Consumers trust retailers
despite business scandals

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Despite the focus on recent corporate wrongdoing, trust appears to still be in tact for retail business. According to a recent study, supermarkets, major retail chains and drug stores are the top three most trusted businesses in America.

The Golin/Harris Trust Survey is a comprehensive market research tool created to identify and compare both the degree and direction of trust across more than 25 business sectors.

The survey indicates which industries Americans trust the most and trust the least, and determines the extent to which trust in them has increased and decreased over the past year. Businesses tagged with major trust problems are oil and gas, insurance and brokerage/Wall Street.

Gary Giumetti, President of McTevia and Associates, Inc., a management and financial consulting firm located in Eastpoint, said in a survey such as this, trust has a lot to do with control.

“As consumers, they gravitate to those things that they can touch, feel and compare. At a retail store, consumers can make a rational decision about whether they want to make that purchase at one location or the other.”

Giumetti said with other businesses, like insurance or telecommunications, there is fear of the unknown because information about what they do is so less accessible. It is easier for the common consumer to see the value of a retail product than the value of other business “products” that are less tangible.

Retailers also are trusted because of their commitment to quality products at a fair price and dedication to customer service.

“As a pharmacist for over 35 years, I can say with confidence that trust between you and your customers is all that you have,” said Carlos Ortiz, of CVS Pharmacy. “Drug stores, and more specifically pharmacists, are trusted because they are an interesting blend of business person and health professional. Customer health and benefit is our number one priority, and it shows through to the customer.”

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According to the Golin/Harris Trust Survey, these are the top 10 actions that companies can take to regain consumers’ trust:

• Be open and honest in business practices.

• Communicate more clearly, effectively and straightforwardly.

• Provide the best value in products and services.

• Visibly demonstrate concern and consideration for employees.

• Provide outstanding products and services regardless of price.

• Do a better job of understanding and addressing consumer needs.

• Demonstrate and communicate industry leadership.

• Change the way the company communicates financial activities.

• Be innovative and different from the competition.

• Make the CEO a spokesperson beyond reproach.