Would your organisation or business like to command a premium price and/or have more loyal clients?
These are some of the benefits of being a trusted organisation that I wanted to share with you as I planned to write an article about trust to kick off 2023. Then I decided to give ChatGPT a test-run and see how much we can trust it on the same topic.
What is ChatGPT?
ChatGPT is the large language model chatbot developed by OpenAI.
You type in a question and it writes a response. You can give it lots of instructions regarding the style of the response or make simple requests.
The benefits of being a trusted organisation
My article was going to reference Edelman’s trust barometer (which I have written about before) and its definition of trust, as well as the benefits for organisations or brands that are highly trusted. For more than 20 years, Edelman has been conducting annual research into trust across the globe.
Edelman says trust is “positive sentiment expressed over time regarding a brand’s ability, dependability, integrity, purpose and personal relevance.”
And the data about the benefits that exist for trusted brands is compelling.
In Measuring Trust: A Prerequisite to Unlocking Growth November 2021, the data shows that trusted brands, in contrast to distrusted brands:
• Are seven times more likely to command a premium price
• Garner 14% greater purchasing propensity
• Benefit from six times the consumer loyalty
• Are eight times more resilient
• Are seven times more likely to get consumers to share their personal data with them
• Have stock that outperforms its sector by up to 11% in times of crisis.
What ChatGPT had to say
When I asked ChatGPT the same questions, the responses showed that the chatbot does need instructions about the style of response you are looking for. It’s still superficial in its answers and across several topics, the responses were formulaic. It didn’t use any of the material I have provided above. It also doesn’t provide details of its information sources. If we humans did that, it would be considered plagiarism.
What you need to consider when using generative AI
In its current state of development, there are several questions about generative AI that need your consideration.
• Can you trust the information it uses? If it provides you with data, is it valid? How will you approach quality control and privacy checks?
• Will you declare that your words or images are produced by AI technology?
• How will you protect yourself against copyright infringement?
• What are the other ethical considerations of which you need to be mindful? The potential biases?
If you test ChatGPT for your needs, let me know your thoughts and whether or not you believe you can trust what it offers you? In the meantime, here’s the response from ChatGPT to my questions on trust.
ChatGPT on trust
What are the key elements of trust and how do you build trust?
Trust is an important element in any relationship, whether it is personal or professional. It is based on a combination of several factors, including honesty, reliability, and competence. Here are the key elements of trust and how you can build trust:
- Honesty: Being honest and transparent is essential for building trust. This means being truthful, open, and straightforward in your communication and actions.
- Reliability: Trust is also built on the belief that someone will do what they say they will do. When you consistently follow through on your commitments, others will come to trust you.
- Competence: Demonstrating your knowledge and expertise in a given area can also contribute to building trust. When others believe that you are competent and capable, they are more likely to trust you.
- Communication: Clear and effective communication is important in building trust. It allows others to understand your intentions and helps to prevent misunderstandings.
- Respect: Showing respect for others’ feelings, opinions, and needs is also important in building trust. When you demonstrate that you value others, they are more likely to trust you.
- Empathy: Being able to understand and relate to others’ emotions and experiences is an important component of trust. When you are able to show empathy, others are more likely to trust you.
- Consistency: Consistency in your words and actions is also important in building trust. When you are consistent, others can rely on you and trust that you will behave in a predictable manner.
In summary, building trust requires honesty, reliability, competence, effective communication, respect, empathy, and consistency. By demonstrating these qualities in your interactions with others, you can build trust and strengthen your relationships.
What are the benefits of building trust?
There are many benefits to building trust in personal and professional relationships. Some of the main benefits include:
- Improved communication: Trust helps to facilitate open and honest communication, which can improve relationships and lead to better decision making.
- Increased collaboration: When people trust each other, they are more likely to work together effectively and collaborate on projects.
- Greater productivity: Trust can lead to increased productivity, as people are more likely to take risks and innovate when they feel that they can trust their colleagues.
- Stronger relationships: Trust is a key component of strong and healthy relationships. When people trust each other, they are more likely to feel connected and supported.
- Enhanced reputation: Building trust can also improve an individual’s or organization’s reputation, as people are more likely to do business with those they trust.
In summary, building trust can lead to improved communication, increased collaboration, greater productivity, stronger relationships, and an enhanced reputation. It is an important element in any personal or professional relationship and can have far-reaching benefits.