Glen Turpin: The Identity Question » edelman http://www.glenturpin.com Who am I? Why am I here? What's this all about? Wed, 01 Sep 2010 01:21:49 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 That’s not trust http://www.glenturpin.com/2010/02/thats-not-trust/ http://www.glenturpin.com/2010/02/thats-not-trust/#comments Tue, 09 Feb 2010 02:19:15 +0000 Glen http://www.glenturpin.com/?p=1808 The 2010 Edelman Trust Barometer was released recently with a headline that begins, “Trust in Business Rises Globally.” In the United States, trust in business grew from 18% to 54%. That looks like a great improvement. But when you read further, 59% of informed publics ages 25-64 expect businesses and financial companies to return to “business as usual” after the recession is over.

What’s business as usual? If you remember last year’s Siegel+Gale study, “63% percent of believe banks, mortgage lenders and Wall Street intentionally make things complicated to hide risks or to keep people in the dark.”*

That’s not trust. That’s fatalism.

Notes:
  1. * Trust in banks is down 39% since 2007; trust in technology companies is up 2%.
]]> http://www.glenturpin.com/2010/02/thats-not-trust/feed/ 1 Trust in business is at 10-year low http://www.glenturpin.com/2009/01/trust-in-business-is-at-10-year-low/ http://www.glenturpin.com/2009/01/trust-in-business-is-at-10-year-low/#comments Thu, 29 Jan 2009 03:15:30 +0000 Glen http://www.glenturpin.com/?p=450 That’s one of the key findings in the 2009 Edelman Trust Barometer, which was released yesterday. Informed publics* ages 25-64 now trust businesses even less than they did in the wake of Enron and the dot-com bust.** A notable 77% of U.S. survey respondents trust corporations less this year than they did last year, and only 17% trust company CEOs.

I can’t overstate the importance of trust. Unfortunately, you can’t buy trust, you can only build it. Organizations have to earn trust over time through their actions, their products, their policies and their leadership.

Importance to the overall reputation of a company

  1. Offers high quality products or services (94%)
  2. Is a company that treats its employees well (93%)
  3. Communicates frequently and honestly on the state of the business (91%)
    Is a company I trust (91%)
    Gives value for the money (91%)

Trust is one of the most important factors affecting corporate reputation. According to the survey, 77% of 25-to-64-year-olds refused to buy a product or service from a distrusted company.

Seventy-seven percent!

Trust influences consumer spending and corporate reputation. What are you doing to build trust for your organization?

Notes:
  1. * I don’t know how they define either of those terms for the purpose of the survey.
  2. ** Not surprisingly, in the U.S., trust in banks among those 35-64 dropped from 69% to 36%. The automotive industry saw a similar decline in trust.
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