Customer Trust is Paramount
It’s often illuminating to go back to the basics for a moment. So: Why is customer trust such an essential factor across B2C industries? Why is it important to build trust with customers?
If you look up the definition of the word “trust” in the Merriam-Webster dictionary, you’ll read: “firm belief in the character, strength, or truth of someone or something.”
Going by that meaning, an effective customer trust definition is a firm strong belief, on the part of your customers, that your brand is honest, reliable, sturdy, and conscientious.
Cultivating this trust is important because when customers trust you, they will choose you. According to the Edelman Trust Barometer, 81% of customers factor in trust as a crucial variable when making purchase decisions. The more they trust a brand, the more likely a customer is to do business with it.
However, customers are also skeptical by nature. The same study only identifies 34% of customers as trusting. In a different yet related research, 42% of customers say they don’t trust brands, and 70% say they are cynical of their advertising messages. In other words, customer trust in business has to be earned.