Building trust in your business and brand is important

If there is one thing that entrepreneurs in Africa can learn from global big business, it’s that there’s nothing more important than building and retaining trust in your brand. How many times in recent years have we seen negative market responses and even greater negative media coverage around those big companies and brands that lose trust amongst their customers and stakeholders due to their actions, and as a result, collapse or shrink their marketshare. In today’s highly competitive and transparent marketplace, trust is a brand’s license to operate, and there has been a growing distrust of big business by consumers. When Edelman published its 2016 Trust Barometer, it found that 80% of consumers felt that businesses must lead the way in contributing to the solving of social problems, becoming caring and responsible entities, committed to playing their part. Some of the most successful businesses and brands today are building trust with authentic and transparent attempts to do so. It’s something for all entrepreneurs to think about as they go about the business of building caring, responsible brands to be trusted.