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Trust is a must.
We think about trust a lot when it comes to relationships. But how about brands? A new Morning Consult survey shows trust is a major factor for why consumers choose—and stay with—certain brands. Trust is built on a lot of different things, such as ethics, social responsibility, value, privacy and data handling, dependability, and much more.
In some categories especially, trust is a big deal. Respondents said the types of companies where trust matters the most are:
- Health care
- Financial services
- Food & beverage
But does it really matter if customers don’t trust you? Yes! As the chart below shows, trust can lead to referrals, purchases and even social media follows. It could even mean your buyers are willing to shell out more money for your product.
The importance of brand trust to consumers
Thinking of brands I trust...
And the tangible effects are just part of the story. Trust really impacts your brand itself. Remember, your brand is how people feel about you. How do you think people felt about Bernie Madoff Securities after his arrest or Boeing after the 737 Max issues? We think it’s safe to say—not so great. Granted, most companies will probably never suffer a huge disaster like those, but even a small trust issue can create a major dent in any brand equity you’ve created.
Paying attention to your marketing can really affect whether consumers trust you. How’s your messaging? Does it inspire confidence? If not, give us a call. We can help. Trust us.