Trust-based economy - The shift towards transparency

The Marketing world suddenly seems to have stumbled upon the currency of honesty! Businesses are being advised to gear up for a trust-based economy where being perceived as trustworthy takes precedence over other traditional main stays like brand recognition and lineage.

Gone are the days of waiting for the customer to find out about the over-billing before a refund is issued. Being truth-neutral or truth-agnostic is no longer an option! “Don’t ask don’t tell” may not do so well as a corporate policy in the age of Social Media. Billy Talent, the punk rock band from Mississauga, must have had the foresight when they sang “Try Honesty” in 2003.

I recently came across this storefront signage in my many strolls around New York City streets. Do you think that this message inspires trust?

So what is driving this shift toward a trust-based economy and more transparency? The obvious answer is the customers’ reach. In a world of the Internet and Social Media, no one can be taken for granted! To begin with, the average consumer is a lot savvier about what they want and where they can get it. They have access to tools and resources that they can use to research and find out about how comparable products and services work. They have access to online forums, reviews, and “likes!” that they closely pay attention to. Their reach, extended reach, and social influence cannot be underestimated.

Everyone has the right, the means, and the medium to voice their opinions. There are no dependencies on agents and publishers. The customer can be the publisher of content if they choose to; be it a blog, picture, or video. There may not be an immediate audience for the content, but then again it could go viral!

Can a business take the chance?

Here is an idea: Why not have companies put a trust symbol similar to the ubiquitous “like” symbol, on their web and blog pages that customers can click to express their trust? Try and give “like” a run for its money.