Source: Edelman Trust Barometer
Keyshia Cole re-released her hit song “Trust” earlier this year and it reached #5 on the Billboard Hip-Hop Chart. Unfortunately, trust has not made it anywhere near the top of the charts in 2009 for business. According to the latest Edelman Trust Barometer people trust business less than they ever have in history. Anyone remember Enron?
The relationships between business and buyer, business and the market, and business and society are tenuous at best, and getting worse. Realizing people do not buy from companies they distrust, a significant number of companies are embarking on what BusinessWeek recently described as “the great trust offensive.” This must read article (for PR and marketing professionals) highlights the work of American Express’s Open Forum, Ford’s social media investment and McDonald’s initiatives with PETA.
It is time for more B2B companies to join this list of the who’s who of “we’re going to earn your trust back.” Too many consultants are being showed the door because businesses view them as little more than providers or powerpoints. Too many banks are withholding badly needed business loans because of this trust deficit. Too many social media marketing firms are being “unfriended” because they fail to sell more than a Facebook app, a Twitter feed or a LinkedIn profile (see the Dachis Group or Altimeter Group for firms that provide more than this).
This is our charge in B2B – regain trust. This is a charge to both those who design products and services and those who manage a businesses different publics (that’s you marketer or PR pro). What a terrifying challenge and great opportunity for those of us in B2B marketing and communications. Either we restore trust or capitalism’s role in society continues to diminish.
Here is how I believe people will generally describe a trusted B2B company:
XYZ company has a purpose which is deeply important to their employees. Based on this purpose, their people provide us with thoughtful insight into the industry and helpful advice. Their people are more front and center than any logo or brand statement. Oh, and all of this insight and these interactions are free. We then trust them to lead projects, provide us with supplies and partner with us to improve our business.
How do you define trust in B2B?
Bring us home Keisha:
I’ll give you everything that I’ve got
I won’t stop until you get it right
All the trust and all the love
You know we got a lot, baby
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