People do business with people they trust.

“Trust is the most important factor in a business’ ability to compete and grow in the long run.” - Tim Ryan, U.S. Senior Partner at PwC

👉 Here’s a little exercise for you to better understand your business’ trustworthiness.

Ask yourself this question:
“Do people trust my business?”

📌 If your answer is yes, outline the reasons why you think so (Tip: Make sure your answers are data-driven).

📌 If your answer is anything other than yes, now would be the second-best time to look into how you can boost your company’s trust score with your target audience (the best time being yesterday).

Don’t know where to start? We got you.

Here are three simple yet effective ways to build trust with your target audience.

1️⃣ Content, content, content!

Create valuable content that speaks to your target audience's needs and interests. By consistently producing high-quality content in the right channels, you can establish your business as a thought leader in your industry, show your audience that you understand their needs, and gain people’s trust accordingly.

2️⃣ Highlight others, not just your business.

Case study: Take a look at what Carl Pei is doing. For those who don’t know him, he is the CEO of NOTHING, a London-based smartphone and tech company. He reviews other smartphones on NOTHING’s social media channels. By doing so, he not only gets to tap the loyal fans of other smartphone companies, but it also shows that he’s secure enough in his product’s quality to praise other smartphones.

It makes him look like a good guy who knows his stuff — and who doesn’t want to be seen as such? 😉

3️⃣ Personalize your outreach.

You don’t have to be in every single magazine or social media channel.

With over 213 million businesses worldwide fighting for consumers’ attention, differentiate yourself by taking the time to really know your target audience and figure out what they need and how to best reach them.

For example, if you’re an economic development corporation trying to reach foreign investors, you’d be better off investing your advertising dollars in articles in newspapers and magazines over social media campaigns according to DCI’s 2023 Winning Strategies in Economic Development Marketing.

Why? Articles in newspapers and magazines are 32% more likely to influence an executive’s perception of an area’s business climate versus social media’s 19%.

🔑 In summary

It’s not money that makes the world go round — it’s trust.

By starting with these simple strategies, you will effectively build trust with your target audience and drive more qualified leads to your business.

Need more evidence that shows the power of trust?
Read the stories below.

How the "trademark of trust" earned Jackson County $54 million in investments

🇺🇸 JEFFERSON COUNTY, IL — Jefferson County in Illinois has outperformed several counties in Missouri, Arkansas, Indiana, Kentucky, and Tennessee in terms of attracting investments.

In an interview with GMI POST, Jefferson County Development Corp. Executive Director Tony Iriti explained the county’s winning formula.

READ MORE

Want to build trust in the workplace? Hire the right people

🇺🇸 DES MOINES, IA — We’ve heard it many times: Trust is integral to organizational success because it helps achieve common goals.

In January 2024, a study from MIT Sloan Management Review showed that if there is a high level of trust between employers and employees, motivation increases by at least 260%, and absenteeism declines by around 41%.

READ MORE

Sumitomo wins the confidence of nation-builders in Bangladesh

🇧🇩 DHAKA, BD — At the heart of Bangladesh's economic development vision, the government has relied on long-term partners that have delivered the desired results. Sumitomo Corporation Asia and Oceania, a leader in trade and infrastructure development, is among those trusted partners as seen by its engagement in the development of the Bangladesh Special Economic Zone (BSEZ).

In an interview with GMI POST, Sumitomo Corp. General Manager for Bangladesh Shinichi Nagata shed light on how the Japanese giant has played a pivotal role in industrial development and job creation in the South Asian country.

READ MORE

MORE FROM GMI POST
Alberta: A Canadian Province Makes Its Mark

Alberta stepped up measures toward sustainable growth to navigate the economic challenges last year. Despite the uncertain outlook for the global economy, Alberta's population expanded by over 61,118 residents over the third quarter of 2023, the highest growth in any single quarter since 1980.

This also cemented Alberta as Canada’s fastest-growing province in terms of population.

READ THE FULL REPORT in Foreign Affairs Magazine’s March/April 2024 issue, now available in print and online.

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