Building and sustaining brand trust has forever proved to be a mountain to climb for any brand-outright trust is nearly impossible to find. In the present, however, we first get to notice whether it exists at all courtesy of transparency that has manifested from the rapid development of technology. Whispers always existed as to whether brands have their consumer's best interests at heart, however, now consumers can take matters into their own hands thanks to social media. Ask any consumer today and they will tell you how tiring brands advertising their sincerity are, charities or foundations, yet their only intention is to cash in and lure people in for the paycheck. With brand loyalty disappearing across the board like that, is it possible to summon loyalty when a consumer has the power to expose any hidden truth conveniently with but a simple click? More critically, what negative impact could there be for not doing so in this day and age?
If you are as curious about such questions as I am, here is my latest podcast on Transparency and its effect on brand trust: my latest YouTube episode “Building Brand Trust in the Age of Transparency and Misinformation”. The realities of brand trust in todays world we inhabit are not what you think. Let us now move on to astonishingly recent brand trust.
Why is Brand Trust Essential in today’s market?
Today, brand trust is no longer a “nice-to-have.” It is the main reason why customers pick one product over another. Even though customers are faced with an overwhelming array of options, they still prefer brands that they know to be trustworthy.
By creating trust, one does not only create a chance for a one-off purchase but rather a chance for many. In this digital age, customers tend to purchase products from brands that have been open in their operations, be it in terms of material provision, employee treatment, or product advertisement and marketing. But here is the rub: trust is hard to build and is easy to break.
The Transparency Trap: The Case When Being Honest Causes More Problems Than It Solves
The trend of transparency emerged as a response to some need for truth and ethical responsibility. But here lies the catch — being transparent is a double-edged sword. Customers of today are quite watchful, and in a matter of seconds, almost anything that a brand claims can be verified by its claims. If however one’s transparency appears to be a ruse for a marketing gimmick, there can be a fallout on a massive scale.
For instance, let us consider all the greenwashing allegations that have been making headlines lately. Firms exaggerating their eco-friendliness are always examined with finer lenses. If the consumers find these claims to be misleading or not correct, brand equity and trust may as well suffer severely.
The Influence of Misinformation: Discerning Truth from Falsehood
Brands do not only compete for market share; they also compete for the trust of their customers. With the internet today, it is no surprise that misinformation continues to thrive. However, one of the reasons why fake news is such a threat to marketers is because it only takes one instance of misinformation for an entire company to suffer. And it is valid — there are countless brands whose reputation has been affected by misconceptions and propaganda. Such is the landscape, and therefore brands must play an active role in changing such narratives.
Misinformation campaigns are more frequent than before, and the expectation should not be to focus solely on damage control. Engaging with customers directly inspires a proactive approach to addressing misinformation, and it instills confidence within the brand. In my podcast episode, I discuss more strategies around how brands may protect themselves against misinformation risks. Catch the full discussion here.
How Brands Are Gaining Consumers’ Trust
To solve the crisis of trust, successful brands implement several key brand strategies:
- Bounded transparency: Today, these brands understand that transparency can, and must, be controlled. In any sphere, narcissism is a threat to practice, but in some cases, narcissism goes far into disclosure that can, without a doubt, end up creating further annoyance to clients. Knowing your business and where to take those necessary steps is truly important.
- Authenticity Worthy of Trust: The success stories are the brands that walk the talk in their values. It’s definitely not enough to only voice the need for universal values say sustainability or the need for diversity. One of the potential brands to take a bold step toward addressing climate change is Patagonia. This is a brand that has prioritized environmental considerations, and it does so at every level of its sphere, including products and organizational culture.
- Owning and Apologizing For Your Mistakes: One common practice is for brands to accept their issues, and then take an oath in public in order to improve. Taking the wrong steps is not a disaster, it is an opportunity, and if used properly, it can add value to the brand portrayal.
- Be the First to Strike. A Social Media Offensive: With social media being in real-time, brands can have true, unscripted conversations. Brands that adopt social media as a platform for conversations instead of announcements easily get along with customers.
- Customer Needs First: The loyalty of customers is more evident in brands that take the first position in understanding their consumers. They act because they hear their audience.
The New Litmus Test: Should Consumers Trust these Brands?
Global brands have a lot to manage, but one thing that cannot slip is their brand image. Being trustworthy for brands means more than just keeping their word; it also means putting efforts into placing the well-being of their clients and customers at the highest level. One cannot just claim that they are ethical or even sustainable for that matter. It has always been an issue of proving that.
Want a more in-depth look at how to build a trustworthy brand? I recommend the tutorial in which I share practical tips and insights on the process during the podcast that can be seen by clicking here.
Why TRUST is the Ultimate Marketing Tool
Prices of advertisement campaigns can be sky-high but if a customer is not ready to place their trust in a brand, then it does not matter what a brand does. Possibly the best and most effective ‘advertisement tool’ of all is trust. From within a cultivated set of beliefs, a trusted brand can outperform simply its other customers. Such followers are not disposable and require no financial inducement. It is pure word-of-mouth marketing and it is priceless.
When customers are confident in a brand, they are more forgiving of small problems. They are also more inclined to be loyal, and, most importantly, they are more likely to spread the word about your brand to others. Trust is what creates a community, and with the world so divided these days, trust-based communities are an invaluable asset.
The Final Takeaway: Building a Trustworthy Brand
Creating brand trust these days is quite challenging but definitely is a must. In this environment of information overload and great distrust, brands need to be real and customer-centric and deliver consistently.
Of course, if you want to transform your brand into a trusted powerhouse, begin by encouraging openness, remaining genuine, and being proactive in your communication. But this is only the beginning of a much more extensive discussion. There’s more to trust-building strategies which I will talk about in the upcoming episodes, subscribe if you wish to see my full picture breakdown in my podcast here.
We’re Now Ready to Create Such Trust, Are We?
So, if you want to develop a brand that appeals to people and they believe in it, make sure you focus on these principles. However, do bear in mind that trust can never be gained in a day — it is a product of more than one person’s effort over a sustained period. If you intend to seek and achieve considerable change and develop a brand that is suited for the longer haul, begin with reaching out to the relevant audience with the pertinent subject matter.
Let us create something authentic. For those who would rather want to hear more or share their stories in establishing brand trust, do not be reluctant to contact me. Also, remember to check out my podcast where I share practical tips and seek practical tips to navigate the evolving marketplace.