
In episode 93, Steve van Riel, Senior Strategy Director and EMEA Head of Trust Development at Edelman UK takes us on a journey from his involvement in UK politics to his current work in consumer trust research. In the 2015 UK general election, Labour wasn’t trusted to manage finances effectively, while the Conservatives weren’t trusted to do so compassionately, leading to an inconclusive result. This experience underscores the importance of trust in high-stakes elections. Steve’s academic research, influenced by Daniel Kahneman’s “Thinking Fast and Slow,” examines how System One (fast, intuitive thinking) and System Two (slow, deliberate thinking) processes affect trust decisions. In consumer trust low-stakes decisions often rely on fast thinking with simple rules of thumb, while high-stakes decisions require slow, deliberate thinking where evidence is carefully weighed. He talks about trust games, offering a more nuanced, risk-based measure of consumer trust compared to traditional surveys.
For quick, intuitive decisions, companies can leverage simplicity and familiarity to build trust, using elements like simple logos, straightforward messaging, and user-friendly websites. For more deliberate decisions, businesses need to provide detailed, reassuring information and emphasize their reliability and regulatory compliance. He highlights the challenge boards face in turning abstract trust concerns into actionable strategies. He shares successful examples, such as Tesco’s approach to pricing and McDonald’s efforts to rebuild trust over decades.
He concludes by highlighting the ongoing challenge of maintaining precision and discipline in trust research. He stresses the need for practical applications of academic insights to solve real-world problems, using the example of how Boeing could apply trust research to rebuild its reputation after a series of accidents.