Thursday, January 19, 2012

The anatomy of trust in business

In a business environment the most important parameter of trust is the quality of products. It solely augments and builds the brand. Still, there are various factors, which can build trust. Consumer perception, aggressive marketing strategies, established marketing push, viral marketing are some of the technology which can build trust. Various positive news, reviews, buying guides, analytical perceptions and some of the empowerment to consumers is the positives, which can build trust and long-term strategy. It gives collective intelligence and provides the opportunity to garner the interest of the consumers. Some strategic analysts think the trust can be measured ad calculated. It is to be calculated upon one of the longest questionnaire, given to customers and analysis beyond it. It is based on six parameters .Awareness, availability, credibility, loyalty, quality and satisfaction. Analysts say these factors determine the “trust” as brand.

Awareness: Buying decisions depend upon awareness and marketing decisions depends upon the brand. Respondents judge the awareness to the open-ended questionnaires relating to the brand. On the basis of popularity of brand awareness can be judged.

Availability: How easily the brand is available in the market? The consumer wish list and the easily availability of the brand is the prime focus of the brand.

Credibility: How much respondents trusted a brand? This is based on brand’s perception and image.

Satisfaction: It is based on after sales service and how easy to get the after sell service and so on.

Loyalty: It can incite passion into the buyer’s mind of a brand and the positive and the negative about the brand, and it puts the brand loyalty at a very high stake.

Quality: Reliability ,design ,innovation and features combined to make the quality paramount.

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