Trust as an experience is built and nurtured over time between a customer and a vendor. What happens though, when cybersecurity is added to the equation? Can it be that much needed trust catalyst?

When speaking with Hashtaq’s Managing Director, Renee Tan, she shared that trust can be built through relationship-building and aligning values with the customer. At the sidelines of MCION’s 2nd summit in Penang, Renee also shared highlights of her presentation, one of them being that “There is the biological side of trust whereby with the oxytocin hormone, you can create more trust and the willingness to spend more.”

Renee Tan, Hashtaqs

Then there is the S-curve of Trust, a framework that involves going through various stages in order to build the optimal level of trust between the customer and provider. This customer trust experience includes stages like pre-awareness, awareness, conversion, engagement, and building loyalty, and its key idea is that trust needs to be cultivated gradually rather than trying to hard-sell or focus only on features.

This allows the customer to feel comfortable and see the provider as a trusted, top-of-mind solution. In this way also, “…there is longevity and sustainability.” Renee explained.

According to Renee, this is an omni-channel approach to look at the entire customer journey – digitally and in-person.

Customer trust experience is very important at the very first stages, she said, and it determines whether they would even be willing to meet with providers to find out more about their solution.

“You could have the best product in the world, but if you can’t convey the message and nobody buys, then what will happen?” she theorized, wanting to emphasize the importance of learning the risks, the steps to mitigate, and the way to convey the message to different stakeholders at every stage of the cycle.

Cultivating customer trust is essential for driving customer loyalty, stickiness, and long-term business success.

Cybersecurity is a part of the Trust Experience

In the realm of digital interactions, cybersecurity plays a crucial role in shaping customer experiences. Renee posits that robust cybersecurity measures serve as more than just protective mechanisms; they act as trust signals.

“You could have the best product in the world, but if you can’t convey the message and nobody buys, then what will happen?”

By demonstrating a commitment to customer safety and data protection, businesses can enhance overall trust and comfort levels among their user base.

“Decision makers are willing to adopt solutions in their business when they realize the extra effort taken, and the steps taken to ensure they are secure and protected.

“It also conveys transparency when all the data is shared to the users,” concluded Renee.

In this sense, cybersecurity becomes a differentiator when a brand positions robust security measures as a key part of its value proposition. Companies can build more robust, trust-based relationships with their customers, potentially leading to increased loyalty and market share in an increasingly competitive landscape.

Hashtaqs as a business helps other businesses to reposition themselves so they become sell-able by increasing their value to customers, or increasing their valuation to investors. Renee had talked about helping these businesses scale up potential, internationalize, go-to-market, after which Hashtaqs would help them localize.

Hashtaqs is organizing a sustainable manufacturing event in early September which will see multiple stakeholders like the government, industry, MNCs, SMEs, and innovative startups and investors, convening in Penang to discuss advanced technologies in sustainable manufacturing.