While it has long been argued that trust is an essential component of any business' marketing strategy, a new Pitney Bowes survey outlines how exactly such trust is generated.
According to the report, communication with customers – be it through social media, customer service or direct mail – accounts for 20 percent of overall trust in a company. Perhaps more importantly, the report finds trust can generate up to 44 percent of a brand's customer loyalty.
"Every customer interaction – in person, on a website, with direct mail or with a call center – is an opportunity to build or break trust," said David Newberry, Chief Marketing Officer of Pitney Bowes Business Insight.
"This study validates how crucial customer communications management programs are for positively managing customer interactions and, therefore, for also improving the value and profitability of every customer relationship," Newberry added.
Small businesses may want to leverage this data to inform how they should communicate with their customers. For example, retailers may want to develop mailing lists or perhaps even conduct consumer research to narrow down where sales are coming from.