Only Half of Americans Trust Business – What to Do About it

 

The public’s trust in business is in a period of steep decline. However, business is not the only casualty in this modern era of skepticism and distrust.

News headlines and everyday conversations reveal that trust in government, media, science, religion, law enforcement, and the judicial process are all dwindling as well. In fact, the 2018 Edelman Trust Index report declares,

“In a year marked by turbulence at home and abroad, trust in institutions in the United States crashed, posting the steepest, most dramatic general population decline the Trust Barometer has ever measured.”

It goes on to say that the cumulative effect of this distrust has negatively affected the American brand domestically and abroad.

Trust in American-based businesses has fallen 5% in the last year alone, adding to a disturbing downward trend that has left US businesses lagging behind their competition in other developed countries. This 5-point drop was the largest decline of any country surveyed globally.

Topics: Marketing Trends Statistics Brand Integrity

How to Get More Referrals

When someone gives a referral, it is an honor and a gift. Every company wants and needs more referrals to grow profitable revenue. Referrals convert better, close faster, and have a higher customer lifetime value than any other type of lead.

Referrals are preferred over salespeople.

More and more buyers are avoiding salespeople during the buying process. Sales reps, according to Forrester, tend to prioritize a sales agenda over solving a customer’s problem.

If organizations don’t change their outdated thinking and create effective sales models for today’s digital era, Forrester warns that 1 million B2B salespeople will lose their jobs to self-service e-commerce by 2020.

Salespeople Must Adapt

Salespeople must adapt to new culture and the new world of media to research, prospect, and network by sharing educational content and answering questions. As a result, they’re able to build relationships until prospects are ready to buy. "Solve the customer's problem" must become a mantra.

Adding a B2B Referral Strategy

A revenue growth plan dependent 100% on referrals will probably remain a dream, but achieving greater referral success doesn’t have to be out of the realm of possibility. If have satisfied customers who find value in your product and services and if you have a high Net Promoter Score – you may be closer to a referral engine than you think.

Topics: B2B Sales Infographic B2B Referrals Statistics