Written by Anna Bernstein on 08 Sep 2014
Trust is the lifeblood of business, without it our ability to grow would be severely hindered. The perfect example of trust impeding business performance is the dotcom boom of the late 1990’s. The desire to become a digital millionaire far outweighed the tactical mind-set of implementing the strategic planning processes in order to do so. We shouldn’t condemn the drive of these entrepreneurs - their passion, their desire and unwittingly euphoric attitude of becoming a self-made millionaire was indeed credible, but the desire of many clouded the judgement of some. These entrepreneurs were driven by results and ignored the basic principles of building strong relationships and brands.
Arguably the most successful company to rise from the digital battlefield was the consumer goods giant Amazon. Amazon’s customer orientation was the principle guiding force behind its rhetoric . The remuneration of short term gains was never truly the ultimate objective. Amazon were visionaries in their own right - mass market goods is not an easy proposition to market; so how did they achieve so much from the digital sphere? Trust.
Trust is the undeniable key to a bright business future. Modern markets are increasingly globalised and social media has altered the way in which we conduct business. More so now than ever, the hyper connected virtual world ensured that trust is essentially the basic building block of developing profitable relationships online. The fruition of digital has elevated the need for large organisations to increase their level of customer-centric engagement which in turn has increasingly led to a level playing field for all SMEs.
This sentiment is echoed by Webb and Ralls in their publication: “The Nature of Chaos in Business” as they state that “trust expedites and strengthens strategic business relationships” . Trust lays the foundation of strong business relationships, but even more so – partnerships.
Many emphasise that trust in itself is a solid entity; that trust is formed, but in the same regard it can be shattered. As with many business concepts which we encounter in life, this is simply not the case. Trust is not a static, solid concept; neither is it fragile or irreparable, but it is fluid and dynamic. Trust requires time and effort to flourish.
Here at Momenta our successes are driven by our willingness to embrace trust, honesty and transparency. Until recently, our expertise has explicitly resided within confines of the financial services sector where we have developed trust and credibility with our clients. Part of our success lies within our in-depth understanding of the financial services sphere and our ability to deliver value above and beyond client expectations. This comes down to a high degree of competency, as we fully appreciate that an in-depth knowledge is not enough on its own – we must also be competent enough to deliver!
We provide solutions by fully understanding our client’s needs, business goals and objectives; we immerse ourselves in the business structures and tailor every aspect of our delivery to achieve the best possible outcome, and what’s more, we produce outstanding results.
Competence is a key component of trust. In fact, it’s far more than just a component; it is an essential underpinning - a pre-requisite. Trust and competence directly affect one another to such a degree that one without the other is simply not possible.
Competence in delivering results leads to trust over performance, and as trust deepens over time, this leads to stronger bonds and a more lucrative business proposition. Let’s revisit the dotcom bubble to illustrate this point. The patterns of failure were clear to see - entrepreneurs with all the vision in the world, but the egocentric attitudes of these business leaders elevated the propensity to fail. Many online start-ups did not operate a customer-centric business model; weak market analysis and uninformed decisions led to distrust which ultimately hampered the ability to establish the intrinsic multi-level connection required to develop a trusting relationship.
Without the credibility and proven track record of delivery and competence, it was nigh on impossible to win the hearts and minds of many. Thankfully there are lessons to be learned from the failings of others, there is always a positive story to tell. This situation provided valuable insights for business and helped businesses learn how to build more positive, and more productive, relationships moving forward.
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