What is Brand Trust, and Does it Matter?
Human beings are creatures of habit. The majority of us have places we shop regularly, products we tend to prefer, and services we trust more than others. These decisions that we make in regards to where we spend our hard-earned money all come down to one important factor – brand trust. Brand trust isn’t just jargon for marketers. It’s a concept that truly matters because it can make or break your business.
What exactly is brand trust?
Brand trust measures how much confidence customers have in a business or organisation. It reflects whether or not a brand consistently delivers on its promises and stays true to its values. This type of trust certainly cannot be achieved overnight, but once a brand succeeds in being considered reliable, people won’t hesitate in purchasing its products or services continuously, and will often even recommend them to others. We all know how important customer retention is, and how keeping current customers happy is often more desirable than attracting new customers. This is precisely why achieving a solid brand trust strategy is a long-term investment for the success of any business.
When it comes to achieving brand loyalty, there are three main factors at play:
- Product experience
- Customer experience
- Impact on society
First and foremost, customers want a good experience with a product. In our fast-changing world with the plethora of options at our disposal, people must be able to learn and use products almost immediately. You must be sure that the value of your product is made obvious and that you’re doing everything in your power to ensure there is an overall ease of experience.
Customers want to be treated well by a brand and made to feel valuable and important. What does your business put first, the customer or profits? The answer here is important, because people know when they’re seen as just a source of revenue. They may still buy the product, but it won’t exactly encourage loyalty or repeat sales. Your strategy must focus on defining your customers' needs and solving them – that's how trust is gained and maintained.
Impact on society
Lastly, customers want to know that a company is ethical in terms of business practices. Analysts predict that metrics documenting a company’s contributions to society’s measurements will matter even more in 2021 and after. Word spreads quickly these days, so if your business is participating in any practices that society deems harmful, the odds are good that it will not go unnoticed.
Brand Trust in 2021
The importance of brand trust has increased significantly since the outbreak of COVID-19. Trusting a brand is so acutely crucial during these times for several reasons. Firstly, many have found their lives turned upside down as a result of the pandemic, whether it be from the loss of a job, a change in living arrangements, or the need to adjust normal habits in order to adhere to new safety regulations. As mentioned before, humans are creatures of habit, and we crave consistency whether we realise it or not. Brand trust has become so much more important for people who have found themselves in vulnerable or precarious situations. We can’t predict our lives anymore, so we desperately need consistency in other places.
Because many people are struggling financially due to the closing of several sectors and mass layoffs, people simply cannot afford to waste money on a bad or risky purchase. In fact, according to the Edelman Trust Barometer report in 2020, 70 percent of those surveyed said that trusting a brand is more important today than in the past – which was a belief shared among people of differing age groups, gender, and income.
What drives customers to keep coming back to a brand? TRUST. When a brand consistently delivers on quality, credibility, and reliability, it reaps huge benefits. Customers will go to that brand first and repeatedly whenever making a purchase.
This is why brand trust is so crucial, and why it should matter to you and your business. To sum up, if your reputation precedes you, that is (probably) a good thing.
Check out our previous blog article about customer experience and why you need to nail it in order to thrive.
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