What Is Brand Trust?
Brand trust also includes faith in the company’s motives, its transparency, and its relationships with both customers and employees. Brand trust is not only trusting that the brand’s product will be good, but also trusting the company’s motives, transparency, and relationships with both customers and employees. The term ‘brand’ not only refers to a company’s logo and identity, but also to the entire customer experience, from purchase to use.
The three main factors that help build consumer confidence and trust in a brand are: trustworthiness, empathy, and likeability.
The most important thing is to be open and honest. Three important values to maintain in customer service are inclusivity, respect, and empathy.
Even if a brand is new, these factors are important. Brands that develop a strong identity, customer base, and image will be better off than their competition when it comes to building brand value.
People are more likely to buy a product if they trust the brand. A brand that is trusted is also easier to choose than one that isn’t.
More and more people are becoming concerned with how responsible corporations are, and this is causing brands to try to build trust with consumers by doing good deeds.
There is an opportunity to gain trust by doing good deeds, but only as long as the public sees these actions as selfless.
The brand must be seen as understanding and sincere in its actions to be seen as altruistic. It is essential that the company sticks to these values to maintain its positive reputation.
Why Is It Important for Successful Businesses?
The trust that a brand has always been a part of its story. How much trust a brand can generate is traditionally seen as a predictor of its success in the marketplace.
Nowadays, people can easily share their thoughts and experiences about a brand online with a much wider audience. Customers can see how others have felt about their purchase by checking the online reviews of a product or brand. It has become more important than ever to create a good customer experience so that brand trust does not decrease due to online reviews.
Today’s buyers have much higher expectations for the brands they choose. Their overall level of trust in a brand depends on many factors, not just whether the product works well. Even though that is the primary factor, consumers also want more from the companies they buy from.
If a consumer trusts a brand, he is more likely to try its newest products. If you don’t trust a brand, you’re not likely to buy its new products. People are twice as likely to stick with a brand that they trust. People who feel a connection to a brand are also more likely to tell other people about the brand and try to get other people to use it. Back in the day, people would rely on marketers to tell them what to buy and whether or not to trust the products. Nowadays, people are more inclined to trust social media or their peers when it comes to making purchase decisions.
It is extremely important for today’s consumers to get input from other consumers before they make a purchase. On average, they will read 100 reviews before they feel confident enough to buy something online. The most important thing in today’s market is to get positive reviews by providing quality products and great customer service.
What Are the Main Pillars of Brand Trust?
The key to a successful relationship is trust. The key elements to establishing trust with your audience are creating content that is relevant to them, being transparent, and being consistent. This may help in your personal relationships as well, but I can’t guarantee it.
Pillar 1: Perceived Ability
Is your brand able to do what it promises? This is the question your audience will ask. Do your words match your actions, or are you all talk and no substance?
You can build trust with your audience by doing what you say you will do. This will create advocates for your cause. Reviews and social proof will help to build trust, but don’t make promises you can’t keep.
Pillar 2: Perceived Benevolence
Do they care about me? Yes, this is a tough one to establish.
You will gain the consumer’s trust by being consistent in your messaging and communication with them, demonstrating that you care about what they say. You should factor in how long it will take you to respond to online comments as part of your strategy. This way you can engage with your consumers, and always address any problems or negative experiences they have.
Pillar 3: Perceived Integrity
It is important to have a set of values that your target audience agrees with. By demonstrating you share values, you will strengthen trust. We tend to like people who share the same beliefs as us.
Are your products produced ethically? Do you help the community? Do you look after stray puppies? Let your audience know through your advertising.
64% of consumers are now belief-driven buyers who want brands to deliver on societal issues, as well as products
When customers trust a brand, they are more likely to make a purchase. When you build trust with your customers, they become advocates for your business, providing valuable word-of-mouth marketing. Additionally, customers are more likely to return to brands that they trust, which is beneficial as retaining customers is typically cheaper than acquiring new ones.
What brand trust means to customers is that they feel confident that the product will meet their needs and expectations. This can impact their decision making by making them more likely to purchase the product. The trust that customers have in a brand is everything. If you lose that trust, you will probably lose the customer.
Edelman’s latest research shows that businesses are trusted more than governments, demonstrating the impact that a good brand can have. There is a 14% gap in trust between business and government in the US (54% to 40%), and a 5% gap in trust between business and government in the UK (47% to 42%).
The importance of brand trust is clear, but there are more factors that need to be considered if you want customers to trust your business.
It is obvious that when a customer is considering two brands – one that they are familiar with and trust, and another that is new to them – they will choose the one they know. This is because customers expect brands to deliver on their promises in terms of service and product quality. While the new brand may be just as good in every way, the customer trusts the old brand more.
Even if a customer has already heard of your brand and has a good impression of it, that’s not enough to guarantee that they’ll become a repeat customer. The research reveals that the majority of consumers are more likely to try a product if it has a good reputation, but will stop using it if they don’t trust the company.
Why is brand trust becoming more important?
Customers trust brands more than ever, so businesses should too. Address customer concerns to enable the expected level of service and deal with pain points.
Nearly two-thirds of customers are worried about the quality of the products they’re using. Companies are struggling to keep up with the pace of innovation and customers are relying more and more on brands to automate their lives. Customers need to trust the brand, product, and service in order to avoid making a bad purchase.
Trust is a top buying consideration
The research found that brand trust is one of the biggest considerations for consumers when making a purchase. The majority of Americans say that whether or not they trust a brand to do what is right is a major factor in whether or not they do business with that brand.
Only product attributes that are ranked higher than all brand and company attributes, such as supply chain, reputation, and good reviews, are key points. This means that having values and a good reputation doesn’t matter if customers don’t trust you.
Current levels of trust
Although brand trust is important to many consumers, less than a third say they can trust most brands. What customers see as important trust factors are being overlooked by many brands who are instead focusing on customer service and product performance.
Brands need to make a difference
What can brands do to improve customers’ trust in them? The research shows that people who are committed to society are more likely to be successful, especially if they are driven by their beliefs.
A majority of consumers believe that brands have a responsibility to get involved in social issues that don’t directly impact their business. A brand has to show that it cares about an issue to address it, rather than just appearing to care to capitalize on the issue.
A majority of people say that too many companies use social issues as a way to improve sales, rather than because they actually care about the issue. Doing something solely for the optics can often be more harmful than helpful. This is something that many brands found out when they created marketing specifically for Pride Month.
A smaller percentage of people say they can trust a brand based on societal considerations than those who say they can trust brands based on product considerations. You could improve customer trust by being honest and transparent, which would have many benefits.
If a brand is fully trusted by its customers and the general public, the benefits for that company will be three times as great. According to the text, if a company has high trustworthiness, its customers are 68% more likely to buy from the company again, remain loyal, and speak positively about the brand to others. This means that if consumers trust the product, they are 21% more likely to buy it.
What can brands do?
If you want your brand to be successful, you need to focus on your values and promises and act on them. If you want your marketing campaign for a societal issue to be effective, your whole business should support the same beliefs.
Since a majority of consumers use some form of ad-blocking, changing their media habits, or paying for streaming services, it is important to take this into account. This means that it is not only the campaign that gets you noticed, but also the stories of you fulfilling your promises.
The majority of consumers who trust a brand will pay attention to its advertising, as opposed to only half of consumers who do not trust the brand. If you want people to trust you, show them that you’re trustworthy. People will pay more attention to your marketing if they see that you’re an honest person.
While an impressive marketing campaign may create a strong impression, a brand that demonstrates it cares will make a lasting impact. Brand trust is now more about providing great products, delivering on time, and providing exceptional customer service than it used to be. Consumers want to support brands that care about their impact on the environment and that prove it.
It is more powerful to make a societal issue part of your business strategy as a whole, rather than just your marketing strategy, in order to build trust in your brand. Make sure that your organization’s values are represented throughout before talking about them in advertising.
If you want to create experiences that feel authentic and build a stronger brand identity, it will pay off in the end.
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