B2B buyers are conditioned to view vendor-provided information with a healthy dose of skepticism, and this lack of trust can weaken the impact of all marketing efforts. Marketing alone can’t create buyer trust, but the right marketing approach can make it more likely trust will develop.
Trust has always been a vital component of business relationships, but it has become a critical issue over the past several years largely because of growing concerns about the collection and use of personal information by business organizations. Trust is likely to become an even more important issue as companies increasingly use various forms of artificial intelligence.
Business Is More Trusted Than Other Societal Institutions
Recent research has shown that people trust businesses more than other societal institutions. One of the largest studies of trust is the annual “Trust Barometer” survey by the global communication firm Edelman.
Edelman’s research focuses on trust in four societal institutions – government, business, non-governmental organizations (NGOs), and media. The 2024 Edelman Trust Barometer polled over 32,000 people in 28 countries.
The 2024 survey found that survey respondents trust business organizations slightly more than NGOs and substantially more than government and media. Based on the 2024 “Trust Index” scores, business organizations are “trusted” in 15 of the 28 countries included in the survey and “distrusted” in only two countries. In the 11 remaining countries (including the U.S.), business earned a “neutral” score.
Respondents in the Edelman survey also rated business organizations as somewhat more competent than NGOs and far more competent than government and media.
On the other hand, public perceptions regarding the honesty and ethics of people working in advertising aren’t great. In Gallup’s 2023 Honesty and Ethics poll, 49% of the respondents rated the honesty and ethical standards of advertising practitioners as low or very low.
The Foundations of Buyer Trust
Trust can’t be manufactured; it must be earned from potential buyers. While marketers can’t unilaterally create buyer trust, they can take steps to create an environment that makes potential buyers more likely to extend their trust. The starting point is to understand what leads to the development of buyer trust.
In a business context, the decision to trust a prospective vendor depends on buyers’ perceptions of three vendor attributes.
Ability – Does the prospective vendor possess the requisite knowledge, skill, and competence to perform in a way that will meet my organization’s needs and expectations?
