Westpac announced a 7% increase in profits this week, attributing this increase to ‘discipline’. Well done Westpac. What a year it’s been. You have won on the profit stakes. But how long will this keep you going, particularly when you have also won in the list of top 10 companies that Australian’s distrust?* (A survey published by Roy Morgan February 2018).
No surprises why cryptocurrency has gained a lot of momentum and a ‘the small person can win’ sentiment is thriving in this space.
Along with the entry of Volt Bank, who has only this month, been granted a licence by the Australian Prudential Regulation Authority (with some restrictions, but it’s a start). Also referred to a digital or neobank, i.e., a fintech company that only focuses on digital banking.
Other brands that came in on the distrust top 10: Adani, ANZ, CBA, Coles, Facebook, NAB, NBN, Optus, Telstra.
It would be impolite to not expand on Facebook: “9% of Americans in a new survey said they had deleted their Facebook account over privacy concerns. Thirty-five percent said they were using Facebook less than they used to”, reported by Business Insider, April 13.
The brands that came in the top 10 of most trusted: ABC, Aldi, Bendigo Bank, Bunnings, IGA, JB Hi-Fi, Kmart, NRMA, Qantas, Toyota.
Interesting to see Coles on the distrust and Bunnings of the Trust. Is this category related, or derivative of their advertising campaigns over the years, or the management team of the individual businesses?
So how important is trust?
The pace of how we live/do business is getting faster. We are becoming a society, if we are not already there, of instant gratification. Waiting more than five minutes for an uber is a deal breaker.
So as the world gets faster, to keep up, you have to work, collaborate, partner, integrate, plug-in with more people and companies than ever before. You don’t necessarily have the time to run through the details or be slowed down by the fine print… and so what you rely on is trust.
In all our encounters, whether it’s conscious or subconscious, in both business and life, we are ascertaining and building on trust levels.
When we are working with a new client, what they really want to do, is to get a read on whether they can trust us. Whether we are a business that will manage their business like it was our own business? They want to trust that we are not in it for a cash grab, that we care, that we are honest, and that we know how to get the job done and if we don’t, we’ll tell them.
The trust report, as per the results mentioned above, indicated the highest aggregated drivers of trust are: honesty, ethical behaviour and integrity.
The drivers of distrust are greed, putting profits before customers, and unethical or corrupt conduct.
What does this mean for your Business and Marketing:
“People in high-trust relationships communicate well, don’t second-guess one another, understand why they are doing things, and are willing to go the extra mile to ensure that goals are met”, Stephen R. Covey.
Twenty years ago we wouldn’t be so willing to leave our personal details anywhere. Now, we do it without thinking. We trust more easily when it comes to digital platforms, and what we expect in return, is for the platform to look after us. If it does, we won’t need to #deletefacebook
People will always take pictures and have ideas they want to share with their friends and loved ones. If Facebook is not an available option due to privacy issues, other social media platforms will harvest this opportunity.
Working with people you trust can make all the difference to the speed in which a business grows.
If you have trust within the business, it extends beyond the walls to the outside world, i.e. your customers. And trust alone will save your customers loads of time. And time as we all know, is highly valuable. Something you can never get back.
What trust is no longer limited to, is authority and competence. Yes it’s important, but you knowing your stuff, should be a given, the other stuff, like honesty, genuine care and integrity, is the real differentiator.