We are living in a world where numbers talk. Intuition is no longer being funded. Simply believing that a business initiative is a good idea is not sufficient to secure the attention, resources and commitment to implement and sustain it. Take the idea of trust for instance. “Intuitively business leaders believe that building a trusted relationship with their customers will deliver a return, however, very few companies have empirical evidence to prove it. In our latest issue of Peppers & Rogers Group’s executive journal, Customer Strategist, we share research that proves out the point,” explains Peppers & Rogers Group Partner Marc Ruggiano. Tom Lacki, Ph.D., Director of Research at Peppers & Rogers Group explains the relevance of the research. “In our trust study, we demonstrate how a typical wireless provider could achieve an estimated $1 billion in incremental revenue through a combination of benefits derived from increased recommendations, greater loyalty and the desire to buy more goods or services from a more highly trusted company. And, it doesn’t require them to install a new complicated technology system, hire an expensive sales force or acquire a new company.” Peppers & Rogers Group Managing Partner and Telecommunications Practice Global Leader Ozan Bayulgen focuses on the importance for the industry, “Operators all over the world are searching for ways to differentiate their products and services and build long-term relationships with their customers. This research proves that not only does trust increase revenue it also increases brand loyalty.” Building authentic trust with customers has always been a key focus area for management consulting firm, Peppers & Rogers Group. Most recently, the firm’s founders, Don Peppers and Martha Rogers, Ph.D., have published a book on the topic called Extreme Trust www.extremetrustbook.com. Peppers and Rogers make the case that for companies to achieve the business benefits from building customers’ trust, they have to do three things: Be competent (do things right), demonstrate good intentions (do the right thing), and do so proactively. The authors call this trustability. To coincide with the launch of the book, the consulting firm has dedicated an entire issue of the Customer Strategist journal to research and best practices on the topic of trust. In this issue:
- Primary research: Peppers & Rogers Group empirical research around consumer trust in the health insurance, pharmaceutical manufacturers and mobile services.
- Methodology: Peppers & Rogers Group’s consulting methodology around the six building blocks of trust.
- Perspectives: Mike Jossi, EVP of Global Human Capital at TeleTech talks about the importance of building trust on the front lines; Charles Green, Founder and CEO of Trusted Advisors explains why trust matters to the C-Suite.