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The Importance of Trust in Business: 5 Things to Keep in Mind

TruVideo is focused on building trust between auto dealerships, their service centers, and their customers, but when it comes to trust in business, every industry has its own unique considerations. No matter what your industry entails, here are five things you need to keep in mind as a business owner when it comes to maintaining trust with your customers.

#1 – Trust Gets People Talking

According to consumer polls, 90% of people are far more willing to solicit a service or buy a product from a company if that company was recommended by a friend or family member. Word of mouth advertising alone drives some $6 trillion in spending every year, so it’s important that you are doing your part to generate your own buzz. The best way to get people talking about your business is to get them to trust you. Do something other businesses just don’t do. Sending a video tour of a car or product is a great option, but depending on your industry, the choices are limitless.

#2 – Trust Creates Loyalty

Loyalty is something that has been missing in the auto industry for decades. Yes, people have been buying cars and having their cars serviced by dealers since the first car was put on the market, but for the most part, very few consumers are repeat customers. Many go to a different dealership every single time they want to buy a car, and some seek different mechanics or service centers for every single oil change. This often occurs due to a lack of trust, so if you want repeat business – the crown jewel of an auto dealership’s business – you need to get people to trust you.

#3 – You’ll Stand Out from Your Competitors

In the auto industry, being known in your local area as a trustworthy dealer is critical to your success – especially if the industry is saturated where you are. In cities with roughly a quarter million residents, you’ll find anywhere from four to 10 different auto dealers attempting to sell cars to and provide service for your audience. When you do things that your competitors don’t do to help your customers trust you, it soon becomes clear to your community that your business is the only real choice.

#4 – Likeability Isn’t Trust

All too often, people seem to confuse what it means to be liked versus what it means to be trusted. You can be liked without being trusted, but it’s much harder for you to be trusted without being liked. Here’s what this means: If someone likes you, they can think you’re funny and they might even be able to point out that you do high-quality work, but if they don’t know whether they needed that work in the first place, that’s a pretty good sign they don’t trust you. Don’t confuse trust and likeability and try to make sure you’re always working toward both with your customers.

#5 – You’ll Make More Money

This should come as no real surprise, but when your customers really and truly trust you, and when they remain loyal to your brand and tell all their friends and family about you, the revenue will simply flow in. You won’t need to double your marketing budget or hang flyers all over town just to get people to come look at the cars on your lot. All you’ll have to do is be there and continue to provide the excellent service you are known for.

Trust is critical in any business, especially in the auto dealership industry which is all about sales and service. Doing things like utilizing video and SMS platforms for transparent communication with your customers can really go a long way to get people talking, build loyalty, and stand out from your competitors – all of which will ultimately help your business grow.