In January of this year, Edelman released its 14th annual Edelman Trust Barometer, a global survey on trust involving 33,000 people in 27 different markets globally. This year’s survey revealed the largest gap between trust in business and government since the start of the study. The reasons for this gap are plenty; factors such as lack in government transparency, as well as the continued destruction of trust in government and a increase in trust in businesses. Of the 27 nations surveyed, the greatest decline of trust in government was seen in the U.S, Mexico and Poland. In about of the nations surveyed, the gap in trust was larger than 20 points.
It is also important to understand the four factors that help shape the trust people place in businesses. The four factors are:
- Enterprise Type
- CEO Trust
- Country of Origin
Each factor influences which businesses will gain the trust of their consumers. For example, businesses located in the BRIC suffer a trust discount compared to Western based businesses. As businesses strive to gain the trust of a larger number of people, it is important to understand that the most trusted individual in a business is not the CEO– it is the employee. Businesses should take advantage of the internal ambassadors to help build trust.
This report outlines a problem, the trust deconstruction, and a sort of solution, the factors that will help rebuild trust. It is up to businesses and more importantly the government to reestablish trust with the people that it serves.
As the new year approaches, it will be interesting to see what the 2015 Edelman Trust Barometer reveals. Will the new report reveal a steeper decline, a increase, or even no change?
If you want to learn more about the report and findings, visit the Edelman Intellectual Property Page