Trust matters

Friday 21 October 2022. – This week British prime minister Liz Truss resigned after six weeks of service. That’s quick. The trust in Truss was lost.

Fortunately, the company CEOs usually last longer than six weeks. According to consulting company Korn Ferry’s analysis, the average CEO tenure in 2019 was 6.9 years. Usually, the career continues when there are long-term results and most of all, trust. A successful CEO is trusted by the board as well as by the company staff. The situation gets even better if also customers share the same trust.

Salespersons are the front end in customership, but customer trust is built by the whole company. If deliveries are late and quality is weak, the sales persons are like poor bastards in creating trust. Trust calls for every employee. How is my job is connected to customers’ business? Whether in sales, production, the supply chain, HR, or in management, there is a connection.

A company leader earns trust through consistent daily behavior and performance. So does the company itself. A rule of thumb says that new customer acquisition costs five times more than retaining an existing customer. I wish everyone for long-lasting customer relations.