Customer trust is the most important currency for customers when it comes to growing the company sales pipeline, maintaining client satisfaction, and ultimately reducing churn. When trust is built, revenue will naturally increase, renewals will be won, and referrals will flow.
“Trust relationships are vital to how we do business today,” according to Trusted Advisor. “The level of trust in business relationships, whether internal with employees or colleagues or external with clients and partners, is the greatest determinant of success.”
When a company has established a trust equation—where credibility, reliability, safety, and focus are experienced through its words, actions, emotions, and motives—that business is better able to accelerate its revenue growth. That established trust can be long-lasting, too. “Eighty percent of a company’s future profits come from 20 percent of its existing customers,” according to Gartner in this Marketo article.
If trust is the most crucial currency to customer relationships, how do you accelerate it?
Consider incorporating the key elements of transparency, speed, and engagement to reach that desired accelerated growth level.
