logo
Entrepreneurs Can Build Lasting Trust to Gain a Competitive Advantage

Entrepreneurs Can Build Lasting Trust to Gain a Competitive Advantage

USA Today18-02-2025

Jason Phillips
Contributor
The modern consumer's demand for quality products and services hasn't wavered, but modern entrepreneurs find themselves confronting a new set of demands that previous generations of founders could not imagine. One of the most important of these consumer desires is to have an active relationship of constructive trust with the brands they consume. Years of Edelman Trust barometer Special Reports support this.
In the 2025 report, more than 60% of respondents reported moderate or higher grievances: they believe that the businesses they deal with make their lives more difficult, not better. They see businesses as less ethical and less competent by default. As far back as the 2019 report, more than 80% of respondents said that trust in a brand was a prerequisite to purchasing decisions.
To counteract these feelings, entrepreneurs and founders must do substantial work to build a positive, trusting relationship with their consumers before those consumers ever do business with them. Good value and salesmanship are no longer enough to get in the door. Furthermore, trust in today's marketplace isn't built through local networks or word-of-mouth alone. The digital age has reshaped expectations, requiring businesses to establish credibility on a global scale and deliver value consistently.
Modern Trust Blends Transactions with Relationships
Historically, trust was built through local networks, personal recommendations, and face-to-face interactions. While those methods still hold value, they no longer meet the demands of today's digital-first world. Modern trust requires entrepreneurs and their brands to focus on relationships rather than transactions.
Customers now seek brands that reflect their values and invest in meaningful, long-term connections. Sharing insights, engaging transparently, and addressing challenges openly are critical to building the meta-relationships on which this trust is founded. By prioritizing relationships, businesses create loyalty and establish a foundation for lasting credibility.
Entrepreneurs can also make impressions based on who they interact with and other brand narratives that they partner with. Medhat Zaki, the co-author of 'Beyond Recognition: The Art of Unshakeable Lasting Brand Trust' made just this observation when he began seeking these partnerships. 'The reason for this is that I had tapped into a trust network that had global recognition,' he says. 'This resonated with my audience and verified my expertise.'
The Three Pillars of Modern Trust-Building
Medhat Zaki has done a great deal of thinking and writing about trust, and for him, the new modern trust between entrepreneur, brand, and consumer comes down to three interconnected pillars.
Authenticity Through Real Stories: Audiences want to see the people behind the brand, understand their values, and witness how they navigate challenges. Entrepreneurs that take to new media—whether that's social media, video-sharing programs, or some more personal way of sharing content—to share relatable stories about their struggles, growth, and resilience often connect more deeply with their audiences than those that project a flawless image.
Consistency in Actions and Communications: Trust requires predictability. Regular engagement, clear messaging, and reliable quality establish a dependable brand experience. Brands must align their communications across platforms, maintain a consistent tone, and deliver value in every interaction. Consistency in fulfilling promises and offering actionable insights ensures long-term customer loyalty.
The Value-First Mindset: Prioritizing audience needs over immediate sales transforms trust into a competitive edge. A value-first approach includes providing free resources, solving problems proactively, and investing in long-term relationships. Entrepreneurs who align their interests with their audience's priorities cultivate trust that leads to sustained growth.
Don't think of trust as a tool to reach some other bottom line. Trust has to be the goal, authentically; if you try to make it a trick, there won't be trust. Build authentic, real relationships with smart consumers who come to care about your product, and you'll find the competitive advantage comes on its own. For more advice and insight from Medhat Zaki, you can find out more about the bestselling booklet, 'Beyond Recognition: The Art of Unshakeable Lasting Brand Trust' by visiting online retailers.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Why Businesses That Prioritize Trust Could Win The Future
Why Businesses That Prioritize Trust Could Win The Future

Forbes

time22-04-2025

  • Forbes

Why Businesses That Prioritize Trust Could Win The Future

Medhat Zaki is a resilient German entrepreneur and CEO of Zaki International GmbH. getty Think about it. You can have the flashiest product, the slickest marketing and cutting-edge tech, but if people don't trust you, none of it matters. Trust is the glue that holds businesses together—the secret sauce that turns customers into loyal fans, employees into brand ambassadors and stakeholders into true believers. And here's the most important thing: Trust isn't just a nice-to-have anymore. It's the new currency of business. In an era of rapid change and uncertainty, I think the companies that prioritize trust will be better positioned to thrive. So, let's explore why trust is the ultimate competitive advantage and how you can make it work for your business. The business landscape is changing faster than ever. Markets are global, competition is fierce, and customer expectations are through the roof. But amid all this chaos, one thing remains constant—the human need for trust. Here's why trust is more important than ever: • Customers have endless choices: With a few clicks, your customers can find a dozen alternatives to your product or service. What makes them choose you? Trust. • Employees demand more: Today's workforce isn't just looking for a paycheck—they want to work for companies they believe in. Trust is the foundation of employee engagement and retention. • Stakeholders want transparency: Many investors, partners and regulators are increasingly focused on ethical practices and long-term sustainability. I've found trust is the key to building those relationships. In short, trust is a business imperative. Still not convinced? Let's talk numbers. Trust is good for your bottom line. Here's how trust impacts your business: • Customer loyalty: According to a study by Edelman, trusting a brand is a top three purchasing factor: "If consumers fully trust a brand, they are more likely to purchase it (net of 63 percent), advocate for it (53 percent), and stay loyal to it —not shopping around for other brands." • Employee productivity: A recent study shows that "Trusting employees are 260% more motivated to work, have 41% lower rates of absenteeism, and are 50% less likely to look for another job." And happy employees often lead to happy customers. • Crisis resilience: Businesses with strong trust foundations often recover faster from crises. Just look at Johnson & Johnson—their transparent handling of the Tylenol crisis in the 1980s not only saved their reputation but strengthened it. The bottom line? Investing in trust-building can pay off 'big time.' Alright, so trust is important. But how do you build it—especially in an increasingly digital and impersonal world? Here are four strategies to get you started: Let's be realistic: No one likes feeling like they're being kept in the dark. Transparency is the foundation of trust. Here's what being transparent looks like: • Share information openly, even when it's uncomfortable. • Admit mistakes and take responsibility. • Use technology to enhance transparency, like blockchain for supply chain tracking or AI-driven customer insights. For example, when Buffer faced a major security breach, they didn't try to cover it up. They communicated openly with their users, apologized sincerely and kept them updated every step of the way. The result? Their customers trusted them even more. Trust is built on reliability. If you say you're going to do something, do it. For example, Amazon Prime has built a massive following by promising fast, reliable delivery—and delivering on that promise. Sure, they've had hiccups, but their commitment to reliability has earned them a loyal customer base. Here's what this looks like: • Set realistic expectations and exceed them. • Focus on quality and consistency in everything you do. • Use data to anticipate customer needs and deliver personalized experiences. At the end of the day, trust is about people. Show your customers and employees that you value them—not just their wallets. Here's how to put people first: • Invest in employee well-being and development. • Create personalized, empathetic customer experiences. • Prioritize ethical practices and social responsibility. A great example of this is Patagonia. In addition to selling outdoor gear, they live and breathe environmental sustainability. Their commitment to the planet has earned them a loyal following—and a whole lot of trust. Trust isn't a one-time thing. It's a daily commitment to improvement. For example, Netflix started as a DVD rental service but pivoted to streaming when the market shifted. Their commitment to continuous improvement has kept them at the top of their game—and earned them the trust of millions. Embracing continuous improvement means companies should: • Regularly seek feedback from customers and employees. • Use that feedback to identify areas for improvement. • Stay ahead of industry trends and adapt to changing customer needs. As we look to the future, I think one thing is clear: Trust will only become more important. In a world that's increasingly digital, global and fast-paced, trust is the thing that can set you apart. Here's what I see on the horizon: • AI: As AI becomes more integrated into business, companies will need to balance automation with human connection. • Sustainability: Consumers are increasingly focused on ethical practices and environmental impact. Companies that prioritize sustainability can earn trust—and loyalty. • Transparency: With the rise of social media and instant communication, transparency will be more important than ever. The bottom line? Trust is much more than just a strategy; it's a way of doing business. It's about creating something that lasts—something that people can believe in, no matter how much the world changes. So, go out there and make trust your superpower. Build it, nurture it and protect it. Because, in the trust economy, the future belongs to those who prioritize it. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

Entrepreneurs Can Build Lasting Trust to Gain a Competitive Advantage
Entrepreneurs Can Build Lasting Trust to Gain a Competitive Advantage

USA Today

time18-02-2025

  • USA Today

Entrepreneurs Can Build Lasting Trust to Gain a Competitive Advantage

Jason Phillips Contributor The modern consumer's demand for quality products and services hasn't wavered, but modern entrepreneurs find themselves confronting a new set of demands that previous generations of founders could not imagine. One of the most important of these consumer desires is to have an active relationship of constructive trust with the brands they consume. Years of Edelman Trust barometer Special Reports support this. In the 2025 report, more than 60% of respondents reported moderate or higher grievances: they believe that the businesses they deal with make their lives more difficult, not better. They see businesses as less ethical and less competent by default. As far back as the 2019 report, more than 80% of respondents said that trust in a brand was a prerequisite to purchasing decisions. To counteract these feelings, entrepreneurs and founders must do substantial work to build a positive, trusting relationship with their consumers before those consumers ever do business with them. Good value and salesmanship are no longer enough to get in the door. Furthermore, trust in today's marketplace isn't built through local networks or word-of-mouth alone. The digital age has reshaped expectations, requiring businesses to establish credibility on a global scale and deliver value consistently. Modern Trust Blends Transactions with Relationships Historically, trust was built through local networks, personal recommendations, and face-to-face interactions. While those methods still hold value, they no longer meet the demands of today's digital-first world. Modern trust requires entrepreneurs and their brands to focus on relationships rather than transactions. Customers now seek brands that reflect their values and invest in meaningful, long-term connections. Sharing insights, engaging transparently, and addressing challenges openly are critical to building the meta-relationships on which this trust is founded. By prioritizing relationships, businesses create loyalty and establish a foundation for lasting credibility. Entrepreneurs can also make impressions based on who they interact with and other brand narratives that they partner with. Medhat Zaki, the co-author of 'Beyond Recognition: The Art of Unshakeable Lasting Brand Trust' made just this observation when he began seeking these partnerships. 'The reason for this is that I had tapped into a trust network that had global recognition,' he says. 'This resonated with my audience and verified my expertise.' The Three Pillars of Modern Trust-Building Medhat Zaki has done a great deal of thinking and writing about trust, and for him, the new modern trust between entrepreneur, brand, and consumer comes down to three interconnected pillars. Authenticity Through Real Stories: Audiences want to see the people behind the brand, understand their values, and witness how they navigate challenges. Entrepreneurs that take to new media—whether that's social media, video-sharing programs, or some more personal way of sharing content—to share relatable stories about their struggles, growth, and resilience often connect more deeply with their audiences than those that project a flawless image. Consistency in Actions and Communications: Trust requires predictability. Regular engagement, clear messaging, and reliable quality establish a dependable brand experience. Brands must align their communications across platforms, maintain a consistent tone, and deliver value in every interaction. Consistency in fulfilling promises and offering actionable insights ensures long-term customer loyalty. The Value-First Mindset: Prioritizing audience needs over immediate sales transforms trust into a competitive edge. A value-first approach includes providing free resources, solving problems proactively, and investing in long-term relationships. Entrepreneurs who align their interests with their audience's priorities cultivate trust that leads to sustained growth. Don't think of trust as a tool to reach some other bottom line. Trust has to be the goal, authentically; if you try to make it a trick, there won't be trust. Build authentic, real relationships with smart consumers who come to care about your product, and you'll find the competitive advantage comes on its own. For more advice and insight from Medhat Zaki, you can find out more about the bestselling booklet, 'Beyond Recognition: The Art of Unshakeable Lasting Brand Trust' by visiting online retailers.

Giving Businesses a Voice Through Acumen Media's Sustainable Global Trade Initiative (SGTI)
Giving Businesses a Voice Through Acumen Media's Sustainable Global Trade Initiative (SGTI)

USA Today

time18-02-2025

  • USA Today

Giving Businesses a Voice Through Acumen Media's Sustainable Global Trade Initiative (SGTI)

Jason Phillips Contributor Hear this story For years, the conversation around sustainability has been dominated by a singular focus: going green. Companies across industries have scrambled to reduce carbon footprints, embrace renewable energy, and eliminate waste; all in pursuit of a more environmentally friendly future. While these efforts are crucial, one fundamental element has often been overlooked: economic sustainability. Without financial resilience, businesses cannot survive, let alone contribute to global progress. Acumen Media, an international media company specializing in thought leadership and storytelling through video, is launching its Sustainable Global Trade Initiative (SGTI) to address this gap. With the backing of research foundations as well as major global institutions, Acumen's initiative will shed light on the importance of sustainable global trade; not in the environmental sense, but rather with a focus on long-term economic viability. 'Sustainability isn't just about the planet; it's about people and prosperity, too. If businesses can't sustain themselves economically, their impact—no matter how green—won't last,' says Jack Boyson, Acumen's Chief Marketing Officer. Through a series of thought leadership-driven films, Acumen will highlight businesses worldwide that are striking a balance between economic survival and responsible growth. The campaign aims to educate both businesses and consumers on why companies make the financial decisions they do; decisions often misunderstood or unfairly scrutinized. Many regulations and supply chain decisions that may appear counterintuitive to the average consumer are often the result of necessary trade-offs between sustainability goals and economic practicality. For instance, plastic wrapping extends a cucumber's shelf life from a few days to several weeks, significantly reducing food waste. Such decisions are not to ignore sustainability but to find a balance between environmental responsibility and economic feasibility. Andy Chan, Acumen's Managing Director and a filmmaker, states, 'With SGTI, we want to show the human side of businesses: the real dilemmas, the unseen regulatory hurdles, and the calculated risks they take to remain sustainable in every sense of the word. Video storytelling is magical because it allows people to connect emotionally and understand complex topics in a simple, digestible way.' Through interviews, case studies, and in-depth video storytelling, SGTI will focus on sixteen key pillars that are critical to both economic prosperity and global trade sustainability. Compliance & regulation is one of the key pillars amongst them. Businesses must navigate an increasingly complex landscape of international trade laws and sustainability mandates. Understanding these regulations helps consumers and stakeholders appreciate the constraints companies operate within. Innovation is at the heart of economic growth, but companies often face challenges protecting their ideas while maintaining fair competition. That is why Acumen considers intellectual property as another key pillar. Ethical governance, on the other hand, plays a key role for any business, fostering transparency to further promote inclusivity and ensure trade is conducted ethically and equitably. Economic downturns, supply chain disruptions, and geopolitical shifts threaten business continuity. Resilience & risk management as a pillar explores how companies prepare for and adapt to such risks. Acumen even understands that digital impact has been a key driver, and companies must balance technological transformation with responsible business practices. 'The more consumers understand the 'why' behind business decisions, the more balanced the conversation becomes. We're here to provide that perspective,' says Andy. Acumen truly believes that video is the key to making these complex trade issues accessible and compelling. With the rapid decline in attention spans and the dominance of digital media, businesses need more than just articles or reports to engage their audiences. 'Video allows people to see the human behind the business, to hear the conviction in their voice, to connect. People don't connect with corporations; they connect with people,' says Jack For small and medium-sized businesses, in particular, their video serves as a critical tool for brand credibility. Unlike established corporations with built-in reputations, SMBs must work harder to tell their story. Acumen's expertise in film production, distribution, and digital marketing ensures that these businesses can reach the right audiences with the right messaging. As per Paolo Emilio Zanini, CEO of Acumen, this SGTI is not just a one-off initiative. It is designed to become an ongoing movement. By continuously highlighting the challenges and triumphs of businesses navigating sustainable global trade, the company hopes to shift public perception and influence policy decisions. 'International trade doesn't just drive profits; it fosters peace,' says Zanini. 'When businesses collaborate across borders, it strengthens relationships between nations, creates economic interdependence, and reduces conflict. A thriving global economy isn't just good for businesses, it is good for society.' In a world where sustainability is often reduced to carbon footprints and recycling bins, Acumen is providing the missing half of the equation: a recognition that businesses must be economically viable to contribute to a better world. Through storytelling, video, and thought leadership, SGTI will ensure that businesses—large and small—have a platform to actually be understood. *Investing involves risk, and your investment may lose value. Past performance gives no indication of future results. These statements do not constitute and cannot replace investment advice.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store