The Trusted Company – Trust as an integrated part of business strategy

The Trusted Company – Trust as an integrated part of business strategy

The Trusted Company – Trust as an integrated part of business strategy

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.

But this is not the only change that is sweeping the market place. The high degree of customer loyalty which was normal in the “good old days” is now just a pleasant memory of times gone by.

The time has come to work with trust as an integrated part of business strategy.

Trust as an integrated part of business strategy – “The Trusted Company”

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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About The Author

Torben Rick

Experienced senior executive, both at a strategic and operational level, with strong track record in developing, driving and managing business improvement, development and change management. International experience from management positions in Denmark, Germany and Switzerland.

Blog Comments

“Let the seller beware”. Have you ever got that right Torben. Thanks for the excellent article. If “content is king”, then trust is his queen.

Great insights! This list is right up there in the ‘thou shalt never forget’ category!

Thank you!! Impeccable timing for today’s market place. Not being a part of change brings the greatest risks.

Focus on fundamentals is always a good strategy and building Trust to me seems to be a great top of the list fundamental. Thanks for the post.
Lynn

Excellent Article Torben. Thanks for sharing. Trust trumps competition every time.

-Barry

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