Even before the collapse of subprime lending, the mortgage broker industry seemed to have two strikes against it when dealing with the trust of consumers.
In many quarters, the industry was not able to shake an image of a sleazy salesman a fly-by-night business.
But to be a survivor in the origination business, trust is the No. 1 item a consumer wants with any professional relationship they have.
Joan Holleran, director of research for Chicago-based market intelligence firm Mintel, comments, "In the first two months of 2009, we've already seen the dire need to rebuild trust in America. From government changes to food safety to struggling financial institutions, the American public's trust has been broken repeatedly in recent months. Rebuilding this trust is crucial for business success, consumer confidence and overall economic recovery."
She believes institutions will need to work much harder to gain people's trust this year. "Many Americans had their confidence dashed by failed expectations, and they're also spending less because of the recession. Companies need to develop trusting, honest relationships so they can get shoppers' precious dollars."
The entire financial sector, Mintel research found, has the furthest to go in regaining consumer trust because it was the catalyst of the economic fallout. Lenders need to clean up their books and communicate openly to regain people's trust.
Business marketing strategist Gal Borenstein said "consumers will realize their power and demand more in everyway from better deals to better customer service and most of all, to respect."
To win the loyalty of a tougher, more critical audience, customer service needs to be a marketing and brand building strategy.
He added that consumers are looking for a reason to buy from vendors that provide the same product but give a better customer experience.
The author of a book on personal credibility, Sandy Allgeier, said if people don't trust you, they won't work with you.
There is one sure way to gain the trustworthiness you need to succeed: Improve your personal credibility factor. "Whether you're an employee, a leader, or an entrepreneur, personal credibility is truly a 'magic bullet' for success. It forms other people's opinions of you, shapes their interactions with you, and helps them decide whether to trust and respect you. In other words, it leads to healthy, productive relationships - and relationships are the vehicles through which business happens."
Ms. Allgeier says that personal credibility is "about respect, trust, and being believable." In short, personal credibility is judged by your actions. What you do - and don't do -determines other people's perceptions of whether you have it.
