7 Tools for Building a Business People Trust

14 min Source: Ted Talk
PME Level: All levels

BLUF

This article describes the seven areas that it says a business needs to focus on to build systemic trust with its customers.

Summary

In 2014, three women started a company that involved collecting children from home or school and driving them wherever they needed to go. Today, that business is a multi-million dollar company and has expanded throughout the USA. In his talk, Digital trust advisor Marcos Aguiar uses this business as an example of creating trust in what most parents would see as one of the most inherently untrustworthy situations to place your child(en) in—a car with strangers. He says the company could do this and build a successful business through what he calls ‘systemic trust’. To build systemic trust, Aguiar says you need seven tools in your toolbox:

  • Access.
  • Contracts.
  • Incentives.
  • Control.
  • Transparency.
  • Intermediation.
  • Mitigation.

Aguiar uses this video to explain the meaning and importance of each of the seven tools. A transcript of the video is available here.