Weekly Business Insights from Top Ten Business Magazines | Week 302 | Entrepreneurship | 1

Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 302 | June 23-29, 2023.

Four Pillars of B2B Brand Trust: How To Build Customer Confidence

By  Young Entrepreneur Council | Inc Magazine | June 27, 2023

Listen to the Extractive Summary of the Article

In today’s digital-first world, trust has become a precious commodity. Buyers are savvier and more suspicious. The good news? You can still earn their loyalty. Here are what the author sees as the four pillars of business-to-business brand trust and some practical tips on how you can create healthy business relationships with your customers.

1. Competence.  You need to demonstrate that you are a capable and knowledgeable partner. This means building a team of experts, staying up-to-date on industry trends and always providing objective and effective solutions to customers’ problems. Your goal as a business is to prove to your customers that you’re their best shot. 
2. Integrity.  In the author’s experience, B2B customers are much harder to close than B2C. There’s no room for impulse purchases or one-time transactions because every stakeholder is interested in long-term cooperation. That’s why integrity is crucial for building strong partnerships. In practice, preserving integrity means being honest, keeping your word and sticking to your principles–even if there’s money to be lost. 
3. Reliability.  Your customers are counting on you; otherwise, they won’t be able to deliver quality work every time. Besides sticking to deadlines and delivering a little bit more than you’ve agreed on, expect the unexpected. Have a contingency plan for when things could go wrong and be ready for every possible scenario. 
4. Empathy.  Don’t overlook the significance of empathy in building trust. Your client’s success is your success, and we treat every project as your very own. People can feel whether you are invested in their success and well-being. The financial aspect of a business is important, but it can’t be everything.

As a company, you can do the following to establish strong relationships with your customers and attract a bigger audience.  Create a Professional Social Media Presence, Use Content Marketing To Build Thought Leadership, Provide Lots of Social Proof, Stay Consistent With All Your Efforts, and Keep Your Word.

3 key takeaways from the article

1. Trust comes from showing competence, integrity, reliability and empathy in all interactions with B2B buyers.
2. As a company, you can do the following to establish strong relationships with your customers and attract a bigger audience.  Create a Professional Social Media Presence, Use Content Marketing To Build Thought Leadership, Provide Lots of Social Proof, Stay Consistent With All Your Efforts, and Keep Your Word.
3. Once you win a customer’s trust, you must work to keep it. Continue to build your online marketing presence, piece by piece, on a regular schedule, engaging new customers and reengaging the old ones. If you can retain their attention and interest in the long run, you’ll see the results.

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Topics:  Entrepreneurship, Business-to-Business