Trustonomics: Step 1 - Why it's worth investing in trust
Building a trust-based business takes time so you've got to know what you're getting yourself into.
Quick history lesson: Originally brands were all about trust. You branded cattle, or you put a hallmark on an ingot of gold, And that proved it was authentic. So the purpose of brands is to provide trust in the product. Now that's ironic because a lot of marketers these days are saying that trust in brands is dead. The whole point of brands is to provide trust. If there's no trust, what's the point?!
People spend more money on brands they trust. They buy brands they trust more often. So there are lots of good reasons why it's worth investing in your brand to create more trust. Now, those same people who trust your brand go out and tell other people about these brands; word-of-mouth. That's free advertising of the best kind.
And it's not just about what it does for your customers. If you look at the stock market you'll find that trusted brands are more valuable.
So building a trust based business makes good economic sense, but there’s also a less tangible benefit and that is that you enjoy working for a brand that is trusted and respected more. And there is even evidence to suggest that people who work for trusted brands are more productive and more efficient.