In today's digital era, businesses face unprecedented levels of competition for consumers' attention and loyalty. With an abundance of goods and services available at the click of a button, establishing and maintaining brand trust has become more critical than ever.
We explain the concept of brand trust and explore its significance in building lasting and valuable relationships with consumers in the UK market.
What is brand trust?
Brand trust is the confidence that consumers have in a business's ability to consistently deliver on its promises. Contributing factors include product quality, customer service, reliability, and ethical conduct. It therefore isn't transactional – it needs to be gradually built over a long period.
Consumers who trust a brand believe that it will meet their expectations and deliver value consistently. This essentially makes them the bedrock of the business.
Credibility through consistency
From product quality to customer service and marketing communications, consistency reinforces a brand's reliability and fosters trust among consumers. When a customer knows they can rely on those factors to be cohesive, the barriers to them using the product or service are significantly reduced. It almost becomes habitual.
Providing reliable delivery services is also a crucial part of meeting customer expectations. If something takes longer than expected or gets lost or damaged in transit, it can harm the trust that's been built.
Transparency and authenticity
In an era characterised by misinformation and distrust, transparency and authenticity are indispensable for consumers.
It's never been more important for businesses open and honest about their practices, including their product ingredients, pricing, and potential risks associated with their goods or services. Research by Deloitte found that 30% of consumers stopped purchasing certain brands and products because of concerns related to their sustainability.
By displaying eco-friendly credentials and shouting about corporate social responsibility principles, businesses can attract and retain more ethical customers.
Responding to customer needs
Listening to customer feedback and responding promptly is essential for maintaining brand trust. Just one negative interaction or experience is enough to break the relationship.
To avoid this, brands should actively engage with customers through social media platforms, surveys, and other channels to gather insights into their preferences and concerns. By being responsive and adapting to these needs, brands can position themselves as trustworthy.
Recovering from violations of trust
If brand trust is compromised, be that due to a product recall or a business being subject to a data breach, how the company responds can either exacerbate or limit the damage.
Owning up to any issues, taking responsibility, and swiftly implementing measures to avoid a repeat incident can go a long way to rebuilding trust.
