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The Trust Economy explained by The Social Client

  • Clock logoJuly 25, 2017
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NATU (Netflix, Airbnb, Tesla, Uber) have disruted the economic model over thepast years. They allowed the emergence of the "collaborative consumption", underpinned by one bedrock value : Trust. But what is Trust nowadays? Decoding.

NATU (i.e., Netflix, Airbnb, Tesla, Uber), represent a new generation of businesses harnessing digitalisation to develop hyper-personalized services in real time using a collaborative approach.

Examples of this new economy and approach to services abound - Uber, Airbnb, Drivy and Taskrabbit inter alia – and cover all sectors: housing, healthcare, clothing, facilities, people-to-people services, culture, school support, etc.

This new “collaborative consumption” is underpinned by one bedrock value – trust: trust in our peers, friends, close (and not-so-close) relations and now, increasingly, trust in people we do not know and will probably never even meet.

But what exactly is trust? The Oxford dictionary defines it as a “firm belief in the reliability, truth, or ability of someone or something.”

All of this entails a root-and-branch rethink of both business models and paradigms underpinned by a new language of trust and influence forged by the laws of the “social web”.

Trust: the bedrock of communities

Whereas social networks are formed to maintain existing relationships, communities seek to forge, develop and enhance new relationships by leveraging a promise of absolute trust which forms the community’s bedrock and the source of its members’ commitment. Within the community, we may observe a number of interaction models - including social networks – that members use to weave their stories around the brand, invigorating and adding value to it.

Trust is fast becoming the present-day currency and an indispensable lever for generating value and both winning and holding onto customers. Vanessa Boudin-Lestienne, Founder and General Manager EMEA of The Social Client predicts that “as a stakeholder in the Customer Experience, we create and activate trust ecosystems around brand customers. We firmly believe that an increasing part of the brand relationship is forged around feedback from the consumer community.”

Trust: collaborative model and social currency

As Vanessa Boudin-Lestienne explains, “consumers are living in a rapidly changing world. They do not expect brands to remain static but to reflect the pace of their own lives: to be present wherever they are, receptive to what they say and interact in the same spontaneous way as they do themselves.”

And it is against this backdrop of free and spontaneous interaction that a new type of relational and conversational model is starting to emerge and to produce a genuinely collaborative economy that now trades in trust.

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