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Beyond Transactions: Trust is Fragile

Jun 5, 2024 | Daily Trek, Trusted Relationships

Beyond Transactions: Trust is Fragile - Radical Trekking

Beyond transactions and spreadsheets, there are opportunities to focus on relationships. But it takes caring and a commitment to building trust with people. It’s not a slogan or a gimmick in a campaign.

Companies often invest heavily in marketing and promotion to attract new customers, valuing them more than their existing base. This approach reveals itself when potential customers become actual customers, giving them a chance to see if the company delivers on its advertising and branding promises.

Often, reality falls short of these promises. It’s easier to make claims than to fulfill them. This discrepancy leads to breakdowns as the real question lies in whether people can truly walk their talk, not just make empty promises.

When companies deliver on their promises, they build strong relationships. When they don’t, they lose testimonials, word-of-mouth recommendations, and much more. Companies (made up of people) might argue that there are plenty of untapped potential customers out there, especially with a global population exceeding eight billion. However, focusing on long-term relationships and planting seeds of trust provides more value than constantly chasing new prospects.

Community isn’t just a WhatsApp group or a Slack channel; these are mere gathering points and more transactional exchanges. True community stems from consistently delivering on promises by acts of service and care. And community management is actually more valuable than marketing in the long run.

And sure, this dynamic is a two-way street since not all customers are the same. Some are considered high maintenance when they expect excellence. And some won’t question unmet expectations and will quietly accept the disappointment. However, when customers don’t feel valued, the breakdown occurs. Every customer has the option to find new paths and move on, turning away from a business that failed to deliver their slogans. Consequently, that business loses more than just a customer—it loses a trusted relationship.

Retaining existing customers typically costs less because it involves maintaining satisfaction and engagement rather than extensive outreach efforts. Beyond transactions, delivering on promises, personalized communication, and excellent customer service are a goldmine. Increasing customer retention rates by 5% increases profits by 25% to 95%.

This marks the difference between a transactional mindset and fostering a trusted community of relationships. Slick branding is temporary, while trust endures. And why these ancient technologies of dialogue and relationships are foundational. Walking the talk is not just another slogan; it’s where reality meets hype.

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