I recently read an article that asks the question, “Is trust the new competitive advantage?”
The answer is an overwhelming yes. With the ways things are evolving in the business world, the trust developed between consumer and company has become the most pivotal selling point.
There are many things that ultimately lead to a trusting relationship. This includes reputation, transparency, familiarity, and personality.
If you analyze the different components of trust, you can better understand what is expected from your business relationships. We are facing a tough economic climate and consumers are frugal because they have to be. Establishing trust beyond the quality of your product is crucial in today’s climate. Having a quality product doesn’t guarantee that it will sell. Consumers want more than just a product; they want a trusting relationship between them and their chosen brands. Hard buying decisions caused by the economy create more intimacy between brands and consumers upon purchase and interaction.
Real estate purchases are usually the largest buying decisions consumers make. This fact alone makes the process far more intimate than buying groceries. I would argue that trust plays a much greater role in real estate consumer decisions than any other purchasing arena.
People usually buy property as a home or an investment and often times for both. Each of these scenarios requires the utmost trust due to their financial and emotional involvement.
Social media is giving consumers of all markets an effective way of establishing trust with brands they purchase from or will purchase from. If you aren’t participating in the social realm, you are missing out on a great opportunity to establish trust with your consumer.
This is one more reason to use social media. Brands using it for transparency and openness are setting the standard in the minds of the consumer. If you aren’t being transparent and your competitors are, you might be losing sales to an inferior product.