B2B buyers are conditioned to view vendor-provided information with a healthy dose of skepticism, and this makes lack of trust an elephant-in-the-room issue for B2B marketers. Lack of trust produces a major drag on marketing performance. If buyers don’t trust what you say, they won’t give you credit for understanding their needs or providing relevant, personalized, and engaging content and experiences. Trust can’t be manufactured, but the right approach to marketing can make trust more likely to develop.
According to the 2017 Edelman Trust Barometer, trust in government, business, non-governmental organizations, and media fell significantly in 2017. Just over half (52%) of Edelman’s survey respondents said they trust business organizations, but even this modest level of trust is tenuous. In 13 of the 28 countries represented in the Edelman study, less than 50% of the survey respondents said they trust business.
Recent research regarding trust in advertising and marketing has produced mixed results, but many studies show that trust is a major issue for marketers. For example, in a 2017 survey by TrustRadius, technology buyers ranked vendor or product websites and vendor collateral (ebooks, case studies, webinars, etc.) as the least helpful and trustworthy sources of information used to support buying decisions.
Lack of trust weakens the impact of all marketing efforts. In recent years, many marketers have been using insights from data to better understand the interests and needs of their buyers. And many have implemented personalization technologies in order to provide content and messaging that are more relevant and engaging for potential buyers. But without buyer trust, these efforts won’t produce the improved performance that marketers are hoping to see.
Trust lies at the heart of every business relationship. Trust can’t be manufactured; it must be earned from potential buyers. But while marketers (or sales professionals for that matter) cannot unilaterally create buyer trust, they can take steps to create an environment that makes potential buyers more likely to extend their trust. The starting point is to understand the factors that lead to trust, and the process by which trust develops.
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In a business context, the decision to trust a prospective vendor depends on the buyer’s perceptions about three factors:
- Ability – Does the company possess the requisite knowledge, skill, and competence to perform in a way that will meet my expectations?
- Integrity – Will the company fulfill its promises? Will the company’s actions match its words and claims? Does the company adhere to principles that I find acceptable?
- Benevolence – Will the company be sufficiently concerned about my (and my organization’s) welfare to put our interests above (or at least on par with) its own?