If Millennials Matter to Your Business, Measure What Matters to Them: Trust
Is trust one of the metrics you use to measure the health of your relationship with your customers? If not, there is growing evidence that it should be, especially if Millennials are important to your business.
Over the course of this year, we have interviewed dozens of Millennials, many of them young entrepreneurs. Brands in the B2B space, they insist, need to earn their trust before they earn their business. Brands must do this by providing them value, by which they mean useful, usable information – how-to guides, case studies, tips-and-tricks, calculators, white papers, etc. They expect brands to help them learn how to run their business. (Advertising, they say, delivers no value, so it builds no trust.)
Quantitative research now affirms our qualitative findings. An international survey of 10,000 Millennials by Initiative found Trustworthiness the most highly valued brand attribute. This was especially true for Millennials living in the U.S.
Why, therefore, do brands so rarely include trust in the set of metrics used to measure the health of their relationship with their customers? Part of the reason, surely, must be the degree to which Satisfaction and Net Promoter Score have become embedded in corporate culture. They have become de facto trending metrics and their history is what makes them indispensable today. How much use, however, is a metric that measures an emotional condition no longer relevant to the way a key customer segment actually relates to a brand?
Brands don’t have to throw out their Sat or NPS data or remove it from their trending dashboards. But they would certainly benefit greatly by adding and tracking a trust metric to their survey set, and using it to analyze the true state of their customer relationships — on an individual basis as well as in aggregate.
Trust may be the leading brand attribute for Millennials, but it is a core consideration for any two parties wanting to develop a lasting relationship. Measuring and building trust with the Millennials, therefore, can only serve to enhance relationships with all a brand’s demographics.
Get started quickly. Millennials are not patient.
– Roger Beynon, CSO, Usability Sciences
Interested in learning more about this topic? Contact Us!