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Trust is not what you think it is. It is not absolute or universal. Trust is relative. The same behavior that would cause one person to trust you could cause another person to distrust you. The level of trust someone has in you is the product of their trustfulness (their willingness to trust other people) and your trustworthiness. There is almost (I said ALMOST) nothing you can do about the former, and everything you can do about the latter. Because of that, you must evaluate your own trustworthiness one relationship at a time, separately. Odds are, though, that the same behaviors that are holding you back from being more trusted in one relationship are holding you back from being more trusted in other relationships. Welcome to The Trust Show. I’m your host, Yoram Solomon, a top 10 trust expert and researcher, the author of the book of trust, and the creator of the Trust Habits® workshop that helps people and organizations form new habits that change old behaviors, build trust, and transform organizations. In this educational podcast, I will challenge you to think differently about trust, through the 8 laws of trust and the 6 components of trustworthiness. I will share my own stories, experiences of others, trust research, and sometimes, reflect on a news item. And through those, I will show you how to build trust, be trusted, and know who to trust. Because the answer to this question will have the biggest impact on your personal and professional, success or failure: can you be trusted?
Episodes
Tuesday Feb 14, 2023
Tuesday Feb 14, 2023
Customers are willing to pay a 30% premium when they buy from companies they trust. With the continuously increasing new customer acquisition cost, keeping loyal customers has significant financial value to the company. Customers are loyal when they trust the company, and not only loyal—they recommend the company to other customers. There are five variables that have a significant impact on the trust that customers have in the company, and on its profitability. It starts with the company costs, and continues through the perceived price the customers believe they will pay and the value they believe they will get, and ends with the actual price the customers realize they had to pay, and the value they actually got. In this episode, I will analyze the relationships between those variables that make customers trust the company, and make the company profitable.
In this episode, I’m revisiting the topic of episode 11 in the 5th season. I brought this topic in the entrepreneurship class I teach at SMU, and gave my students the opportunity to reflect on it. Their comments helped me improve my own thoughts about the topic.
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