Trust is at the center of every relationship. Whether it be a marriage, friendship, or relationship between a customer and her bank, trust is the foundation that everything else is built upon. Without it, the relationship will crumble.
Maxim Wheatley, Senior Director at TTEC, formerly the founding Chief Product Officer at LifeFuels, and current Entrepreneur in Residence at Georgetown University’s business school, argues that trust is the new competitive currency. He makes a strong case for businesses to invest in tools and technology that improve customer experiences. When people view their brands as reliable partners rather than sales-hungry corporations, they will reward them with long-term loyalty:
I believe that the companies that will weather future competition and accelerating market-forces with the most success will invariably be those that have built the most equity with their customers in experience, trust, and safety. These will be companies that continue to invest in the aforementioned, and don’t see these attributes as ‘nice-to-haves’ and cost-centers, but instead see them as fundamental components of a legitimate enterprise.
According to Wheatley, business leaders need to ask themselves the following four critical questions:
- “What are we doing to build trust with our customers?”
- “How is customer information being secured and protected?”
- “Do our customers have good reason to believe they are cared for?”
- “Are we accessible to our customers where, when, and how they want to access us?”
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