Now showing items tagged social license to operate

Columbia University economics professor Joseph Stiglitz once said, “It is trust, more than money, that makes the world go around.”[1] 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.[2]

More than any other time of history, we have trust issues. As our era has seen so many of the institutions that once stood as societal backbones crumble beneath scandals, lies and alternative facts, the value of trustworthiness has skyrocketed in its scarcity.

Whether in our personal relationships or our interactions with big brands and institutions, trust is the foundation of loyalty, engagement and affinity. This foundation has taken a pounding in recent years – especially during the COVID-19 pandemic.