Christopher Elliott posted an article on Mint.com’s blog on December 26, 2013 about how much consumers do and do not trust business. You can see the article at 3 Reasons Why It Might Be Smart to Distrust a Company. The three reasons he offers is that suspicious consumers are less likely to get “burned”; skeptical consumers point the way for the rest of us to trustworthy companies; and distrustful consumers can make businesses better.
15% of US consumers trust what corporate executives say. More details about which companies are and are not trusted can be found in the Consumer Satisfaction Reports .
As far as this short article goes it makes good points. We have all suffered some loss or disappointment with business. Newspaper headlines are filled with the failure of business to live up to its promises. There is another reality however that Elliott glosses over. The vast majority of us trust the majority of businesses every day implicitly. We purchase and consumer millions of food and drug products without question or serious doubt and fortunately without ill effect. In fact when business fails us it is so comparatively rare that it is newsworthy. If it happened all the time in every business it would hardly be news.
To conserve our wealth and use it wisely it is good to be a little shrewd. Blind trust is not always rewarded and this article points out why. The bottom line though is that while it is wise to be suspicious and educate oneself about what is and what is not trustworthy in business it is also essential that we maintain some level of implicit trust in order for the wheels of commerce to function.
It is not in the best interests of business for them to be untrustworthy in general nor is it in our best interests as consumers. Reaching a reasonable balance between sufficient distrust to protect oneself while not being incapable of trusting anything business does is the key.
What do you think?Wishing you well,
Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.