Harnessing the Power of Trust

8/6/2019 Harnessing the Power of Trust

1/41

Harnessing thepow er of trust

HuTrust is the copyright and trademark of ifm in-depth research and strategies pty ltd and Stefan Grafe.HuTrust and the six drivers of trust may not be used without express permission by the copyright holder.

Images iStockphotos and Stock.XCHNG


2/41

Trust is the most fundamental driver for human en a ement.

Its what makes us want to be with one another.We all inherently know the im ortance of trust.


3/41

from our food

Image iStockphotos


4/41

to friends

Image iStockphotos


5/41

to investment decisions

Image iStockphotos


6/41

Without trust

able to function.

Image iStockphotos


7/41

You can have all the facts and figures, all thesu ortin evidence all the endorsement that ou wantbut if at the end of the day you dont command trust, youwont get anywhere.

Former Chairman and CEO of UnileverCurrent Chairman of Reuters


8/41

But trust is not just

Image Stock.XCHNG


9/41

Trust delivers immensecommercial value for

us nesses an ran s

achieve up to 36% sales improvement

Image iStockphotos


10/41

,Concerto Marketing and mext confirm

the commercial significance, .

peop e rus a ran

Image Stock.XCHNG


11/41

will use its products frequently

Image Stock.XCHNG


12/41

will look to it first for the things they want

Image Stock.XCHNG


13/41

will give its new products and services a chance

Image iStockphotos


14/41

will pay more for its products or services

Image iStockphotos


15/41

Believe it will inform them about products and services theyll like

Image iStockphotos


16/41

will recommend it to others

Image iStockphotos


17/41

Recommendation and trust are

virtually one and the same.

Correlationrecommendation & trust

up to

.Imagine what that does to your NPSBusiness growth is built on trust.

Image iStockphotos


18/41

highly trusted and recommended

brands are seven timesmore likely to be bought (2009 Trust study)

Image Stock.XCHNG


19/41

In effect if you want people to :

buy moretry more,

pay more

Image Stock.XCHNG


20/41

But:

H w I il r r ? And how do I ask my CFO

Image iStockphotos


21/41

We used the most modern s cholo thinkinto understand what trust actually is and how it forms.

Image iStockphotos


22/41

More im ortant than bein more or less trusted is

being trusted for the right things.

Six things . The 6 facets of trust


23/41

Trust Facet 1: Stability

You must have clear roots

Image iStockphotos


24/41

Image iStockphotos


25/41

Trust Facet 3: Relationship

You need to offer an attractivekind of relationship.

Image iStockphotos


26/41

Trust Facet 4 : Benefit

You need to deliver

Image iStockphotos


27/41

Trust Facet 5 : Vision

do you pursue? How is that

Image iStockphotos


28/41

Trust Facet 6: Com etence

You must showwhat competences you haveand portray competitiveness

Image iStockphotos


29/41


30/41

Quantitative analysis shows that the 6 trust facetsstrongly contribute to trusting

Trust Driver Wei hted Avera e

Stability 0.70

Development 0.73

Relationship 0.76

Benefit 0.74

Competence 0.81

AOR Finance Survey, Australian General Population 1,110 sample, 2010


31/41

All facets are equally important to forming trust

Trust Driver Wei hted Avera e

Stability 0.70

Development 0.73

Relationship 0.76

Benefit 0.74

Competence 0.81

AOR Finance Survey, Australian General Population 1,110 sample, 2010


32/41

So, how can you start to harness


33/41


34/41

Step 1

Analyse your and

strengths, weaknesses

+ - -+ --

+ -+Image iStockphotos


35/41

Step 2

Eliminate flaws and

cut your trust facets

++

++

++Image iStockphotos


36/41

Step 3

Take HuTrust

Example:

as getting in touch, but found in thequalitative evaluation that changing

powerful.

Vision: Getting in touch Better connecting

Image iStockphotos Image iStockphotos


37/41

Step 4

Validate the appeal

Example:After optimising the HuTrust facets

on the target audience with regards toimpact on trusting and actual choice.

Image iStockphotos


38/41

Step 5

Execute

Example:Working with the clients product

, , ,

and marketing team as well as theiragencies we developed an integrated

next 5 years.

Image iStockphotos


39/41

Step 6

Track success

Example:In this example the focused HuTrust

.

overall.Usage consideration improved by 25%

audiences by up to 11% after 9 months.In other cases we achieved up to 36%

Level of trust before andmprovemen .

Although already a highly trustedbrand, each HuTrust facet and

after. Scale 1-5.

overall trust improved.


40/41

Intuitively we know how important trust is.

is to you and your business.And you now know how it works and who to turn to if you areser ous a ou arness ng e power o rus .


41/41

Harnessing the Power of Trust

Documents

Transcript of Harnessing the Power of Trust