Trust is an important factor in business success. That’s one reason why Edelman (one of the world’s biggest PR consultancies) produces its Trust Barometer survey annually, looking at trends in public trust in institutions and governments around the world.
Their 14th edition has just been published with a great video breaking down the key points. So what can the Channel Islands learn from this survey?
Perhaps unsurprisingly, financial services is the least trusted industry sector. So while Guernsey and Jersey are busy rebuilding the reputation of that industry post-economic crisis it appears there’s some way to go before trust in the finance sector is something that businesses can enjoy.
Interestingly the technology sector rates highly as a trusted industry. This is significant for the islands because both are focussed on increasing their digital presence, developing technology hubs and technology-based enterprises. Could the global trust in this sector have a positive impact on the reputation of the Channel Islands?
Finally the survey recognises the importance of employees in developing a business’ relationship with the public. Experts, technical people, those at the coalface are trusted more than their senior colleagues or CEOs. Businesses must build their brands based on their people if they want to be trusted. That means finding opportunities for them to raise their profile, particularly through social media, giving them effective preparation and training and giving them the freedom to develop their own public personality.
It also means that if CEOs want to connect with their customers they need to spend time on the shop floor – and be seen doing it!