Consumer Trust in the New Start-Up

Consumer trust is the foundation for any business. One can defines consumer trust as a feeling confirmed by the performance of the start-up business. 

Usually customers demonstrate their active feeling of trust when they are sure of the track record of the business. However, what about the new start-up without a history to build upon? 

How does the start-up builds trust?  

Trust is a feeling of confidence with the consumer that the specific will fulfill their need.
 

The following quote of Folk Theorem I. describes it brilliantly:

“People are more willing to trust, more quickly, when principles that promote trust have been explicitly and universally accepted.”

Therefore, the first and foremost job of the start-up entrepreneur is to inspire trust. Trust consists of two components namely: character and competence. The components of character are integrity, motive, and intent with customers. Competence on the other hand is things like your capabilities, skill, results, and track record. 

Many times, we will think “This person is so sincere and honest” but will you trust his business if there are no results?

The quickest way to build consumer trust is to “Keep you Word.” Show customers right of the bat that they can count on you. Deliver on your promises. No excuses, if for some reason you are unable to keep your word be honest with the customer and communicate it to them. 

This document "The impact of initial consumer trust on intentions to transact with a web site: a trust building model" explains it equally superbly.

I especially like their definition of trust:

Trust helps people make the ‘leap of faith’ into action because trust embodies feelings of security about the object of trust, such that one can move forward without fear in spite of the risks or uncertainties in a situation.