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Part - IV

What can Trust do?

Trust on an organization has many outcomes that help an organization to leverage on and make transactions more profitable and satisfying. They are: -

1. Customer Loyalty

2. Unstated Power on Suppliers - better deals

3. Unstated Power in the Market - brand image and equity

4. Cooperation of Stakeholders - better returns

5. Cooperation of Employees - better industrial relations and productivity

Trust can create an atmosphere around a company or a brand name that will be conducive to acquire new customers and earn the trust of suppliers in quick time.

What's the Big Deal?

Trust is always time tested and takes time to develop. You need to build it fast. Catch 22. You need to earn trust for your marketing and internal operational efforts to be successful, for which there has to be a passage of time during which there is a consistent to outstanding record in quality and performance. Incidentally, time is scarce!

Getting someone to trust you personally could be a very difficult thing to accomplish, but it can be done in an organization with relatively less difficulty, by following a structured approach. But doing it fast, with achieving trust as the objective, is not always possible. Trust in the organizational perspective, with its many dimensions, is but a small speck in the overall scheme of things of trust existing in the society.

Trust Within the Organization

Trust has to be a part of the organizational culture, imbibed in whatever the company does and whatever its employees do. Internal customer trust is the most important factor in the organization being able to build trust outside it.

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* Contributed by: -
Vinod Sriramulu,
PGP - 2,
BIM, Trichy.