In the world of business, trust is like gold. It's something every company needs but not all have. The host of The Deep Wealth Podcast and post-exit entrepreneur Jeffrey Feldberg recently had an insightful chat with Natalie Doyle Oldfield, an expert in building trust. Natalie is the author of Trusted: The Proven Path To Customer Loyalty And Business Growth and the creator of a unique Trust Measurement System. Her work helps businesses understand how trust can be built, lost, and measured. Let's explore the key takeaways from their conversation.
When we think of important things in business, what comes to mind? Money? Strategy? There’s something else, something very special. It’s trust. Imagine trust as a big, shining star. It helps businesses grow and keeps people coming back. Natalie Doyle Oldfield, an expert in trust, says, “Trust is the most critical asset.”
Natalie says trust isn't just important—it's crucial. “It is the most critical asset,” she says. Trust predicts whether your business will succeed or fail. People buy from companies they trust, and they keep coming back when they feel valued and understood. When customers trust you, they are more likely to stay loyal and tell others about your business.
Natalie believes that trust is not just important; it's essential. "Trust is an asset," she states, "It can be measured and it can be managed." For Natalie, trust is the singular factor that predicts an organization's success or failure. It's what makes a company truly stand out in a crowded marketplace.
One of the best ways to build trust is to listen. Really listen. Natalie explains that you must “listen to understand the other person’s point of view and what their priorities are.” This means being curious and asking questions to really get to know your customers. When people feel heard, they are more likely to trust you.
Natalie didn't start her journey expecting to find trust as the key ingredient in business success. Her exploration into what makes companies thrive led her to this vital discovery. "Intuitively, I knew people buy from people they trust," Natalie explains. But through her research, she developed a system to measure and manage trust, turning it from an abstract concept into a tangible goal for businesses.
Building Trust in Business
Building trust is like building a strong friendship. It's about understanding and aligning what you do with the interests of others. Natalie emphasizes the importance of acting in the best interests of others. She says, "If you act inappropriately or without integrity, you lose trust." Transparency, honesty, and genuine care for customers are crucial elements in this process.
Natalie highlights the importance of acting in the best interest of others. This principle shows your integrity and ethics. Even if you're great at communicating, it's your actions that matter most. People need to see that you walk the talk.
If a company wants to be the best, it needs to be trusted. Businesses with good trust scores do better. Natalie talks about the “trust triangle”—a mix of communication, behavior, and service. This triangle helps businesses know how to build trust. She says, “Acting in the best interests of others” is very important.
Natalie has developed a "Trust Measurement System" and a framework that helps companies quantify their level of trust, which she calls "trust equity." This score acts as a key performance indicator and helps companies identify where they stand with their customers.
Natalie's Trust Mastery Program teaches companies how to build and maintain trust. By focusing on customer relationships and training their teams in trust-building skills, businesses can create a culture that values and prioritizes trust. This can lead to increased customer loyalty, more referrals, and ultimately, higher revenues.
Even successful companies can face trust issues, especially during times of change or crisis. Natalie shares an example of a company that was once the golden child in its industry but started losing customer trust due to internal issues and external pressures like supply chain problems. By focusing on regaining trust, they were able to turn things around.
Can trust be measured? Natalie says yes. Her Trust Measurement System is a survey that can quantify the trust customers have in a company. It’s validated by science, and companies can use the trust score to understand where they stand with their customers. With this information, businesses can uncover gaps and opportunities to improve their trustworthiness.
The Role of Culture
Natalie also talks about the importance of creating a culture that values trust. This means training all employees—from project managers to customer service reps—on how to build trust. She notes that every interaction with a customer is a chance to build or lose trust.
Feldberg agrees and adds, “Culture is unique, like a fingerprint. It’s crucial that trust is part of your company culture.”
The culture of a company plays a decisive role in its ability to maintain trust. Natalie highlights the importance of a customer-centered culture where everyone, from customer service reps to project managers, understands how to build relationships of trust. This is one of the key differences between companies that are trusted and those that are not.
In today’s world, people are more skeptical than ever. They ask, “What’s the scam?” when facing a new situation. Natalie’s advice is to be open, honest, and transparent. Transparency reassures customers and makes them feel comfortable doing business with you.
Customers will forgive mistakes if trust equity—built-up trust—is strong. Natalie explains that once you have trust equity, it can act as a buffer when things go wrong. Companies with strong trust equity can make mistakes and still keep their customers.
One big step in building trust is to listen. Natalie says, “Start with listening to understand other people’s views.” When businesses listen to their customers, they learn and improve. People also like honesty and openness. If a business is open, people will trust it more.
Natalie points out that employees are key in building trust. They talk to customers and show what the company is like. If workers are kind and helpful, people will trust the business. Natalie says, “The biggest difference is people who know how to build relationships of trust.”
Natalie underscores that every interaction with a customer is an opportunity to build or break trust. Being open, transparent, and empathetic goes a long way in showing customers that they matter.
Natalie and Jeffrey agree on this: a company’s culture is like its personality. A good culture builds trust. It’s about how people work together and treat customers. Natalie shares a story about a company that had to regain trust. They worked on their culture to fix problems. She says, “The glue that keeps them together is trust.”
Advice for Startups
For those just starting out, Natalie shares invaluable advice: prioritize building strong relationships of trust. Make it part of your company’s vision and purpose. This focus helps set your business on the right path from the beginning.
Natalie warns about common blind spots that can erode trust. Employees not empowered to solve problems or poor communication can weaken trust. Keeping an eye on these areas is crucial for maintaining strong customer relationships.
Natalie’s Trust Mastery program changes businesses. One company had a worker who answered every question with “Yes” or “No.” But after training, he learned to communicate better. Customers noticed the change. The company started growing again. Natalie’s method really works!
Some think once trust is gone, it’s gone forever. But Natalie says that's not true. “You can rebuild trust,” she insists. Businesses should always aim to grow trust. It’s like having a safety net for when mistakes happen.
Conclusion: How to Start Building Trust Today
Natalie Doyle Oldfield's insights provide a roadmap for businesses looking to build trust. Her approach—listening, measuring, training, and being transparent—can help any business become the most trusted in its industry. Remember, trust is an ongoing effort. Every interaction counts. Make it your goal to build, manage, and protect your relationships of trust every day.
For Natalie, helping businesses grow by teaching them to manage trust is a passion. Her message to entrepreneurs and business leaders is clear: prioritize trust, make it part of your culture, and never underestimate its power to drive success.
As Natalie wisely puts it, "Trust is the most critical asset." So, as an entrepreneur or business leader, ask yourself: Are you prioritizing trust in your journey to success? If not, it's time to start. Trust is not just an intangible; it's the very cornerstone of lasting success.
In the end, trust is a powerful tool for any business. It helps in building a loyal customer base and growing the business. Look at trust like this: it’s not just a part of business, it’s the heart of it. As Natalie puts it, “Everybody on the team has a part to play in the customer’s decision to trust.” Use this wisdom to make your business stronger and trusted.
Remember, with trust, you’re not just another company. You’re a company that people believe in and want to work with. It’s more than just business, it’s about relationships and loyalty. So, go out there, build trust, and watch your business fly high!
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