Customer confidence in business is declining: 69% of customers do not trust ads and 71% do not trust social media sponsored ads, accordingly nationwide survey.
Customers trusted sellers and the ads guided them in their purchasing decisions. Not anymore: today we trust colleagues, friends, family and third-party reviewers.
At first, this may sound impossible, but certain practices may restore customers’ marked lack of trust in sales and marketing.
Let the seller hold
A business concept called vigilant buyer– “keep the buyer on guard” – notes that the buyer’s duty is to exercise due diligence. But it is seller responsibility –Keep the seller on guard, or “keep the seller on guard” – offer full disclosure to the buyer, without lying, concealing errors or making misleading or ambiguous statements.
The advertiser can easily tell half-truths and thus allow the customer to draw the wrong conclusions. But as the saying goes, “Half-truth is all wrong.” The seller has an obligation be honest and transparent. And if the seller is honest and transparent, sales and marketing will win the trust of customers.
Trust-based marketing: measuring your ROM
Is it possible to calculate your “marketing integrity return on investment” (ROMI) in terms of increased sales?
Integrity investments are difficult to monitor because many factors, such as product demand, distribution and competition, can confuse the calculation. But as Lynn Upshaw, a member of the Haas Business School’s Faculty of Marketing, says, ROMI gauges is worth it because they …
- Help you find out why customers stay loyal
- Learn new ways to attract new customers
- Develop competitive strategies
- Reduce costs
- Protection during a trademark equity check
The bottom line is that marketing integrity increases profitability.
Cost-effectiveness of full disclosure and the right attitude
At the beginning of 2020, I read about a specialty magazine that deals with ethical advertising. I was impressed by their values:
- Continuous monitoring of the relationship between advertising and content
- Ad materials are never presented as content – no ads
- No false or excessive claims
- No vague testimonials
- There are no negative references to competition
- Checking the Advertiser’s Reputation and Financial Stability
Ruthlessly verify the accuracy of your product claims and aggressively pursue trust-based marketing. Your customers will appreciate learning the truth without using exaggerations or disparaging competitors.
The importance of an honest picture
I remember the story of the importance of telling the truth without doing the facts. The wise teacher who set up the training center in New Jersey acquired a small building for this purpose. The walkway to the building was lined with trees, two on one side and three on the other.
A photo was taken of the building and the graphic designer found that the picture would look better if another tree was added to the road so that there were three trees on each side. An additional tree was added to the picture.
When the teacher saw the picture, he was disappointed and shouted, “This is not the real resemblance of this house!” He ordered the picture to be discarded and a new one made.
He declared, “I am building a school based on the principles of truth and honesty, so I do not want the establishment of this institution to have even a small trace of misrepresentation or dishonesty!”
That was over 75 years ago. More than 4,000 active students are currently studying in the dormitory and there are still five trees in front of it.
Honest advertising builds customer trust
If you practice sales and marketing thoughtfully, you can …
- Repeat the business
- Referral customers
- Larger and more profitable orders
Like Warren Buffett famously said about the companies“We can afford to lose money – even a lot of money. But we can’t afford to lose … even a fragmented reputation.”