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  • Jul 1

    Building trust

    Author: Julie McCracken

    Companies that used to be major household names are facing bankruptcy, pocketbooks are tighter and uncertainty abounds, everywhere. Consumer trust is at an all time low.

     

    According to a recent BBB/Gallup Trust in Business Index survey, trust in businesses has fallen in 13 out of 15 industries, and overall consumer trust in business declined 14 percent in a seven-month period. Certain industries are down as much as 19 percent, and seven of the 15 industries experienced double-digit declines. Edelman’s 2009 Trust Barometer shows trust in U.S. business is at 38 percent - down from 58 percent  last year and the lowest in the Barometer’s tracking history. To put it in perspective, Americans’ trust in business now is lower than it was in the wake of Enron and the dot.com bust.

     

    What happened? Consumer trust has to be earned. You have to do what you say you are going to do. You have to act with integrity. You have to BUILD your company’s reputation, and you have to work at keeping it where you want it. It takes work – and time. And, unfortunately, sometimes it only takes seconds to destroy what took years to create. It’s amazing what a couple of bad Tweets can do these days…..

     

    How does your company stack up? Do you know what your customers think about you? What are you doing to change or maintain your reputation? Like they say, it’s all in a name. What does yours mean?

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