B2B brands: How to build trust and grow market share
Ever thought about what keeps your customers sticking around? Here’s a clue: it’s not just your product/service. According to Forrester, the average B2B customer retention rate is 78%, which means, in just four years, half your customer base might be gone. Let that sink in for a second. So, how do you stop that from happening? It all comes down to one thing—trust.
And trust is not just crucial for retaining your customers; it’s vital to net new client acquisition, too. Gartner reports that B2B buying processes are becoming longer, more complicated, and with more stakeholders. For many, with limited budgets, the stakes around decision-making have risen. Trust in your brand is vital to reassuring them.
Trust is hard to build
Edelmann’s annual trust barometer reports that our societal trust levels of organisations and countries is not what it was. They report that “Rapid innovation offers the promise of a new era of prosperity, but instead risks exacerbating trust issues, leading to further societal instability and political polarization.”
We’re working in a more cynical world, where scepticism is the default.
You can build trust through your communications
Good news – there is a solution!
We find that trust can be built through intelligent storytelling, wrapped around a solid value proposition. It falls into two areas – signals for you as a company and signals around you as people to work with. B2B decision-making is always personal.
With this in mind, ask yourself these two questions:
1. What are buyers looking to see to trust our company?
- Credibility and Reputation: Case Studies, awards, and logos are your brand’s CV.
- Expertise: Position yourself as a thought Leadership with a distinct Point of View. Bonus points if you have certifications or industry body memberships.
- Financial Stability: Demonstrate health and longevity. Nobody wants to partner with a company that might vanish tomorrow.
- Client References: Nothing builds trust like a glowing review from someone facing the same challenges your potential buyer is sweating over. Build up your testimonials and advocacy from peer groups with similar situations.
2. What are buyers looking to see to trust our team?
- Alignment with values: It’s all about chemistry. Buyers want to know if they’ll enjoy working with you. Are you on the same wavelength? Are your cultures in tune?
- Guaranteed quality: This one is about reassurance. Buyers want to know “Will this route get me promoted…or fired?!” The famous “no-one ever got fired for buying IBM” reflects a thought process.
- Responsiveness: People appreciate fast, high-quality interactions. They want to know “Will this be easy to do?” and “Am I being listened to?”
- Transparency: Transparency and trust go hand in hand. Openness on how, what and when is key. This captures some retrospective thinking – “Am I missing anything?”
Trust is a long game
Consistency is vital, and the sooner you start the better.
As you review your website and your credibility presentations, ask yourself whether you are signposting these signals. These proof points are your chance to show buyers that your brand’s story isn’t just another sales pitch – it’s a promise.
Get in touch with us here.
