Why Trust Matters
Every board, leader and brand and marketing practitioner will agree that trust is critical to the brand and organisation.
A study by Grey showed that trust is a key factor in people saying it is a ‘great’ brand.
Trust has been shown to drive the vast majority of your customer satisfaction and NPS – whichever you use.
Trust is simply the strongest force that pulls customers to consider you, engage with you, buy from you and stay loyal to you. Indeed, one of our client’s own customer analysis shows that trust is the single most important drivers to sign up with them.
Trust helps our customers and consumers make choices easier. Trust not only takes the worry out, but makes us feel good. Sociology Professor Luhman links trust to blinkers. The more you trust, the less you see alternatives, no matter if they are better or cheaper. Trust is not just about security and comfort, it is also about thrill and adventure and takes our audiences forward. By focusing on building trust, the right trust, in our brand you can build brands that connect organisational strategy directly with customer behaviour and build brands that are as effective as they are exciting.
With most of our brands facing strong competition, brand trust becomes a critical competitive advantage. Brand trust becomes a pretty good insurance against private label and retailer owned labels. Furthermore, the more trust you are able to build over your competition, the more opportunity you have to charge a premium and/or to gain market share.
Trust in itself therefore, is not a competitive advantage, (unless you are in a distrusting environment) every little more or less trust matters. A mere 20% increase in trust can increase your brand’s chances of being chosen by 400%.
Benefits of more Brand trust:
- Higher Customer Premium.
- More Market Share.
- More Loyalty.
A mere 20% trust increase can mean a 400% improvement in buying propensity.
Trust drives up to 75% of your NPS and satisfaction.