It might sound a bit glib to talk about trust.
Surely if people didn’t trust you they wouldn’t do business with you?
Well, yes you would think so. Yet trust has a lot to do with the nature of the relationship between you and your customers and the value of the business you do together.
Bare minimum trust might bring you an initial order but you may need to discount heavily to get it. Some businesses are constantly lobbing out cut price offers instead of making any attempt to differentiate themselves and prove the value of an additional spend.
That’s what you want is it not? A higher selling price, a repeat purchase, even a regular purchase. If you don’t build trust you’re not going to get those.
Half price, kamikaze discounts are indicative of a low-trust trading environment.
In terms of handling their personal data and “doing the right thing” by your customers, the trust involved can help you to differentiate your business from the others and justify higher prices. Better margins for you and a better product for your customer to enjoy. Which means you have a better chance of seeing them again.
Trust. Did you know that there are parts of the GDPR that actually help you to build trust? Trust you can use to develop your customer relationships and improve their lifetime value to your business.