We feel the reason trust is so powerful and present now is the rate of change we are all experiencing.
It seems that with everything going on around us trust as a social force has been popping up in nearly every conversation. News media is talking about how people do or don’t trust a personality. The financial sector is twittering about trust in stock prices and if the exuberance shown on the street is tied to the company’s fundamentals. As the pandemic rages onward people are thrown into daily questions of trusting those around them to be COVID free.
We feel the reason trust is so powerful and present now is the rate of change we are all experiencing. From our daily tasks going online to masked people obscuring their faces (one of our key evolutionary human relationship divers1), the structure of our interactions that we once relied on to make fast unconscious decisions are no longer there in the same way. Moreover, for business trust is a precondition of economic growth. No one will pay for a product or service they don’t trust to deliver. This rapid social rupture is why trust is now more exposed and why we have built a company to quantify it.
Trust is a composite of multiple small interactions that people have with companies, institutions and other individuals. Our interactions if they meet expectations, deliver on the outcomes and respond to changing needs builds into a pattern of trusted behavior. This is good news for any businesses seeking to rebuild demand as we enter the new normal. Our method identifies components of the consumer/business trust interface. It then models ways to collect data on this interface and then produces quantified steps that allow for a measured way to bring back trust.
Our unique approach applies data science techniques against alternative data sets collected on trust composites to diagnose areas of low trust in a business process. From here we move to calculated remediated steps creating an interconnected system of trust moments. These moments are then quantified as a dynamic system that not only tracks and illustrates trust steps but also shows success of trust efforts and areas where more work is needed.
As a closing thought, when strategizing on how you want to firm up trust in your businesses remember these three key components.
Trust is a combination of little things. There is no panacea to repairing trust, it is rebuilt through a network of concerted efforts.
Talk is cheap. People do notice actions and they matter even more in times when everyone is speaking so loudly.
Keep up the pressure. A one-month or even a six-month program rebuilding trust will not yield the durable results you want. Set the goal, define your actions and keep it rolling.
Chief Data Officer, Novel Data Labs
Tim Rich has 20 years experience as a data scientist specializing in predictive modeling, economic sociology, and quantifying the un-quantifiable.
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