Building and strengthening trust is the most important strategic communication challenge for Baltic organisations over the next three years. 73% of business people in Latvia, 70% in Lithuania and 80% in Estonia say this. This was found in a survey of 1,535 Baltic entrepreneurs conducted for the communications agency Olsen+Partners.
Sustainable development is the second most frequently mentioned challenge for Latvian entrepreneurs (38% of respondents), while aligning business and communication strategies is third (35%). Lithuanian and Estonian entrepreneurs, on the other hand, ranked alignment of business objectives and communication activities second (48% and 32% respectively) and sustainable development and social responsibility third (42% and 31%).
"Trust is the main currency of today. This is evidenced by the fact that the task of fighting for trust is at the forefront of organisations in all the Baltic States. The pandemic and the geopolitical situation have eroded the trust of audiences and significantly broadened the scope of social responsibility of organisations, highlighting the importance of the principles of diversity, equality and inclusion (DEI) as well as corporate values. This means that it is important to add new strategic accents to a company's communication strategy," says Olga Kazaka, Partner at Olsen+Partners, adding that there are four main components that build trust in organisations among target audiences.
Firstly, there is competence, which includes an organisation's capabilities, knowledge, experience, performance and reputation. Secondly, motives, i.e. the answer to the question of how the organisation acts in their interests. Thirdly, it is the means by which the organisation achieves its objectives. This is where the values and social responsibility of the organisation come into play. The fourth important element of trust is the ability to take responsibility.
"Organisations need to review their communication strategy and see whether it is working in all four of these trust-building areas. These strategically important messages to target audiences need to be reflected in the organisation's day-to-day communications," says Olga Kazak.
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