Business Strategy – How to Build Trust with the Customers?

Business Strategy – How to Build Trust with the Customers?

The Power of a Strong Belief and Purpose Behind Running a Successful Business

The understanding of business strategy has gone through historical changes. From boxing into specific categories at first to the awareness that things in life don’t work on a linear path, businesses have realised that the way of achieving success must incorporate layers of parallel, simpler goals, rather than just dreaming of making money.

The Same Old Michael Porter

In a simple world, Michael Porter’s generic strategies, i.e. “cost leadership” (1), “differentiation” (2), and “focus” (3) would give answers to the important commerce questions; from creating a new product to continuously selling it (Porter, 2004). Sadly, the reality is different. First, you must already have applied each generic strategy at a set level. You have tried to:

  • cut costs and/or produce better quality products and services;
  • improve production methods to keep and/or attract more customers; and
  • define products and services before trying to answer a specific need, i.e. find your niche.

So, if everyone understands basics and is doing the same, why are a few businesses more successful than the others? Why is Microsoft or Apple selling computers when 100s of other companies keep failing? Why are people drinking coffee at Starbucks when it neither offers the best quality nor the lowest price for the commodity? And, on top, how can you and I act differently to reach the same success as the market leaders or even surpass it?

The Art of Specifying

The said companies excel because they specify their beliefs and purposes. Microsoft believes in achieving success through creating partnerships, Apple in changing lives and creating a movement around products, and Starbucks in being a third social place away from home and work. The products and services from these companies then play the role of extending the beliefs and purposes, already bought into by customers who become the spokespersons for the brand. On a similar line, modern businesses must specify their direction along with grasping the basis of business, i.e. creating products and services, differentiating from the competition, sustaining and getting added sales, developing teams, etc.

Adding Trust to the Recipe

For tradesmen, people who must be let into customers’ homes to carry out tasks, how to build trust with the customers is important. The said notion is crucial because of the attachment a person has to his/her space, representing the values, hopes, and aspirations of individuals (Angelo, 2016). Doing business with customers at a home level has dimensions of, among others, applied psychology, relationship building, and establishing core values, before a business can take the next step and fulfil a need. We reckon that developing this trust and expanding farther based on it can act as the belief your business must adopt.

Emphasis on trust-building is not new, but rather a well tried and tested strategy with examples including hits, such as Colgate and IBM, and supported by a multitude of experts, e.g. Brian Hughes and Larry Magid (Hughes, 2017; Magid, 2017). In fact, Forbes declared trust “the most valuable business commodity” and hence, we need to gear up our thinking towards developing and improving it with our existing and intended customers (Williams, 2013). Growth and success will come as useful byproducts in the long-term if the mentioned idea is grasped properly and stuck-by to constantly.

How can we Help?

The good news is, you need not to worry about gaining customer trust alone. You have invested your efforts into developing the business, taken it to a respectable level, and you aspire to build further. The “building further” section is where we can offer support. We regard streamlining business marketing as an important piece in the puzzle where our skills in podcast and business content production can play a vital role in portraying the image of trust you must put out along the path of growth and success.

Get in touch to find out more.

Endnotes

  1. Selling products cheaper than the market or reducing internal costs of production.
  2.  Making one’s product different from the market through methods such as research, marketing, and innovation.
  3.  Finding a niche and catering to it.

Works Cited

ANGELO, G. (2016) The Importance of Home: Our homes say a lot about who we are and what we think is important in life. [Online] Spirituality and Health. 15 Feb.

HUGHES, B. (2017) The Importance of Building Trust Online. [Online] Entrepreneur.com. Feb 27.

MAGID, L. (2017) 7 Reasons Why Customer Relationship is Important for Business Success. [Online] IBM. Apr 21,. Available from:.

PORTER, M.E. (2004) Competitive advantage. Free Press export ed. New York [u.a.]: Free Press.

WILLIAMS, D. (2013) The Most Valuable Business Commodity: Trust. [Online] Forbes. June 20.

Keywords – How to Build Trust with the Customers – How to Convert Customers into spokespersons – Building Trust with Customers

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