Vlocity CEO & Founder, David Schmaier on Building Trust with Customers

Navigating the Trust Crisis

Summary of article by Simon Mulcahy for Salesforce Blog

Trust is the Number One Issue Plaguing Businesses Today and a Hot-button Topic in Social, Political, and Economic Circles

In fact, 95% of customers say they’re loyal to companies they trust even though  54% don’t believe companies have their best interests in mind, according to Salesforce’s latest “State of the Connected Customer” report.

We have great privilege — and great responsibility — to live in a time when technology is rapidly changing the world.  Now, it’s time for massive change to happen around the subject of trust. I recently sat down with Nicholas Davis, Head of Society and Innovation at the World Economic Forum for our latest episode of Leading Edge to discuss the Fourth Industrial Revolution (4IR) — the fourth major industrial era characterized by the fusion of digital, physical, and biological technologies — and its implications on customer trust.

Beyond talking, another vital way we build trust is by listening. Listening, as we all know, is a basic element of conversing, yet fewer and fewer companies seem to be listening to what customers have to say about their needs and expectations.

– David Schmaier, CEO & Founder, Vlocity

The State of Trust

We don’t just choose our favorite products, we now become loyal to entire brands. Consumers have the tools to amplify their opinions via social media and review sites, which can oftentimes be seen as creating a huge risk for brands. At any given time, an unhappy customer can tarnish a brand with their feedback.

“At the same time we’re giving away data through mobile devices, we’re also demanding that someone —the government or companies — do something about it because we know the benefits and yet have trust issues in what is happening behind the scenes,” says Davis.

Is it possible to spearhead a positive trust revolution for your brand? It may be as easy as starting the conversation.

Read the full article here.