The value of trust

Watching Apple WWDC event made me think about the value of trust in business.

During the two-hour event, Apple repeatedly emphasized the trustworthiness of its products and services. The message that Apple protects your privacy and secures your data was told in one segment after another. The thing is that consumers seemed to find Apple’s claim more credible than that of other companies. They trust Apple more in this sense. With that trust, Apple seems to have an easier time introducing very personal products or services to users than others. In addition to a continued push into healthcare, Apple introduced Apple Pay, HomeKit Secure – which allows you to monitor the camera at your front door and sends an encrypted copy to iCloud and Single Sign On. Without trust, I don’t think the enthusiasm would have been as much as that shown during the event. And if they want to introduce something similar to HomeKit Secure, well, good luck with that.

One of a notable releases was Mac Pro, which will cost around $6,000 apiece. though the figure itself does sound expensive, it’s not out of character for Apple. The company has been able to charge users outrageous prices for its devices, yet their annual revenue for the past decade has grown dramatically. It is evidence that consumers trust Apple enough to spend a significant sum on its hardware. In order to pay for a premium, you will need to trust that it carries out basic functions first and on top of that it is worth it. After trouble with Note 7 and the foldable phone, would you still trust Samsung enough to pay $2,000 for its phone?

Trust requires hard work and consistency. Yet, once form, it is a powerful competitive advantage and can open many doors. In some cases, I think it can be the most valuable asset a company can have.