If marketers believe that trust in the brand is only a valuable asset, a new survey SurveyMonkey indicates that it is an indispensable element.
"Companies that fail to build trust – the foundation of any relationship – will lose out to companies that can," SurveyMonkey CEO Zander Lurie said in a statement accompanying the results of the survey. The investigation conducted by his company revealed that trust in the brand affected the bottom line in various ways.
Established marks, derived marks and recommendations. Trust in a brand counts "a lot" or "a lot" for 65% of survey respondents and "some" for 27%.
As expected, the survey found that American, British and Canadian consumers would prefer to buy in large quantities from established brands rather than untested startups.
For 90% of respondents, this was an important consideration for financial services products, as well as for medical expenses (91%), consumer electronics (83% ) and even for cheaper items, such as shoes (66%). .)
And trust can be passed on. The study found that while a trusted brand creates a derived brand, 73% of them will trust the latter.
The survey also addressed the impact of different forces of trust on purchase decisions. Sixty percent had the utmost confidence for the recommendations of a friend or family member, compared to a celebrity endorsement or an online influencer. Only 8% said that they would buy something because of a celebrity and 13% because of an influencer.
How to generate trust. A key question for brands is how to build trust. Zander said his company's research "shows that the key to building that kind of trust begins with listening to the voices and opinions of your customers and then applying that information."
In addition to the length of a relationship with a customer, established brands appreciate others, but a good presence on the Web can also help. Nearly one-third of millennials who responded to the survey and about a quarter of non-millennials, for example, do not trust businesses without a website.
Most marketers assume that at this point in the history of the world, virtually every company owns a website. But a SurveyMonkey / CNBC survey from last year had revealed that nearly half of small businesses did not have a site and that just over a third of all small businesses did not have a site. did not use the sites they have to publish brand information.
How to lose confidence. Although a brand could lose consumer trust in many ways, 75% pointed to a bad product experience, 71%, a bad customer service experience and 67%, a product or service that does not match not to the reality of society. promise.
Or it could be an offensive announcement. Nearly half of US respondents said that such advertising would affect their trust in a brand, for example. For 21% of Millennials, trust in the brand could be reduced because of the lack of diversity of a brand's ads. Other events that have lost consumer confidence include scandals among brand leaders or security breaches.
The online survey was conducted on last month, with 3,053 respondents receiving compensation in the United States, the United Kingdom and Canada.
Why this is important for marketers. The SurveyMonkey effort is only the latest to show that brand trust has a direct effect on a company's bottom line.
A recent NPR / Marist survey, for example, revealed that 67% of Amazon's customers trusted this company for the protection of their personal data, a high degree of trust that probably because American online shoppers bought something at the department store.
And an Accenture study published last week showed the impact of a loss of confidence on the growth and profits of a company. He created a strategic agility index of competition for 7,000 companies and found that about half (54%) had experienced a decline in consumer confidence over the last two and a half years because of factors such as data breaches, "Suite C errors". regulatory violations or negative public relations.
As noted by our journalist Greg Sterling, Accenture found that businesses with loss of confidence put at least $ 180 billion in revenue at risk.
This story was first published on MarTech Today. For more information on marketing technology, click here.
About the author
Barry Levine covers marketing technology for Third Door Media. Previously, he covered this space as a senior editor for VentureBeat, and he wrote on these technical topics, among others, for publications such as CMSWire and NewsFactor. He founded and managed the website / unit of PBS Thirteen / WNET; worked as a senior online producer / writer for Viacom; created a successful interactive game, PLAY IT BY EAR: The first CD game; founded and directed an independent film, CENTER SCREEN, based at Harvard and M.I.T .; and served for five years as a consultant to the M.I.T. Media Lab. You can find it on LinkedIn and Twitter on xBarryLevine.