"It takes 20 years to build a good reputation and five minutes to ruin it. If you think about that, you'll do things differently."
Warren Buffett
Trust: The Beginning of Everything
In the overcrowded world of goods, trust reduces complexity. When a customer trusts a brand, it makes it easier for them to decide on a specific product. Trust can refer to product brands as well as company brands. Therefore, companies that enjoy the trust of many customers have invaluable advantages in the tough global competition. Traditionally, well-known branded products enjoyed the trust of consumers, as they stood for well-known, often long-standing reliable quality. Today, branded products are no longer automatically considered trustworthy.
Good products and good service are thus the basis for customer trust. However, for almost two-thirds of all customers today, that is no longer enough: they also expect honesty and transparency outwardly and fairness inwardly.
WE-BRANDS know that.
"Trustmarks" Customers Trust
Negative examples of companies that lose trust are easy to find. But of course, there are also role models, corporate brands that enjoy well above-average customer trust. One such example is undoubtedly Miele. The company not only stands for continuity but also for constant innovation. Obviously, at Miele, it is understood that customer trust is too valuable to be jeopardized by negligence or unfriendliness. And when it comes to "sustainability," they are also up to date and provide detailed accountability.
Dr. Rudolf Gröger: Trust is a fundamental factor. Dissatisfied employees who do not trust their employer cannot convey trust in their products to customers.
How Leaders Gain Trust
Real trust is based on actions, not just words. Trust cannot be demanded; it must be earned and will only be voluntarily granted by the other party. For leaders and their successful
WE-BRAND, this means: trust demands authenticity.
Trust is gained through…
- Consistency between words and actions
- Keeping promises made
- Open and honest communication
- Straightforwardness and predictability
- Fairness and respect in human interactions
- Admitting one's own mistakes
- Trust in employee competence
- Recognition for achievements
Trust is lost through…
- Nice words without actions following
- Not keeping promises
- Concealment, maneuvering, or threats
- Capriciousness and changes in direction
- Concealing one's own mistakes or shifting responsibility to others
- Need for control and half-hearted delegation attempts
- Tacit tolerance of violations against the guiding principles and culture of trust
Hardly anyone would disagree with the behavioral code outlined above. However, in practice, it is a constant challenge. Trust pays off in the long run: motivated employees are irreplaceable, and
WE-BRANDS are simply unimaginable without them.
Conclusion: Trust
Product quality alone is no longer sufficient as a differentiating factor today. WE-BRANDS also enjoy the trust of their customers and make sure to maintain this trust. Trust creates an emotional bond between brand, human, and medium.
Dr. Rudolf Gröger: Trust is the most important and only differentiating factor a company has today. Successful brands are lived promises.
For more information about the speaker, visit:
www.hermann-wala.com and
https://www.excellente-unternehmer.de/redner/hermann-wala.html
