Olsen+Insights

Baltic entrepreneurs feel a total lack of trust

The most important task of strategic communication for the next three years that Baltic organizations define is to build and strengthen trust. In Latvia, 73% of entrepreneurs said so, in Lithuania - 70%, and in Estonia - 80%. This was revealed in a survey of 1,535 Baltic entrepreneurs commissioned by the communication agency Olsen+Partners.

The second most frequently mentioned objective by Latvian entrepreneurs is sustainable development (38% of respondents), and the third - integration of business and communication strategies (35%).

For entrepreneurs in Lithuania and Estonia, the issue of alignment business goals and communication activities came second (48% and 32% respectively), while sustainable development and social responsibility came third (42% and 31%).

"Trust is the main modern currency. This is confirmed by the gap with which the task of fighting for trust for organizations in all Baltic countries is leading. The pandemic and geopolitical situation has shaken the trust of audiences and significantly expanded the area of social responsibility of organizations, actualizing the importance of diversity, equity and inclusion (DEI) principles as well as company values. This means that it is important to supplement the corporate communication strategy with new strategic emphases," says Olga Kazaka, Partner at Olsen+Partners, adding that there are four critical components that make up the trust of the target audience in organizations.

First, it is competence, which includes the organization's abilities, knowledge, experience, performance and reputation. Second, motives, which is the question of in whose interests the organization acts. Third, it is the means by which the organization achieves its goals. Here the values and social responsibility of the organization should be manifested. The fourth important element of trust is the ability to take responsibility. "It is important for organizations to review their communication strategy and see if it is working for all four trust-building areas. These strategically important messages should be read by target audiences from the organization's daily communication," says Olga Kazaka.

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