Earn Trust To Gain Recommendations

We recently published the 2011 Temkin Trust Ratings. But why should companies care if their customers trust them? I think we all have a strong intuitive sense of the answer, but I decided to “run the numbers” and analytically look at how trust relates to one element of loyalty: the likelihood to recommend.

My analysis is based on a study of 6,000 US consumers and their relationships with 143 companies across 12 industries. Here’s what I found…

The data is pretty clear: consumers that trust companies are likely to recommend those companies, but they won’t recommend companies that they don’t trust.

The bottom line: If you want consumers to recommend you, then you need to first earn their trust 

Report: 2011 Temkin Trust Ratings

We just published a new Temkin Group report, 2011 Temkin Trust Ratings. Here’s the executive summary:

We asked 6,000 U.S. consumers how much they trust different companies. The data allowed us to rate 143 companies across 12 industries. USAA and Amazon.com earned the top spots in the 2011 Temkin Trust Ratings while Comcast and Charter Communications dominate the bottom of the list. Only eight companies earned a “very strong” rating. Retailers, investment firms, and hotel chains have the highest average rating, while Internet service provider and TV service providers have the lowest.

Download report and dataset for $295

First of all, kudos to the top 10 firms in the ratings:

(1) USAA (insurance)
(2) Amazon.com (retail)
(3) Costco (retail)
(4) Edward Jones (investment firm)
(4) Hyatt (hotel chain)
(4) Sam’s Club (retail)
(4) TriCare (health plan)
(8) Kohl’s (retail)
(9) Walgreens (retail)
(10) Vanguard (investments)

Here are the results across industries:

Download report and dataset for $295

If you want to get access to all of the data in this ratings, check out the Temkin Ratings website

The bottom line: It’s time for more companies to earn their customers’ trust

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