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8/6/2019 Harnessing the Power of Trust
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Harnessing thepow er of trust
HuTrust is the copyright and trademark of ifm in-depth research and strategies pty ltd and Stefan Grafe.HuTrust and the six drivers of trust may not be used without express permission by the copyright holder.
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Trust is the most fundamental driver for human en a ement.
Its what makes us want to be with one another.We all inherently know the im ortance of trust.
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from our food
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to friends
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to investment decisions
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Without trust
able to function.
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You can have all the facts and figures, all thesu ortin evidence all the endorsement that ou wantbut if at the end of the day you dont command trust, youwont get anywhere.
Former Chairman and CEO of UnileverCurrent Chairman of Reuters
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But trust is not just
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Trust delivers immensecommercial value for
us nesses an ran s
achieve up to 36% sales improvement
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,Concerto Marketing and mext confirm
the commercial significance, .
peop e rus a ran
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will use its products frequently
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will look to it first for the things they want
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will give its new products and services a chance
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will pay more for its products or services
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Believe it will inform them about products and services theyll like
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will recommend it to others
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Recommendation and trust are
virtually one and the same.
Correlationrecommendation & trust
up to
.Imagine what that does to your NPSBusiness growth is built on trust.
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highly trusted and recommended
brands are seven timesmore likely to be bought (2009 Trust study)
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In effect if you want people to :
buy moretry more,
pay more
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But:
H w I il r r ? And how do I ask my CFO
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We used the most modern s cholo thinkinto understand what trust actually is and how it forms.
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More im ortant than bein more or less trusted is
being trusted for the right things.
Six things . The 6 facets of trust
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Trust Facet 1: Stability
You must have clear roots
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Trust Facet 3: Relationship
You need to offer an attractivekind of relationship.
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Trust Facet 4 : Benefit
You need to deliver
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Trust Facet 5 : Vision
do you pursue? How is that
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Trust Facet 6: Com etence
You must showwhat competences you haveand portray competitiveness
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Quantitative analysis shows that the 6 trust facetsstrongly contribute to trusting
Trust Driver Wei hted Avera e
Stability 0.70
Development 0.73
Relationship 0.76
Benefit 0.74
Competence 0.81
AOR Finance Survey, Australian General Population 1,110 sample, 2010
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All facets are equally important to forming trust
Trust Driver Wei hted Avera e
Stability 0.70
Development 0.73
Relationship 0.76
Benefit 0.74
Competence 0.81
AOR Finance Survey, Australian General Population 1,110 sample, 2010
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So, how can you start to harness
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Step 1
Analyse your and
strengths, weaknesses
+ - -+ --
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Step 2
Eliminate flaws and
cut your trust facets
++
++
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Step 3
Take HuTrust
Example:
as getting in touch, but found in thequalitative evaluation that changing
powerful.
Vision: Getting in touch Better connecting
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Step 4
Validate the appeal
Example:After optimising the HuTrust facets
on the target audience with regards toimpact on trusting and actual choice.
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Step 5
Execute
Example:Working with the clients product
, , ,
and marketing team as well as theiragencies we developed an integrated
next 5 years.
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Step 6
Track success
Example:In this example the focused HuTrust
.
overall.Usage consideration improved by 25%
audiences by up to 11% after 9 months.In other cases we achieved up to 36%
Level of trust before andmprovemen .
Although already a highly trustedbrand, each HuTrust facet and
after. Scale 1-5.
overall trust improved.
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Intuitively we know how important trust is.
is to you and your business.And you now know how it works and who to turn to if you areser ous a ou arness ng e power o rus .
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