Once upon a time, companies had complete control over their image and branding
Once upon a time, companies had complete control over their image and branding. By pouring money into advertising, they could effectively steer and control the perceptions of consumers.
Unfortunately for companies – and fortunately for consumers – the information revolution transferred this power squarely into the hands of consumers.
Trust as an integrated part of business strategy
Armed with this newfound power, customers found themselves with an edge over salespeople. The principle of the marketplace hence transitioned from caveat emptor to caveat venditor – that is, from “Let the buyer beware” to “Let the seller beware”.
Historically, buyers have always been on the losing end due to a lack of information or expertise on products or services. With reviews, ratings and online portals readily available on the Internet today, sellers are now the ones who have to be careful.
Trust as an integrated part of business strategy – “The Trusted Company”
The new commodity is trust – but a commodity that can’t be bough or sold. It has to be earned. And though trust can’t replace cash, its implications to a businesses success can’t be ignored.
Just as a profit and loss statement should be reviewed regularly, businesses today need to monitor and review how much trust they have earned in the marketplace
Good luck with the journey!
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