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Technology still most trusted industry

Technology has defended its title as the most trusted industry in the public’s eyes according to the recently-released 2011 Edelman Trust Barometer. At the same time, trust in the automotive industry has risen 17 percent since 2009 (thank you, bailout?), and trust in banks has fallen 46 percent since 2008.

Which raises the question, who ever trusted a bank in the first place?

Polling an “informed public” of 25 to 64 year-olds, the study asked participants how much they trust each industry “to do what is right” on a scale of 1 to 9. Only answers of 6 through 9 were counted as positive, bringing U.S. public trust of technology companies from 78 percent in 2008 to 73 today, but of automotive industries to 49 percent from 32 in 2009.

Only 25 percent of Americans now trust banks to do what’s right.

Edelman states that companies such as Toyota have taken advantage of a new trust architecture where a company promotes itself as a “profit with purpose” institution and leverages social media to build a personality, provoke engagement and create repetition of its message.

What do you think? Are companies doing enough to gain trust of a skeptic public? Weigh in with your comments below.

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  • Hugh Campbell

    The Chinese Government gets result by managing its economy; therefore received the highest governmental trust ranking of 88% in the 2011 Edelman Trust Barometer®. The U.S. Government may not even deserve the 40% rating because it has done little if nothing to combat China’s innovative beggar-thy-neighbor strategy!

    Four deficits gave birth to the book and movie I.O.U.S.A, namely, the leadership, trade, savings and the fiscal deficits. Following the releases of the I.O.U.S.A. book/movie, the better financed special interest groups caused the fiscal commission to become a reality, leaving the remaining three deficits, most relevant to the middle-class, to fall by the wayside. These 3 middle-class-relevant deficits, namely the leadership, trade and savings deficits are most causal to our current economic plight, while the fiscal deficit is primarily the result (effect) of the first three. I.O.U.S.A. treatment of the trade deficit was framed in the context of Warren Buffett’s parable Squanderville versus Thriftville. The portion of my post, titled, An America Lost in Squanderville deals with the trade deficit:
    The United States’ trade gap is the proverbial “leak-in the-dike” with its de-simulative effect on our recovery. In November 2003, Warren Buffett in his Fortune, Squanderville versus Thriftville article recommended that America adopt a balanced trade model. The fact that advice advocating balance and sustainability, from a sage the caliber of Warren Buffett, could be virtually ignored for over seven years is unfathomable. Media coverage that China has kept it currency undervalued is a gross understatement, it has actually been keeping the U.S. dollar over-valued; which adversely affects all U.S. trade with ALL U.S. trading partners, not just trade with China. Until action is taken on Buffett’s or a similar balanced trade model, America will continue to squander time, treasure and talent in pursuit of an illusionary recovery.

    The Leadership deficit can be best addressed with campaign financing reform that really works. The savings deficit can be best addressed with increased productivity, similar to Japan post-WWII economic miracle pioneered by W. Edwards Deming, an American statistician and replacing federal employment and most federal income taxes with a federal consumption tax, like those used by most industrialized countries, except the United States.

  • http://www.MRCAS.co.uk MRCAS

    It’s certainly fair to say that the public at large are far more switched on about what’s going on in the world around them and quite correctly expect/demand that professional they are asked to trust, deliver an justify that trust.

    The many companies that have breached that trust, have an uphill struggle to regain that trust, particularly when it nearly broke the country and has wrecked the economy.

    At least in Technology, you have a feeling that companies are striving hard to genuinely improve the world, rather than greedily financially rape it.