It is a natural and proven fact that, you wouldn’t do any business with a company you didn’t trust. But, the important thing is that where the trust comes from and which parameters affect it? To find the answers to all these questions, you first have to read this informative article. Just remember that the results may surprise you.
The findings of the latest research revealed that the overall gauge of trust and confidence is based upon quality of product or services and effective customer support department. The reason is that, because both of these parameters will reflect the brand and the company as a whole.
Remember: Peers are Reliable than the Chief Executive Officers (CEOs):
It is also a proven fact that we trust our peers more than Chief Executive Officers when it comes to company information. Just keep one thing in mind; all it is not necessary to attach the CEO of the company with all the issues concerned with the customers and related to the overall profit or sales of the company. In general practice, a majority of customers are of the view that the CEOs are just like the typical head of any company that are more concerned about the company profit rather than working towards the steps that help to build the confidence or trust level on the customers.
On the other hand, the overall level of trust of the CEO has increased during the year of 2015-16. But, these reports are very much outpaced by the technical experts, analysts and company employees.
What’s Causing Chief Executive Officer’s to Struggle?
What are the factors that chiefly responsible in lacking the trust level on the company’s CEO? Well, there are a number of factors that are chiefly constituted that includes both locally and globally. Just keep one thing in mind; there is not a single factor that is responsible for this, but there are many parameters that have a direct impact on this issue. According to the results of the latest research, there are many parameters that are directly responsible for the certain trust-building measures in the companies.
Just keep one thing in mind; the overall operation and purpose of the product are based from integrity to engagement. Now, the best thing is that the major contributor involved in the operations of the company is a company itself. The company still holds significant impact and leverage on the customers when it comes to the moment of truth. Just remember that at this point many customers opt to leave because of perceived risks or concerns.
What Peers Do Differently?
It is fact that the overall quantity of those are very less that are bringing together the level of trust or understanding. A lot of companies often treat such peers as brand advocates, but this concept holds no truth. But, when the company wants to boost its sales, then these peers leap into action, and try their level best to address the concerns of the company and the customer. By using this strategy, that way you can easily build the trust on your customers. A number of online stores of the world as Telebrands Pakistan are also making progress after building the level of trust and confidence in the customers.
In addition, peers are reluctant to admit any inherent risk in a product or service, that are contrary to the other company employees who always try to portray their products and services of their company as one of the best in the world. If you ask a question yourself that when you saw the last time a company swallow their pride by admitting all the mistakes? We are 100% sure that your answer would be big NO.
Just keep one thing in mind; the media is also another important factor that has great impact on the implicit trust on peers. Just remember, although the modes of communication of media may have changed from the past, but the overall worth of the media cannot undermine by any means. In recent days, the most effective media is the online and social media. The best thing about the online media is that it doesn’t require very huge investment like the case with the traditional media, but yet it is very effective like the traditional media.
In fact, a majority of individuals are of the view that online and social media are more trustworthy than the traditional media. This point holds truth nowadays, because the online social media is expanding at a faster rate and days are not far when everyone will be relying on the authenticity of the social and online media.
The overall significance and importance of the media channels can be felt strongly with these traditional media channels. This is a proven fact that the certain TV channels have their own motive and purpose, so for this reason, the social media is regarded as more credible, authentic and reliable than these media channels. Please note that popular e-commerce stores as Telebrands Pakistan is also directly linked with the expansion of the online and social media channels. For this reason, no company or organization in the world can underestimate the importance of the social media channels.
So how does it put influence on Conversion Rates?
Now, you will have a better understanding that what is the real worth of the peers and how it influence on the final decision of the company and how does it affect the conversion rates? The answers of all the questions are based on the merging of big brands and things like shine corporate announcements. Just keep one thing in mind; these parameters don’t help to build trust of the customers, because in customers’ opinion, the trust is something else.
The whole thing that customers want is understanding, ethics and honesty. All the customers want to feel that they have better understood the company and the company address all of their concerns in a timely manner. It means that if you want to bring a change in the company’s policy, then you have to see the company’s decisions and policies from the eye of the customer. As, it will give you a better idea that what changes customers expect to see your particular company. In other means, you should have enough courage to admit your mistakes or weaknesses in front of customers.
It is a universal fact that companies do often mistakes and make improvement by learning from their mistakes. So, by admitting the mistakes could have serious impacts for the time being, but in the long run, this strategy bears its fruit in the form of customer’s confidence. You should remember that no company can deceive its customers, because customers can easily detect the fake from a mile away. That is where the worth of peers comes into effect, because as we mentioned earlier that peers do not try to hide the mistakes of their company and for this reason customers trust these peers more than the company employees.
For this reason, the overall worth of peer is much higher than one thing. In other words, peers can change the overall mindset of the customers or they can make or break the whole game for you. A number of top quality online stores of the world as Telebrands Pakistan are effectively using the strategy of the peer in their business domains.
All of these intangible things may affect the conversion rate number of any company or organization. If you really want to increase the business prospects, then you have to address the concerns of the customers not only at a mass level, but at micro level too.
If you really want to increase the overall level of confidence in your customers, then you have to rely on the credibility, reliability and authenticity of the peers. Just keep one thing in mind; the overall increase in the credibility is directly linked with the conversion rates.
Now, it’s your Turn:
After reading this article, do you think that peers are trustworthy or they can influence one the company’s final decision? Do you feel companies are taking the right steps to increase the level of trust and confidence of their customers? Now, you have to find the answer of all of these questions by yourself. Please note that, nobody in the world knows you better than yourself. So, you have to answer all these questions by yourself.
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