Action Plan: How Market Leaders Can Invest in Trust

To make trust your corporate currency, Dr. Venkat Venkatraman suggests thinking through the following four steps and their associated questions and action steps to develop a systematic plan.

Veeva - Trust Phase1What are the drivers of trust for each stakeholder—employee, supplier, consumer, and broader society? What are your priorities as a company, and how well do they match stakeholder expectations? Are you working to articulate the rationale as clearly as possible and communicate your commitment, key actions, and resources you have committed to earn the trust of each group? Have you thought about assigning responsibilities within the leadership team for your different stakeholders?

Veeva - Trust-Phase2

Are you monitoring developments in the external marketplace (and internal organization) that could likely cause direct impacts on trust? What could be likely negative (or positive) sentiments in the relevant communities, and what responses are in place? 

Veeva - Trust Phase3

It’s inevitable that trust will be broken and needs to be restored. Are you developing routines with responsibilities and action plans to restore trust in the event that something goes wrong?

Veeva - Trust Phase 4

Are you linking trust to performance metrics that drive your business? There’s no one equation that shows how valuable trust is for every company. You must develop and refine the equation for your setting. Use specific indices such as Net Promoter Scores (NPS) and track them over time and relative to competitors. Develop scores of employee engagement from internal surveys and link to relevant metrics from external sources such as Glassdoor to tie employee satisfaction to customer satisfaction. 

30% - 50%

Trustworthy companies outperform the S&P 500 by levels as high as 30% to 50%.

Source: Market Watch


of consumers are more likely to be loyal to a brand that offers transparency

Source: Label Insight

20% - 56%

Loss of Stakeholders’ trust can cost companies 20% - 56% of their value

Source: Deloitte

Unilever’s Head of R&D Digital and Partnerships highlights its innovation partnership with Veeva.

Customer-Driven Innovation in Action

At Veeva, we believe that trust is the foundation of strong and lasting relationships. We work directly with our customers to help drive industries forward, and our mission is to partner with and support you so that you can bring trusted products to market faster without compromising quality or compliance.

Our collaborative approach, powered by innovation and technology, enables us to develop and deliver solutions that build trust and confidence in our customers, helping to strengthen their reputation and drive growth. Learn More

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