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Winning Back Customer Trust

For the average person, trust is a tricky thing. On one hand, itu2019s a prerequisite for many worthwhile things while, on the other, putting faith in the wrong place can carry a very high price. Trust often requires a leap of faith. And, when that bond of trust is broken, it is an emotional memory that lives on for a long time and is difficult (sometimes impossible) to shake.<br><br>This is the environment our customers and employees find themselves every day. Building and sustaining trust is vital to the health of every organization. To quote the former Chairman and CEO of Unilever: u201cYou can have all the facts and figures, all the supporting evidence, all the endorsements that you want, but if u2013 at the end of the day -- you donu2019t command trust, you wonu2019t get anywhere.u201d<br><br>This presentation delves into 5 key building blocks of trust. <br><br>This is a summary of a keynote presentation (approx. 1 hour in duration).

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Winning Back Customer Trust

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  1. Winning back customer trust Sharon Oatway, President & Chief Experience Officer Helping companies keep the promises they make™ www.verequest.com

  2. Do you trust me? 29% within the first few minutes 41% by end of my presentation 30% after multiple interactions and/or months/years

  3. You had me at ‘hello’ Almost a third of customers decide if they trust you within the first few minutes of meeting you Source: LIMRA - Consumer Trust

  4. What is ‘trust’?Generalized expectation held by an individual that the word of another can be relied upon.

  5. The dishonest acts of a few provokes distrust in general “Do you think the Madoff rip-off was an isolated case or common behavior among financial advisers and institutions?” • 74% thought it was the norm • CNN (Dec 2008)

  6. It is becoming harder to trust anyone … anywhere Most scammers Source: Internet Crime Complaint Center's (IC3)

  7. We have to distrust each other. It is our only defense against betrayal. -- Tennessee Williams (1911-1983)

  8. Only 25% of Americans say Banks are honest & trustworthy Source: Harris Interactive

  9. Will customers ever trust us again? There is a serious lack of trust that has developed and until this trust is rebuilt, these financial institutions will be looked at with at the very least skepticism, but also scorn. It may take years to see a rebuilding of at least some trust here. -- Harris Interactive

  10. Indifference fuels distrust Customer defection in the 90’s Source: Excelling in the 1990’s: CEO Perspectives by R.P. Cooley

  11. 1.5 billion people coming together online

  12. What do customers trust? Indicate your overall level of trust in the following forms of advertising • Newspaper • Magazine • TV • Radio • Brand sponsorships • Search engine ads • Ads before movies • Product placements • Online banner ads • Text ads on mobile phones Recommendations from customers Company website Email I signed up for Consumer opinions posted online Source: Forrester Research, Advertising Tactics That Win Consumer Trust

  13. Word of mouth has a direct impact on your bottom line How likely is it that you would recommend Company X to a friend or colleague? Not at all likely Extremely likely Detractors Passives Promoters % Promoters - % Detractors = Net Promoter Score The Ultimate Question

  14. Highly Loyal 5% to 25% revenue

  15. A great customer experience is more than a single person or experience Hand-offs across channels make it harder to control the experience • 65% of consumers cross channels • Multi-channel consumers spend 30% more

  16. Customers leave us with clues with every interaction In financial services, up to 90% of human interaction is through the contact center

  17. 4 Facets of Trust

  18. Competency • Ability • Expertise • Knowledge Do I trust that you know what you are doing?

  19. Dependability • Delivering on promises • Predictable Do I trust that you will do what you said you would do?

  20. Integrity • Adhering to sound moral and ethical principles • Being honest Do I trust you will not steal from me?

  21. Benevolence • A person’s motivation to place another’s interests ahead of his or her own interests • Caring and supportive • The belief that one is receiving the appropriate product or advice Do I trust that you will take care of me?

  22. Acknowledging emotions is the best way to gain control and build relationships • Acknowledge emotions • Empathize • Apologize

  23. When this economic downturn is over – and it will be over – we want our customers to remember that we were there for them.

  24. Sharon OatwayPresident & Chief Experience Officer416-362-6777 x222soatway@verequest.comwww.verequest.com

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