Can Business lead the Trust Revolution?

Barely 10 months ago, I wrote about the world’s trust deficit, and the challenges businesses face in rebuilding consumer trust in a post-pandemic world. Since then, things haven’t got any better. In fact, at one of the most volatile times in recent history, most people don’t know where or who to turn to for reliable information.

According to the 2021 Edelman Trust Barometer, many ordinary citizens believe that key societal leaders and the media are – wait for it - deliberately trying to mislead people. I’d insert a screaming face emoji here if I could. We’re not just living through a global pandemic: we’re living through an “infodemic” in which trust in all news sources is at record lows.

This is what Richard Edelman, the CEO of global communications giant Edelman, has to say: “This is the era of information bankruptcy. We’ve been lied to by those in charge, and media sources are seen as politicised and biased.”

Scary stuff. Social media (35%) and owned media (41%) are the least trusted. Even traditional media (53%) saw an 8% drop in trust.

So what does this mean to us as business leaders?

For one, it’s time for CEOs to start leading on societal issues at a time when according to the 2021 Edelman Trust Barometer, business (61%) has emerged as the most trusted institution, replacing government. More than eight in 10 people expect us to fill the void left by governments in areas like fixing societal problems and taking the lead on change. The voices people trust on issues like the pandemic, the future of work, and societal problems, are ours.

One of the areas that business gains the most trust right now is by being a guardian of information quality. Consumers value this even higher than embracing sustainable practices, providing a robust COVID-19 response and driving economic prosperity. So how do we, as African business leaders, get onto the front foot in this regard? The Trust Barometer has some strong pointers.

We must embrace our expanded mandate

What’s clearer than ever is that the business sector must step up to the plate, and get comfortable with a broadly expanded definition of relevance to more stakeholders than ever before. In the past, many CEOs preferred to focus only on the bottom line. Now, two in three people want brands to focus on making the world a better place. We must develop positions on issues like worker’s rights, opening the economy, hybrid work, sustainability, diversity and upskilling – and be prepared to lead on them.

Lead with facts, act with empathy

In a world crying out for trustworthy information, we must have the courage to provide straight talk, while empathising and addressing people’s fears. Understanding the needs and expectations of our consumers and audiences is more important than ever. And if people feel they can trust your business, they will reward you with advocacy (61%), purchase (57%), loyalty (43%), and engagement (31%).

Provide credible and trusted content

Consumers perceive media driving specific agendas rather than informing the public of the facts. Could business play a role as a trusted source of information to both employees, consumers and shareholders? This puts a real responsibility on our shoulders to verify the information we share with our employees and consumers, and to not amplify anything that hasn’t been thoroughly vetted – much like we do with our customer data.

The bottom line is that businesses have an unprecedented opportunity to win the hearts, minds and trust of our consumers at a time when consumer behaviour is more fickle and changeable than ever. We will rarely have a better chance to deliver purpose-driven, sustainable engagements with our stakeholders, and to partner with government and civil societies to be part of the solution to the world’s most pressing problems. It’s an opportunity we can’t waste.

Do you believe that the private sector and maybe even your business can play a leading role in bigger societal issues and drive the change we seek? What will you have to do differently to win over your consumers and stakeholders? Is this a turning point for the role of businesses in society? I’d love to hear your thoughts, and open a conversation about this.