Someone with hearing loss always has a story of being taken advantage of in the past. They felt ripped off, spending so much on a hearing aid that doesn’t work.

They no longer like it because of poor fitting. Yet, they don`t know what the problem is. All they know is that they spent so much money trying to get this hearing aid, hoping it would make their lives easier.

This negative experience is imprinted in their mind forever. They tell their friend and family. Everyone is aware.

People feel a lack of trust in the industry as a whole.

Trust is at an all-time low.

In recent times, consumer trust has been declining. When the world is full of uncertainty, trust declines.

According to research done by Qualtrics XM, 50% of people trust brands and Gen Z is the least trusted group compared to Boomers. However, everyone averages out around 50%.

So, how do we overcome this and build more trust?

Understand the psychology behind trust.

I think it is important to start with understanding the psychology of trust.

The ability to trust means that you care more than self-interest. When we engage in trust, we believe in reciprocity. However, people trust less when they believe there is nothing to gain.

“When people trust, they accept risk because they believe they can
avoid a negative outcome. Trust without a positive expectation is self-destructive.”

Anthony M. Evans and Joachim I. Krueger, The Psychology (and Economics) of Trust

Context and situations are important when it comes to trust.

When we know the other person, we have experiences to lean on.

We don’t have the experiences when we meet strangers, and we rely on perceptions to help.

To overcome their lack of experience, some might look for a shared social identity. We are either members of the same college or university or live in the same neighbourhood. These commonalities become our cue to build trust.

We believe others like us will return respect and cooperate with one another.

Trust doesn’t come from a checklist.

To understand how to build trust, there isn’t a set of rules that increases trust automatically.

Trust varies because of economic preferences, social norms, personality traits, group processes, or expectations.

To better understand the context, we need to understand the person’s characteristics and situation better. We need to ask the following questions to build trust:

• Do I have any previous social relationships with the other person?
• How does this encounter relate to their past experiences and social expectations?
• What would they stand to lose or benefit if trust were made?