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Build A Trust Engine
In the golden age of the advertising businesses of all sizes relied on ads to promote and sell their products. Giant corporations reached us via TV and whole page newspaper ads. Small businesses got our attention by placing small ads in the local newspaper. In the past advertising allowed average products to gain traction. Now we block and ignore.
When conventional advertising became less effective, many businesses migrated to social media platforms. The promise was that targeted promotion would enable us to reach more customers for close to free. While it’s easier to target and reach prospective customers, there is no guarantee that more people will be won over. That doesn’t stop us spending the majority of our resources trying to reach potential customers, and relatively few to convert or retain them. According to Econsultancy, for every $92 we allocate to creating awareness, we spend $1 on converting the customer.
How could we invest our resources wisely?
As is often the case the clues lie in understanding what’s unchanging about people. We still buy things the people we trust are buying. We eat in the places our friends tell us serve good food. We know where to get the best coffee because our neighbours tell us. We do things we see others doing. We always have done. We always will do.
Lasting success isn’t built around launching one PR campaign after another. It’s powered by trust. Whenever you see a business that’s endured look for the trust engine that’s driving its success.
How To Build A Trust Engine
1. Care more than the competition.
2. Make the best product.
3. Give your customers a story to tell.
4. Make it easy for them to tell that story.
In the quest to do work we’re proud of trust trumps awareness every time.
Image by Spyros Papaspyropoulos