A question of trust

Research results this week urged companies to improve the way they communicate with consumers and to strive to exceed regulatory requirements instead of seeing them as a barrier they have to find a way around.

The report carried out for DLA Piper by polling firm Populus stated that businesses need to close a widening “trust gap” between the corporate world and the general public.

Trust might seem a nebulous concept, but companies that develop trust and confidence in their operations secure a competitive advantage and move at a faster pace, while companies that think they can gain trust by funding CSR projects and following regulations are mistaken.

Social media has changed how companies interact with consumers. Consumers are no longer willing to sit back and listen to what companies have to say, they instead challenge them outwardly and through public channels such as twitter and other social media.

The reaction to the recent Blackberry failure shows how quickly a crisis can go global and demonstrates the need for companies to engage with consumers to avoid fuelling the fire. In this increasingly social world nothing resonates louder than silence.

Copies of The Trust Deficit – Views from the Boardroom are available from the DLA Piper website.