decisions that benefit the community, according to 77% of consumers.
Businesses who deliver value to their communities don’t just build trust, they also establish themselves as reliable community leaders. When businesses invest in their communities by providing reliable jobs, quality products and useful services, every member of the community experiences the benefits.
3. 94% of shoppers are loyal to companies that operate with transparency.
Consumers want to know what their money really supports. Businesses who are upfront about information like where they source their products or how they treat employees illustrate they understand the value of both trust and transparency.
4. 73% of customers will even pay higher prices for products and services from companies who operate with transparency.
Businesses can charge higher prices without isolating their customer base, as long as they display ethical business practices. Consumers will pay a premium to support good businesses.
5. Businesses who operate with a strong sense of purpose appeal to 94% of consumers.
Today’s consumers consider purchases a major part of their personal and political identity, so they choose businesses who align with their individual values. The vast majority of consumers are attracted to businesses that pursue a purpose beyond just company profits.
6. Ultimately, 66% of consumers will switch brands in an effort to support ethical companies.
To maintain brand loyalty, companies must live up to their espoused values. Millennial and gen Z consumers are especially drawn to companies whose values reflect their own, with roughly 91% of younger consumers willing to switch brands.
7. Positive customer service experiences will bring 89% of consumers back.
Every customer interaction builds (or diminishes) trust. Just one positive customer service experience is all you need to inspire long term customer relationships.
8. 83% of customers are loyal to businesses that resolve customer complaints.
Resolving customer complaints not only helps restore your reputation when trust has been broken, but also can help generate lasting loyalty with customers who feel their concerns have been properly addressed.
In business, your reputation is your livelihood. By treating trust like any other skill that you can learn, improve and refine, your business can thrive.
For over 100 years, Better Business Bureau® of Greater Maryland has mentored businesses on how to earn customer trust and keep their reputations strong. For more resources and guidance on building a trustworthy business, visit the BBB business news feed.