Every business leader knows that trust is critical to a company’s success and that lost trust often has financial consequences. An Economist magazine analysis of Volkswagen, Wells Fargo, and six other corporations calculated that a company loses 30% of its value when it loses trust, at least in the short term.
4 Questions to Measure — and Boost — Customer Trust
A robust new framework that’s actionable and easy to use.
November 01, 2022
Summary.
Customers who give a brand high trust scores are three times more likely to stick with it through a mistake. Eighty-eight percent say they’re more likely to buy from that brand again, and 62% will buy almost exclusively from the brand. The authors have developed a simple, four-question survey that any brand can use to measure — and improve — their levels of consumer trust. Here, they explain how it works and offer an example of how The Wall Street Journal used it in practice.
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HBR Learning
Business Plan Development Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Business Plan Development. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Learn how to create a winning business plan.