Matter of Trust
3-Part Look At The Importance Of Engendering Trust In Business
>> Part 1: True Believers
>> Part 2: Trust Me Maybe
>> Part 3: The Seamy Side of Business
Can trust between distributors and their vendors, clients and employees actually improve business success? No doubt. In this three-part look at the importance of engendering trust in business, Counselor analyzes one of the most incalculable factors for companies today.
Who do you trust? Who trusts you?
They're vital questions to ask in business today. Ultimately, we buy products and services from people we trust and like. Of course, sometimes we find ourselves in situations where trust is, well, in question. The supplier who you suspect of trying to steal your clients. The client who you fear will take your promotional concepts and shop them around to the lowest bidder. The employee salesperson who is all too ready to run to a competitor – and take their book of business with them.
There are plenty of reasons to distrust many in business today. However, those companies that engender the most trust among their clients, vendors and salespeople tend to also be the most successful. A new study recently published in the Harvard Business Review shows that 81% of companies that say they actively work to improve their trustworthiness grew their revenues by more than 30% over the past two years.
"High-trust organizations that work to measure it and get feedback about it from their customers and employees are simply better companies," says Kenneth Power, principal with consulting firm High Power Management. "They show that trust leads to success."
In this three-part feature series, Counselor provides a unique look at trust from many angles. In the first story, we make the case that trust in most areas of a company's operation is vital to success. Then, we offer a point/counterpoint in which one distributor and one supplier lay out the reasons that they tend not to trust each other – along with an expert's viewpoint on how the two can work better together. Lastly, we provide advice from experts on how to solve seven scenarios of distrust that distributors often face today. Click on the links below to begin.
- Part 1: True Believers: Why trust in the workplace matters today more than ever – and how you can ensure your business is trusted.
- Part 2: Trust Me Maybe: What are the biggest reasons there's mistrust between ad specialty companies? Two execs – one a supplier, the other a distributor – give their unfiltered opinions. Plus, a business expert addresses some of the industry's trust issues and offers solutions.
- Part 3: The Seamy Side of Business: There are many scenarios in which distributors can lose trust for the people they work with. Here are seven situations along with an expert's advice for how to overcome each one.