Welcome to Trust FX.
Here you will find my thoughts on the importance of trust. Trust is a word that is used often. We hear it in sales pitches and advertisements every day. However, trust me is like the word FREE. Free gets our attention, but more often than not free has to be paid for! As important as trust is to consumers and businesses, it is amazing how empty the words “trust me” can sound.
I believe that all businesses can be divided into two basic groups – those who consistently satisfy their customers and those who don’t.
Most people prefer to use the former; however, it is often very hard or impossible to tell the difference. Both types of businesses can have impressive references. Both types of businesses can come across as sincere and can often back up their promises with written warranties. Both types of businesses can even have a clean history (no complaints on file) with the Better Business Bureau.
The reality for most people is that it is hard to perform significant due diligence on most small businesses. In fact, most of the time we need to rely on the business that we are evaluating to provide references for us to check! A bad experience always results in aggravation and loss of time. At other times, a bad experience will cost you money. Sometimes choosing the wrong business can even place the health of you or a family member at risk.
The above scenario is the basic problem that TrustFX aims to remedy.
The only credible predictor of how well a consumer will be satisfied with any business is to measure how well a business takes care of their existing customers. That is what TrustFX does. We provide a simple way for any business to put their reputation into the hands of their customers. Not just some customers, but every customer. The results that we collect are used to create a TrustFX score that is updated monthly and published at www.trustfx.com.
When a business puts their reputation on line, they have to try harder. They have to set an accurate expectation. Setting proper expectations requires the business to understand your needs. Sometimes is means that a business needs to turn away customers where there isn’t a good fit.
People often ask the question, why would a business put their reputation at risk? For businesses that have customer satisfaction issues, the answer is they won’t. But for quality businesses that can and do satisfy their customers consistently it is great tool for attracting prospects and converting those prospects into customers. I invite you to read Glen Urban’s paper “The Trust Imperative”. His research shows that a trust-based marketing strategy provides businesses with superior financial benefits including the ability to attract and retain great employees and reducing the cost of attracting new customers.
A business’s Trust FX score, developed over time, is the single most effective indicator that a consumer has to measure the trustworthiness of any business.
In order for ratings to be credible, the system that creates them must be credible and that is where Trust FX is unique. Most sites allow anyone with an email address to rate any business, which results in a high percentage of reviews that are not authentic. Our process involves both the business and the customer. Businesses that use Trust FX, pass a unique key to each customer at the time of sale. The key insures that a transaction took place (we can audit this process). A key is required to use the TrustFX rating system and each key can only be used to rate the business that issued it.
It is my pleasure to serve you with Trust FX.com, but it is your individual contribution and participation that makes this site valuable for all.
Andrew
Founder and Chief Trust Officer
Trust FX
