Monday, 25 October 2010

Trustability - why it's the key to success

Trustability - up until Thursday last week this was not a word in my vocabulary. Of course I know what trust is, I understand the concept of being trusted, but I had never heard the word trustability.

If it sounds like some sort of made-up American word, that might be because the person I heard use it was Don Pepper, an American. But what is not made up, what is very real and really resonates, is the concept of trustability, or being seen as trusted.

Why is trustability important?

Don believes with the speed that information now travels, the key factor in the success of your business/brand will be trust. Social media, or even the Internet as a whole, is a conversation, and you cannot control a conversation.  All you can do is participate in that conversation, and in order to do that effectively you need trustability.

What are Don Pepper's key requirements for trust?

Intention and competence.  He says: "earning trust often requires short term loss for long term gain." The problem is short-termism rules most companies.

Don gave a great example of his recent experience on Amazon.  He read an article about a book, so being a regular Amazon user with an account, he quickly purchased said book. However, a little warning box popped up and said "you've already purchased this book in past, are you sure you want to buy it again." Don was amazed, here is a company actually turning down a sale because they don't want you to buy the same book twice by accident. It's more important that you trust amazon and keep coming back.  Amazon recognise the importance of earning your long term loyalty.

Where can I find out more?

If like me, the concept of trustability really resonates, you can find out more my clicking on the links below, after all these are Don Pepper's ideas, not mine!

Don Pepper's company: Peppers and Rogers Group
Don Pepper's twitter account
Don Pepper was speaking at the Chartered Institute of Marketing's Annual Meeting.

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