Though an age-old concept, “Trust” has never been more vital nor more potentially hazardous for businesses in the tech age. Technology has been both an enabler (with apps like Airbnb and Uber) and destructor (with routine data breaches and hacks) of trust. As such, we’ve watched expectations between companies and consumers drastically shift. How can businesses build authentic trust with today’s increasingly cynical and fickle consumer? What can companies get in return? Why do consumers trust specific companies, and what are those companies doing right? And as the mountain of data companies have on each consumer continues to grow, what is the path forward?
In collaboration with the Disruptive Ideas Festival, we hosted a discussion on the “Trust Economy” to explore these challenging questions. We believe that successful companies are already moving beyond a purely transactional relationship, because it is not enough to simply offer superb products, services, and experiences anymore. Instead, companies must work hard to gain and maintain the trust of consumers that can be lost in the slightest misstep.
One of the most interesting areas we explored was around the shifting “equation of trust”. Historically, businesses could rely on credibility almost alone as a marker of trust, but today’s world demands a richer, more human and intimate experience. As this equation shifts, we discuss how companies must understand the equation to employ it as a growth lever. Lastly, find out who we’d rather have run the country – Mark Zuckerberg or Theresa May.