B2B Sphere: Trust, Rewards, and Risk
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Isabel Montesdeoca VP, Group Director, and Ian Bruce Principal Analyst
Trust is often viewed in the context of the consumer — trust in brands, institutions, and the government. It is also crucial in the B2B space, where purchases can have major consequences. This week, Isabel Montesdeoca, Group Director and VP, and Ian Bruce (Principal Analyst) explain how trust works in B2B and what companies can do to improve it.
B2B buying relationships are different from consumer transactions in that trust is a key component. B2B buying relationships are based on a risk-reward calculation. The greater the reward or risk associated with a purchase decision, the more trust you have in that factor.
Montesdeoca states that the risk you are taking is not only for yourself but could also be mission-critical. This is a significant weight that must be considered. If you find a solution that increases your efficiency and competitiveness, that’s a huge reward for making the right decision.
B2B companies do not all build trust the same way. Certain aspects of trust are more crucial in certain industries or situations — for example, accountability might be important while empathy and transparency might be vital in others. It is possible to increase the trust level of your buyer by knowing which dimensions are most important.
These analysts will explain how to find these dimensions and use that insight to build trust. The analysts also discuss the many benefits of trust investing, such as higher buyer status and greater ability to rebound from mistakes. Listen to the episode for more information.