“Invest in This”

June 27, 2019

The other day Salesforce President and Chief Product Officer and former Facebook CTO, Bret Taylor told Yahoo finance there is a ‘crisis of trust’ in big tech and companies should invest in trust. He said, “I do think that it’s really important that we invest in this.” He’s right. Companies should invest in trust.

Trust is the most critical asset a company has. It is the ONE thing every business owner should invest in, regardless of industry.

If you can measure it, you can manage it.

Business owners who ‘get’ this are deeply involved in the metrics of their business: profitability, growth, employee satisfaction and customer retention…

When I present to business owners and leaders we discuss a metric that affects all other metrics: Trust Equity™. Many people believe trust is an ambiguous feeling, an intangible benefit, a vague brand attribute earned by companies with long histories.

It’s not. Trust is a measurable and a critical business asset. You can manage it and you can measure it. I spent over two decades in the corporate world and years of post- graduate work to develop a scientific framework – now proprietary - that measures the amount of trust customers have in your company. Rooted in science, the Client Trust Index™ incorporates the scientific indicators, dimensions and criteria customers use to determine to trust an organization.

The business case is straightforward, when you invest in building, managing and protecting relationships of trust, performance improves. Here are three quantifiable measurements business owners can track, chart and manage:

  1. revenue
  2. customer referrals
  3. customer retention

The business owners I work with are investing. They get it. They know high Trust Equity™ is a competitive advantage and it drives business growth.

Implementing the right activities can move that needle right away:

"Since working with Natalie, and focusing trust, our last two consecutive months have been the best we've had in 20 years. Customer retention has risen to over 95%, sales revenue has increased by 15% and referrals for new business are climbing. We are excited with our ongoing program and look forward to even stronger performance.” President and Owner, Financial Services Company, Canada

“Natalie offered specific recommendations and action items which we implemented. We have a key customer metric and focus on earning customer trust and loyalty. Our sales have increased.” CEO, National Manufacturing Company, one of Canada’s Best Managed Companies.

Here are 4 ways you can invest:

  1. Discuss with your team the types of activities that will strengthen, rather than erode, trust
  2. Validate customer-service training by showing the connection of trust to performance and results
  3. Review your cyber security and data privacy practices
  4. Discuss how you can create more value for your customers

Customer trust and loyalty are the single greatest drivers of business profitability and long -term success. When every member of an organization buys into this truth and knows what to do to protect and augment this asset, the results are astounding.

“Invest in Trust”

If you’re interested in learning more about how to get results by investing in trust let’s start with a phone call. Email me at Noldfield@successthroughtrust.com and we’ll set up a time. I look forward to reconnecting!

About Natalie Doyle Oldfield

Natalie is the President of Success Through Trust. She works with business owners and leaders to grow their revenue through a proprietary framework. Three times Natalie has been named a Top Thought Leader in Trust by Trust Across America. A former Chief Marketing Officer, she is the author of The Power of Trust: How Top Companies Build, Manage and Protect It, creator of The Client Trust Index(TM) and the online program, Becoming a Trusted Advisor. Natalie works with some of the world's most successful companies including many of Canada's Best Managed Companies. Success Through Trust is a WBE Canada Certified Company.