The cultivation of trust is not only essential for business growth but represents a significant opportunity for organizations that do it well, according to the global CMO of investment firm BlackRock.
The first step to developing that trust is for organizations to go beyond their products and services and to state clearly "what is their purpose, why they exist, what they believe," says Frank Cooper III.
But that in itself is not enough, argues Cooper in a video interview with LinkedIn as part of its Pathfinders of Trust series.
"It used to be you could just make these statements. You could wrap it around interesting content and call it a day. That doesn't happen any more. Now you actually have to live it, every single day."
For Cooper, previously chief marketing and creative officer at Buzzfeed, this need for ongoing explanation and demonstrable behavior around values should be viewed as a "huge opportunity" rather than a corporate burden.
"What I have seen across multiple industries is that if you can extend the trust beyond the product itself, there is value in that," he maintains. "People are standing up and are willing to pay a premium for companies that deliver something beyond the basic product."
"Sometimes it's luxury, but I don't think that's the total answer. Sometimes it's a purpose, but you have to get clear on what that purpose is. Sometimes it's experiences."
Organizations remain in the early stages of understanding this new dynamic and how best to optimize for it, says Cooper.
The development of trust with your client base relies on a fundamentally human dynamic that takes time to build, cannot easily be replicated, and should not be taken for granted.
Marketers who understand the upsides of developing trust for the long term do well. The brands, the companies, and the people we most trust are the very individuals and organizations that we turn to when we have a need.
Read more about the importance of trust in marketing relationships in the following article, which examines the interpersonal dynamics of trust from a distinctly human point of view.