Business trust is the third element in the Know, like and trust of marketing and arguably the most telling of all your marketing efforts. We explain why.
If you lose their trust you lose their business.
Today’s great example is Boing 737- max that has had two tragic crashes in the past months. The planes costing over $100 million each they are the premium
China has grounded at least 100 of them sending shock waves through the market. Shares at the time of writing had dropped 10% a massive hit to the market.
Many are saying there is no problem and America airlines continue to fly them probably because there is no alternative.
Travellers are jumping off any Boing flights and panic is everywhere.
The order book of Boeing must have taken a huge hit in a Billion dollar industry.
What has Boeing got to do with your business
We want to show you how important the three pillars of know, like and trust are to your business.
Know and like are customer pullers whilst Trust adds the keeper title.
If Boeing was an unknown backyard builder, selling planes would be a great effort.
However, they have spent many years building a reliable brand and one of the best-known Aircraft companies in the world. Every one knows Boeing
We have all flown Boeing because we have come to know them as a reliable brand.
We loved the old 707 planes and the modern stories of non-stop 23 hour flights. We member when two story Boings arrived it was like another world .
Gee, it went quickly and with immediate effect. The final result will be played out over many months and our interest will be on how well Boeing respond to this.
In writing this I don’t wish disrespect in any way to the 600 odd victims of two horrendous air crashes.
Now your business and trust
It is important that you manage your Brand as tightly as you can because small problems can become huge issues.
I will give you one more example.
A popular restaurant has a bad night and receives scathing reviews on the web pages. Anyone searching for a booking will move on because of the social impact of bad press, We are all guilty of bad press effect.
Each and every complaint, valid or real should immediately be fixed. even at a cost to you. Handle the trolls with kid gloves because they have an impact. One bad review may cost you 10 or more new customers.
What can you do to maintain trust?
I watch with interest Boeing and many airlines going into denial.
Nothing to see here, move on attitude that will further hurt there cause.
From a press report today where China Airlines has suspended all flights with the Boeing 737-max8 they say that.
That’s a whole heap of money
In its own estimates Boeing says China will need 7690 commercial jets to meet its travel demands by 2037.
China’s Civil Aviation Administration said it ordered airlines to ground all 737 MAX 8 aircraft as of 6pm (local time) on Monday, in line with the principle of “zero tolerance for security risks”.
China airlines are going all out to protect their brand while Boing continues to remain silent on any action.
This is hurting China travel and costing the economy a heap of money, furthermore, and importantly China has not had an Air Accident with this plane.
When this happens to you, however small the issue take charge and take action, You will be respected in the long run.
I am using this case as a classic situation that will unfold over time.
Boing is the leading supplier of Aircraft in the world and is now expected to lose its market dominance .
Is something wrong with the 737
“If there is a suspicion … that there’s not only something inherently wrong with 737 MAX 8 aircraft, but there are no procedures in place to cure the problem then, yes, they should either ground the plane, or there are several levels of things they could do,” the spokesperson s told AP.
Boeing said in a statement it was “deeply saddened” by the crash on Sunday, but it had no reason to pull its popular aircraft from the skies.
How is that for arrogence in the face of Disaster, they should at least shoulder a degree of concern.
Trust is the empowering factor that glues your customers to your product. When there is none or little trust in you people will march out the door.
It may be one customer or a 7 Trillion dollars worth of orders the actions are the same.
Take ownership and Take action
Another classic example of Trust
None better than my favourite Brand Nike.
Recently a Basketballer lost the sole from his boot while playing a Pro Basketball game in the US. It was widly reported in the press with pictures of a distressed player on the ground and the sloe of his Shoe rolled back.
Pass one week and I just tried to find it on Google search without instant results. It might be there but the best I got was Nike warranty to replace any faulty shoes.
Nike admitted a fault attended the problem and it passed quickly.
In conclusion treat trust with respect and act quickly regardless of your liability.