How to Speak in Trust
It has been an exciting year for retail. The economy gained strength with renewed consumer spending and game changing digital innovations were unveiled at an unprecedented pace. Yet there remains a sense of angst and uncertainty among many industries, brands and retailers as they grapple with how to create experiences that will meet the needs and elevated expectations of customers. This Retail Revolution has produced new table stakes. It is no longer just about price, value, quality, reputation. We now live in a world where immersive and agile brand experiences, on-demand service, total transparency, and social activism are the norm, not the exception. We have moved beyond what customers can buy from you, to what can they achieve with you. And achievement is hard work. It requires a deeper relationship beyond exchanging dollars for goods. It is centered on trust - a firm belief in the reliability, truth, ability, or strength of something or someone. And trying to do that in the midst of a major trust crisis in this country, well, that is a tall order but one that can differentiate and create immense loyalty once it is accomplished.
Fake news has caused a global trust deficiency, leaving the public unsure of who and what to believe. The rise of disinformation is so monumental that rational decision making is challenged. Retail translation: consumers have new criteria for choosing what and why. They are looking beyond functional and seeking emotional connection. They desire comfort and sense of security that is inherit in any good relationship. Brands that build trust are busy doing two things:
#1 WORKING HARD TO MAINTAIN AND BUILD RELEVANCY: There is a fine balance between leveraging the trust earned from being tried and true, while innovating with new and different. Walking that line is no easy feat – it’s gut wrenching, challenging and even humbling at times. A trusted partner anticipates what you need by giving you what you want. The payoff: you won’t be in question when they’re questioning everything else.
#2 FACILITATING FAIR EXCHANGE, AND BEYOND: A healthy relationship is all about give and take. People expect to get something for giving something, it’s human nature. For example, if I share my data, I expect a highly personalised experience. If I advocate for you, I expect to be recognised and rewarded. This goes beyond a transactional relationship rooted in dollars and cents, and becomes an emotional exchange where trust is built over time. The more times I engage with you in a way that’s worth it to me, the less I question if you deserve my trust.
WHAT IT MEANS FOR RETAIL: The human element is more important than ever. At FITCH, we see retail as an activity – composed of Physical, Human and Digital Touchpoints (we say PHD). Employees role used to be centered around facilitating purchases, now their importance has changed. They are becoming leaders of the business and face of brand. They are more important to building relationships then they used to because they give consumers face-to-face access to what they trust most: people.
As we navigate this new reality and evolve role of physical, one thing is for sure: trust lies in the hands of humans.
