Business is an extremely broad area, covering all areas of an individual’s life. In addition, in each of the niches there are a large number of competing companies that are fighting among themselves to attract customers. The most effective way to create a target audience and keep it for the company is to increase loyalty. It is necessary to analyze how this tool works in practice, and what is the phenomenon of corporate trust among consumers.
First of all, it is worth noting that I am a loyal customer in relation to some companies, such as Apple. The fact is that there are a lot of manufacturing organizations on the market of smartphones and electronic equipment, but they differ significantly. Apple stands out from the competition thanks to its impeccable reputation, environmental concern, and history. The combination of such factors allows customers to assert not only the quality of their products, but the correspondence to the values of me. That is why the company occupies a leading position in the market both in America and in Europe. The essence of my loyalty is that I do not even consider going to Apple’s competitors to buy a product. I have a high trust in the manufacturer, which allows me to continue being an Apple consumer permanently, and not for a specific period of time.
However, not every corporation is able to generate high customer loyalty. This requires the presence of several criteria, such as the history or authority of the organization. These criteria are not clear and final, but the point is that the company must have a guarantee of its effectiveness and relevance (Hague, 2021). From a psychological point of view, a firm must share and sincerely uphold the values of the social group that is its target audience (Ziliani & Ieva, 2019). When customers feel they are in demand and need for the organization, they begin to feel an attachment to the corporation, which increases loyalty. In addition, the marketing side is important, for example, drawing up a seller-buyer relationship. Organizations need to permanently analyze and edit their customer relationship statistics. It is necessary to study the success of the applied strategies, improve the chain of interactions and open new channels of communication and feedback (Ziliani & Ieva, 2019). It is worth highlighting that working with loyalty has its own difficulties and disadvantages.
Nevertheless, there are ethical obligations to corporations as a consequence of loyalty. Firms that promise or advertise value sharing, should really prove it (Ziliani & Ieva, 2019). Otherwise, such statements can be interpreted as deception and manipulation (Ziliani & Ieva, 2019). The company must show its gratitude to its loyal customers and cherish them. If the firm ignores the input of customers and takes it for granted, consumers will start to go to more responsive and friendly customers (Hague, 2021). This is where the dilemma arises as to whether people should trust firms or treat them with indifference. This is an ambiguous situation, since trust, on the one hand, makes life easier for the individual and simplifies adaptation in a rapidly changing market (Ziliani & Ieva, 2019). On the other hand, such an individual can be deceived or used, which will negatively affect his comfort and financial condition.
At the same time, it is impossible to characterize all consumers unambiguously. The fact is that some customers are more likely to trust companies than others. It depends on the needs and expectations of the individual. About 63% of customers prefer to be loyal to the company that is most common in society (Hague, 2021, p. 78). For others, it is more important to observe clear principles and values of the organization’s management.
In conclusion, integrity is a vital tool for a firm. Moreover, a similar phenomenon gives rise to the ethical obligations of the organization, since they enjoy the trust of customers. On the other hand, most buyers are gullible, which can lead to negative consequences. This is due to the fact that they often follow the opinion of the majority and are amenable to marketing tricks.
References
Hague, P. (2021). Market research in practice. An introduction to gaining greater market insight. Kogan Page.
Ziliani, C. & Ieva, M. (2019). Loyalty management. From loyalty programs to omnichannel customer experiences. Taylor & Francis.