The Procter Consultancy Ltd.

The Procter Consultancy Ltd.

July 29, 2009 10:43 ET

What Price is Trust?-Consumer Trust is at an All Time Low, Businesses Unprepared for Backlash

LONDON, ENGLAND--(Marketwire - July 29, 2009) -

THE PROCTER CONSULTANCY CONSIDERS THIS QUESTION IN NEW RESEARCH THAT LOOKS AT CHANGING CONSUMER BEHAVIOUR AND HOW ORGANISATIONS CAN REBUILD TRUST WITH THEIR CUSTOMERS IN THE CURRENT ECONOMIC CLIMATE

Using insights and opinions from 30 senior managers and directors across 8 industry sectors from 26 organisations employing over 363,000 people in the UK and serving over 20 million citizens and customers.

Key trends / findings

Customers have higher expectations than ever before. They are more demanding, have greater choices and are becoming more cynical and mistrusting of the organisations they deal with.

Can organisations quantify the value of what "good" trust means to them, and how should they rebuild this trust to sustain a successful relationship?

60% of consumers agree they are more likely to be loyal over time and more open to buying products if they trust the organisation.

The new research takes an in-depth look at changing customer trends and the way organisations are responding today. It finds that declining trust among consumers and citizens for many private and public organisations is a key issue as the economic and political situation changes.

The 'hardball' cost-cutting strategies of some organisations are likely to increase the challenge just at the time when relationships need rebuilding.

OVER 75% OF ORGANISATIONS SAY THAT THE BALANCE OF POWER BETWEEN THEMSELVES AND THEIR CUSTOMERS IS CHANGING

Interviews with senior managers and leading experts identified how organisations are successfully creating cultures that rebuild trust, suggesting that organisations can achieve the best relationships with their customers by having a more open culture.

OVER 80% OF ORGANISATIONS ARE IMPLEMENTING EFFICIENCY AND COST-CUTTING PROGRAMMES

'The current challenge is for organisations to stop and analyse what damage customer mistrust is causing, to quantify the financial effect of that mistrust and what actions need to be taken to build better relationships - simply cutting prices and costs is a race to the bottom of the market' - Jo Thomson, MD - The Procter Consultancy

Top tips for rebuilding trust through Service Delivery

1. Get your house in order

2. Build capability through connecting and committing with your people

3. Delete your corporate speak - get real

4. Be honest with your people before you aim to rebuild trust with your customers

5. Remember - cost-cutting can be done positively

Contact Procter now to discuss these themes with Jo Thomson, MD or to receive a copy of the research paper 'Trust Flutters' at http://www.procter.co.uk/research

About Procter

Procter have been providing training, support and consultancy to the Service Delivery industry for the last thirty years and are normally engaged to help deliver customer focused culture with the aim of increasing customer satisfaction, improving people engagement, driving better revenues/efficiency opportunities.

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