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Columbia University economics professor Joseph Stiglitz once said, “It is trust, more than money, that makes the world go around.” While this has, perhaps, always been true, it will truer than ever in the coming decade.
Whether in our personal relationships or our interactions with big brands and institutions, trust is the foundation of loyalty, engagement and affinity - and this foundation has taken a pounding in recent years, especially during the COVID-19 pandemic.
In this environment, building trust is more difficult than ever – but it’s also more important. According to the recent Trends in Customer Trust report released by Salesforce Research, 95% of customers are more likely to be loyal to a company they trust while 92% are more likely to purchase additional products and services from trusted businesses.
In a marketplace increasingly concerned with climate change and environmental sustainability, the call to action for companies rings loud and clear. With Millennials and Gen Z consistently willing to pay more for products with purpose and boycott the companies that fall short, businesses and brands can no longer ignore the demands of the environment, or the market.
In this climate, it is tempting for some businesses to engage in ‘greenwashing’, making statements or taking actions that may seem impressive but in reality do little to mitigate environmental impacts. Other companies well and truly practice what they preach, and it comes as no surprise that these are the ones that reap the rewards.