This is the first of the AdHocnium Catalytic Podcasts, and in this inaugural conversation we focus on the changing role of trust in the era of social media. In particular, our Catalysts examine the different degrees of trust present in our various social networks, the behavior of trust as a non-traditional currency, and the shift of trust in advertising towards networks of peers. Chris Heuer is joined by Mitch Liberman of DRI Global, Hank Wasiak of Concept Farm, and Andy Sternberg of Adler Integrated.Together, they share their insights and experiences on the strategic value and importance of trust, especially in the context of business.
We chose this topic to initiate the Catalytic Podcasts because AdHocnium itself is a trust network just as much as a consulting network. The Catalysts are trusted professionals and inventive individuals that Founder Chris Heuer has known for a long time, a key factor for building trust that he emphasizes on this podcast.
According to Mitch, trust is not a currency in the traditional sense, and he describes it as a lubricant. It is not something that can be spent, but it can be earned or lost. This concept is extremely important for heightening customer engagement, and as a result, trust can be built by branding yourself with more humanity. Chris furthers the idea of trust as a lubricant, explaining that trust allows people to more comfortably exchange services and goods.
Later, Andy broadens the conversation by asserting that trust requires maintaining dialogue and open communication in a consistent manner. However, in personal and customer relationships, surprise is welcomed and encouraged. Balancing spontaneity and consistency can be a challenge for brands, but it is rewarded with positive customer reactions and deeper engagement with the company.
Open book branding is a concept Hank introduces; “It’s scary to be open with your audiences, but the more transparent you are, the easier it is to build trust.” A good read around this idea is The Open Brand: When Push Comes to Pull in a Web-Made World (Currently 30% off on Amazon). He also goes on to say that trust can firmly establish itself or collapse entirely in a brief period of time, emphasizing the occasionally volatile nature of trust.
Today, there are many convoluted sources of trust, and many factors worth bearing in mind to secure it. Listen in on this conversation among our leading digital and social business strategists for insights on how trust is won, lost, and fundamental to business success. Our Catalysts talk collaboratively and build off one another fluidly, resulting in a deep conversation with invaluable insights to improve your strategic approach to customer engagement.
As Mitch concludes, one of the solutions to modern trust complications is “something like AdHocnium, which is trust network-built. I think trust networks are very interesting because they extend beyond the trust of an individual.” Listen to our sixteen minute conversation and please share your thoughts on the relationship between trust and business below.
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