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Download PDFAt the core of every transaction is a customer’s ability to trust you. Trust is an individual’s ability to believe in the integrity and validity of what you have to offer. Building up customer trust does not happen overnight; it takes time, effort, and resources.
When customers trust you, they are more likely to purchase from you. When you earn their trust, you gain the opportunity to increase price and boost customer lifetime value (CLV). As a result, you build relationships and save money.
Increasing customer retention by just 5 percent boosts profits 25 to 95 percent. (Bain & Co)
Building trust with customers takes time and effort. But the result? Invaluable.
The first step to building trust with your customers is to build a reliable product: one you believe in, yourself.
Get to know your target audience. Find out more about their needs, and refine your solution to their challenges. Unfortunately, too many products are created in a vacuum without the end user in mind.
Once you’ve developed a product you believe in, put it to the test—both through a QA stage, and in the hands of your target consumers. At the end of the day, they are the ones who will be using, and hopefully recommending, what you’ve made.
Take Action:
Before online transactions, merchants could count on face-to-face interaction to build rapport. Today, shoppers are being asked to upload their personal information—to a screen.
Instill confidence with an SSL certificate on your site: a digital certificate used to encrypt sensitive data and secure both credit card transactions and data transfers. Plus, it’s consistent across all certified sites—an instantly recognizable stamp to satisfy concerned shoppers.
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With $4 trillion lost to abandoned carts each year, you don’t need unnecessary friction preventing you from a sale.
Just like an SSL certificate serves as a badge of trust across certified sites, a familiar way to pay acts as a gateway, ushering customers to that final “purchase” button.
Take Action:
Do you find it difficult to say “no” to customers, or admit a less-than-desirable truth?
Perhaps your shipping or return policies lack the freedom your customers crave. Or your product isn’t up to par in some way: a truth you’re uncomfortable sharing.
Even if transparency means acknowledging an issue and showing that you’re working to make it right, honesty is always preferred. The truth may sound ugly, but it’s always more attractive than a lie.
Customers identified authenticity as one of the top qualities that would attract them to a brand. (Economist)
Take Action:
Problems with your products—they’re bound to happen. After all, no company is flaw-proof. But the mark of a trustworthy company is not just in how error-free they can be. It’s in how they handle situations that do arise.
Just 36 percent of shoppers say they trust large companies to do what’s right. (Economist)
Take the road less traveled. Fix issues as they arise, and you’ll stand out to customers conditioned to distrust.
Take Action:
If people have personalities, companies have brands. Just like acquaintances become friends through familiarity, your brand identity helps consumers get to know your company.
Standing by your company brand will personalize who you are, what you do, and most importantly, why you do it. When people recognize these intangible qualities in a company, they are more likely to buy into that brand and invite friends to do the same.
“Don’t forget why users are choosing your brand. That’s your story: what you represent, and the experience you’re providing.” -Danial Dashtizad, Product and Brand Design Director, Miva
Take Action:
Building trust with your customers is no easy task. But in a fast-moving market, taking the time to earn their trust will set you apart—and increase business long-term.
Cheryl Elizaga is a Brand Strategist and Copywriter with nearly a decade of experience catalyzing meaningful, measurable action for Fortune 100 companies and industry pioneers alike. A contributing author to the Miva Blog, Cheryl helps ecommerce companies own their brand and harness the tools and technology of the leading Miva platform to drive growth.
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Miva offers a flexible and adaptable ecommerce platform that evolves with businesses and allows them to drive sales, maximize average order value, cut overhead costs, and increase revenue. Miva has been helping businesses realize their ecommerce potential for over 20 years and empowering retail, wholesale, and direct-to-consumer sellers across all industries to transform their business through ecommerce.
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