Isabel Montesdeoca, VP, Group Director and Ian Bruce, Principal Analyst
We tend to think about trust in the consumer context — trust in brands, in institutions, in the government. But it also plays a critical role in the B2B sphere, where a purchase can have make-or-break consequences. On this week’s What It Means, VP and Group Director Isabel Montesdeoca and Principal Analyst Ian Bruce explain how trust is won in the B2B space and what companies should do to strengthen it.
Trust figures into B2B buying relationships differently than in consumer transactions. A risk-reward calculation is central to B2B purchases — the greater the risk or reward associated with a buying decision, the greater a factor trust becomes.
“The risk you’re bearing is not for just yourself, but it could be mission-critical,” Montesdeoca says. “That’s a heavy weight that needs to be factored in. Equally, if you install a particular solution or service that makes you dramatically more competitive, more efficient … that’s an incredibly large prize for making the right choice.”
Not all B2B companies build trust in the same way. Certain dimensions of trust are more important in certain industries and scenarios — accountability may be key in some, for instance, while empathy or transparency may be critical in others. Knowing which dimensions matter most to your buyers can help strengthen a buyer’s level of trust in your company.
The analysts explain how to identify those dimensions and use this insight to build trust. They also describe the many benefits of investing in trust, including higher status among buyers and a greater ability to bounce back from mistakes. Tune in to the episode to learn more.