For any business to be successful in the long term, it seems that it always comes down to trust. Do your customers trust your brand? So, what makes people trust one brand more than another? Is there anything you can do to ensure that your brand, your company, is the one that instills long term trust and loyalty? In some recently released research done by Edleman, and published at MarketingCharts, it seems that there are some things you can do to instill trust and loyalty in your brand. The following is taken directly from that published research:
- As the wealth gap between affluent Americans and the rest widens, one-third (33%) of American consumers say trusting a brand is important because they are struggling financially and cannot afford to waste any money on a bad purchase. That figure comes from the latest research by Edelman on brand trust, which surveyed 16,000 consumers across 8 global markets.
- The most commonly given reasons are all about the product, with close to 9 in 10 (87% globally, 88% in the US) choosing at least one such reason. Close to three-quarters (73% global, same for US) said they trust a given brand because it delivers good quality products or services. Next was that the brand gets good ratings and reviews (57% globally, 63% US). Separate data shows that consumers have high expectations of how many reviews they want to see from brands, at least when shopping online. Half of respondents (49% globally, 51% US) also trust a brand because it charges a fair price for its products or services.
- Customer-oriented reasons came next as to why consumers trust a given brand, with 56% of global respondents and a similar percentage in the US (57%) listing one of the three identified reasons. Within this category, reasons for trusting a brand include: that it has always treated the consumer and others well (39% global, 46% US); that it quickly addresses customer service problems (36% global, 35% US); and that it has done a good job protecting the privacy and security of their personal information (23% both globally and in the US).
- If consumers trust a brand they also exhibit behaviors that demonstrate loyalty. Some 8 in 10 US consumers (82%) and three-quarters (75%) of global respondents say they will continue to buy a brand they trust, even if another brand suddenly becomes hot and trendy. They’ll also advocate on the brand’s behalf, with a large majority (76% globally, 78% US) saying they always recommend the brand if someone asks.
- Long-term trust builds ad receptiveness. While half (48%) of those surveyed said they pay attention to a brand’s advertising and communications even if they do not fully trust them, this rises to three-quarters (76%) when they have trusted a brand for a long time.
- Three-quarters (74%) of respondents use at least one advertising avoidance strategy, including using ad blocking (48%), changing their media habits to see less ads (47%) or paying for streaming services (38%).
- Some 6 in 10 (58%) say they have bought a new product in the last 6 months because of an influencer.
-Written by Kevin Sawyer