Perth, Australia (PressExposure) October 26, 2009 -- Most of us inherently understand the importance of trust, whether it's in our personal friendships, business and even down to the contents of our food. Brand trust might appear to some as a fuzzy notion, but ultimately it delivers hard, tangible bottom line results for organisations & brands. It creates lifetime consumer cycles, when customers have trust and loyalty for a certain brand they may use that brand for their entire lives. This drive to create lifetime consumers is what often convinces firms to spend millions on advertising and developing new products.
Given Brand is 'the relationship with a customer' and the 'implied guarantee of quality or experience extended by your firm' any breach of that contract with your customer and/or employees, and their expectations, places the brand in jeopardy.
Brand Trust - impacting the bottom line
Recent studies into the benefits & drivers of brand trust found that when people trust a brand,
* 83% will recommend it to others * 82% will use its products & services frequently * 78% will look to it first, for the things they want * 78% will give its new products and services a chance * 50% will pay more for its products/services * 47% believe it will keep them informed as to new products/services they'll like
Harnessing brand trust is basically the key to the consumer equation - through trust, they'll pay more, try more and ultimately, buy more.
So how do we capture more brand trust? Interestingly, research has found that all six of these drivers below equally correlate in their ability to build brand trust collectively.
1. Stability - a brand needs foundations and to be stable in order to be trusted 2. Innovation - continuing to develop & innovate 3. Provide a 'relationship' - brands must open up a relationship with their customer/s 4. Have Practical Value 5. Be competent and deliver 6. Vision - Brands must adopt guiding principles and a Vision in order to be trusted.
Tips for building greater Brand Trust
Establish Brand organisational values and metrics (what exactly is the strength of our trust drivers?) then set about defining your Brand's trust drivers (what is our brand actually trusted for?). Has your organisation set a Brand vision which both engages and attracts customers, consumers and your employees? Finally ensure marketing tactics (processes & programs) both internally (in regard to employee culture) and externally, across business activities and communications with your customers lend themselves to building greater brand trust.