It's often said that what gets measured improves. What about the more intangible things though? How do you measure those?
What about trust? Is there a metric to measure this? I'd suggest that there is: Turnover.
While there are many things that can drive a company's turnover (classically price and volume), trust is possibly the most overlooked. People need to trust that you will deliver on what you say you will, before they buy. Without trust there is rarely a sale.
When you decide to buy something, what factors do you consider?
Do you consider whether you trust the vendor?
Do you trust them to deliver what they promised, sort any problems that occur, not to overcharge?
There are probably instances when we pay more to a supplier we can trust rather than risk going with a cheaper option. It can determine whether we are happy to pay up front or are willing to try a new service. It's a reason why companies can value their brands so much.
Trust is a key component of a successful business. It can lead to repeat custom and recommendations.
Perhaps it's worth considering what "trust" means to our businesses and how we can improve it.
