‘Trust and Confidence’ is a key indicator of how a range of stakeholders such as customers, potential customers, patients or members of the public view an organisation.
Over the last few years, the term ‘Trust and Confidence’ is becoming more commonly used as a key performance indicator to how well businesses are engaging with their audience across their ‘journey’ with them.
The more proactive of organisations within the utility (water, gas and electric), finance and NHS see that measuring the ‘Trust and Confidence’ of their stakeholders, is a more effective and accurate way to allow them to be more responsive to their needs and requirements – impacting positively on loyalty and satisfaction.
With competition opening up in the water industry and NHS organisations working harder to attract patients, Trust and Confidence is vital for these sectors that aren’t perhaps traditionally as ‘competitively’ driven as sectors such as retail. However with economic landscapes changing, whether you are public or private sector, understanding how you rate in ‘Trust and Confidence’ within your sector will of course provide a competitive advantage.
As experts working within regulated environments we have developed a ‘Trust and Confidence’ Evaluation Tool.
There are a number of factors that influence an individual’s ‘Trust and Confidence’ within an organisation, and we have carried out our own research to identify what these are. We then surveyed members of the public across the UK and asked them to rate their water, gas and electric, NHS and mortgage providers utilising these factors. This has resulted in Explain owning benchmark data for organisations within these sectors to compare themselves against.
This powerful insight allows organisations to track and measure against their sectors performance, identifying areas where improvements can be made.
Find out more about ‘Trust and Confidence’ by contacting Explain Market Research today.