To generate any sort of brand loyalty among consumers, businesses need to establish a degree of trust. However, in today's fast-paced business environment, simply maintaining honest business practices may not be enough - companies need to promote those practices.
A survey released this week by business services firm Pitney Bowes shows customer communication to be the most important aspect of promoting trust. Specifically, the study found communications contributes to more than 20 percent of overall trust. The study also found that trust itself can produce up to 44 percent of total customer loyalty.
"Every customer interaction - in person, on a website, with direct mail or with a call center - is an opportunity to build or break trust. This study validates how crucial customer communication management programs are for positively managing customer interactions and, therefore, ... also improving the value and profitability of every customer relationship," said David Newberry, Chief Marketing Officer of Pitney Bowes Business Insight.
Older age groups - particularly consumers 65 and over - were more trusting of companies, and those with higher income tended to relate to greater senses of trust.
Businesses may want to consider research strategies such as mystery shopping to ensure their service standards are instilling a degree of trust in their customers.