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The Six Building Blocks of Customer Trust - TTEC
The Six Building Blocks of Customer Trust - TTEC
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Ask company executives if customers find their business trustworthy, and most will
of course say yes. But ask their customers, and often you will hear a different
answer.
Many factors are at work when it comes to the perception of customer trust. But
contrary to popular opinion, trust is not an intangible, feel-good attribute out of a
company's control. It's up to businesses to influence what they can with a
structured approach to building trusted relationships. The health of their business
depends on it. In-depth Insight on CX x
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Trust-based initiatives have real business impact. Trust makes customers less
price sensitive and less interested in competitive offers. It creates a sustainable
competitive advantage. Higher customer engagement means greater value to a
firm—and trust can lead directly to the acquisition, retention, and growth of the
firm's customer base (see Figure 1).
It starts with building a framework and guiding principles, which can be translated
into specific actions for employees to take during interactions with customers. In
their book Extreme Trust: Honesty as a Competitive Advantage , Don Peppers and
Martha Rogers, Ph.D., write that trust comes from two places: intent and
competence. You must have pure intentions of acting in the customers' best
interests to create a trustworthy environment. And you must also have the
capability to execute against those good intentions. Without competence, it's just
lip service. Neither one on its own is enough to build trust. They must work
together.
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Going a step further, we identify six drivers of trust based on intent and
competence that any organization can operationalize (see Figure 2):
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Accountability
Transparency
Customer experience
Employee empowerment
Employee recognition
Competence drivers
Competence comprises customer experience, employee empowerment, and
employee recognition. Customer experience is about being consistent and
credible to customers. It goes beyond delivering high-quality products and
services and involves building relationships with customers that In-depth Insight on CX
will encourage x
Go customer
positive word of mouth and referrals. A tactic to operationalize the deeper into topics and
trends facing businesses
experience is to develop an associated guiding principle, such as "Provide
around the world
customers with expected experiences across all channels," which sets up internal
processes and systems that enable the experiences customers expect.
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For a telecom operator whose customer care operation receives large numbers of
calls due to network issues, this might mean sending a simple text message to
customers who experience dropped calls with an offer of free minutes or other
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credits as compensation. Or it could also mean letting customers there! How canthe
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operator is aware of the network problem and is proactively working to resolve it.
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In the short term these actions may result in some costs, but the long-term benefit
could save millions of dollars as a result of reduced calls to customer care.
Building customer trust is not a simple internal sell, and potentially comes at
short-term costs. It requires fact-based analysis of customers and their needs,
understanding the firm's competitive position and market share, and performing
in-depth gap and capability assessment. Many companies simple aren't ready to
undertake trust-related initiatives. But those that identify and act on the six trust
components can achieve powerful financial results.
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