Understanding the Impact of Trust In Order to Increase Customer Value

Value, in the eyes of the customer, is at an all time low. Convenience of online is favoured over the physical experience, reducing profits and adding complexity for strategic management. Sensationalism sells media, training, books and other products while ignoring the core principles of what makes us human. At this fast pace time of immediacy of action, a return to human values to drive customer value is critical to a positive future across all industries.

Since the beginning of civilisation, survival has come from the fittest. In the modern age of technology, our income and means to survive comes from commerce and industry rather than hunting, however the dynamic remains the same. The ideas and inventions that are the most valuable are going to be adopted by the next generation. They are also going to be the healthiest. Concepts that promote political, social, environmental and commercial health and improvement will also have longevity and sustainability. In other words, products and services that have a positive long-term impact will also gain from creating long-term customer value.

As many industries struggle, a few are entering a revolution. Neuroscience is driving radical developments in how we understand the science of thinking. It’s impact is on intelligence in all its forms. In finance, artificial intelligence will soon be replacing the highest paid jobs. In psychology, funding for research projects is going into understanding patterns of the healthy and positive mind. And in business, finally, neuroscience is improving how we manage our staff and make commercial decisions through concepts like organisational psychology and coaching.

Based on positive impact research, we can determine that the brain perceives values in relation to collective survival, trust emerged as the most valuable aspect that determines the quality of the relationship between humans.

Ask five people and you will get five different definitions of what trust is. The Oxford dictionary explains trust as having confidence in someone’s skill or them being reliable as well as trust is the belief in someone having good personal values and character.

In order for brands to start rebuilding the value of their brand and brand experience with their customers, they first must reset their goals and strategies to focus on how they deliver trust to their customers and through their supply chain. A simple but detailed audit of how trust is built and eroded throughout any organisation and in all its exchanges will prove to illustrate the extent of damage already done. On that basis, with trust at the centre, damage limitations and rebuilding strategies can start to be designed.

So much of politics and businesses today is focused on exhausting the route of the novel or gimmick to convince customers to spend. Rather than investing in further distraction, retailers will benefit from focusing on the essential aspects of being human in their attempts to create more value for customers that survive in the modern age.

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