A recent article from the Harvard Business Review states that the level of trust organizations have in their suppliers is a casualty of the economic downturn. It’s tough to disagree with that, especially considering “one-fifth [of senior business leaders surveyed] admitted that their trust in suppliers had been shaken over the past 12 months.”
It’s no secret that this trust is critical for the majority of organizations that operate in the business-to-business space, but the global economic downturn has resulted in many suppliers cutting manpower, reducing production capacity, or simply disappearing.
If you’re a supplier that’s facing shrinking margins, supply chain difficulties, and the challenges of doing more with less, how can you rebuild (or maintain) your key customers’ trust?
We’ve seen suppliers successfully build trust using these four steps:
Engaging and listening to your customers is essential in sustaining their confidence that you can meet their current and future needs. With supplier trust crumbling in many industries, now is the chance to make credibility and trust part of your value proposition.
Today’s environment presents an opportunity. Taking the steps to build your customers’ trust now, in the toughest times, will pay off in the short and long term.