What does it take to earn the trust of consumers?
Through a special arrangement, presented here for discussion is a summary of articles from MarketingCharts, which provides up-to-the-minute data and research to marketers.
The majority of Americans say they do not have much (29 percent) or any (25 percent) trust that corporate America will do what is right. Yet about three-quarters (74 percent) say they trust individual brands to deliver consistently on what they promise, and more than half say that a brand has to do something wrong before they lose trust in them.
With trust emerging as a key lever in brand loyalty, a new report from Morning Consult looks at the factors consumers consider when deciding to trust a brand.
Some 73 percent of the 2,200 U.S. adults surveyed say that protecting their personal data is a “very important” factor when it comes to whether to trust a company — making this the factor with the broadest consensus among respondents. Other primary factors supporting trust involve product dependability, safety and quality, as well as overall customer service.
The report identifies three areas where brands have opportunities to win trust:
- Data privacy: While 73 percent indicate privacy is “very important” when it comes to their trust in a brand, 25 percent have “a lot” of trust in brands that do so;
- Fine print: Fifty-seven percent agree not hiding important information is “very important” in trust and 17 percent have “a lot” of trust in companies that do so;
- Employee treatment: Forty-nine percent agree treating employees better is “very important” in trust and 18 percent have “a lot” of trust in companies that do so.
In line with past surveys, young adults were found to be less trusting of brands.
Forty-two percent of Gen Z adults (ages 18-22) say they tend to not trust the average American company and that trust must be earned. Millennials (30 percent), Gen X (28 percent) and Boomers (26 percent) are less likely to hold this default view, with 63 percent of Boomers having the opposite view in that they tend to trust a company until it does something bad to lose their confidence.
- The Building Blocks of Consumer Trust in Brands – MarketingCharts
- Special Report: The State Of Consumer Trust – Morning Consult
DISCUSSION QUESTIONS: Where do you see the opportunities to win trust with consumers amid the influence of social media and overall engagement in digital channels? What trust factors are the same now as they were before the world went online?