This great article and the dialogue on LinkedIn regarding this topic are really worth taking some time to read and ponder. Whether it is a major brand or the small family-owned retail boutique in your neighborhood, retaining customers and gaining new ones is all coming down to trust. Second only to price, trust is the leading factor that is a major decision driver from take-out dinner to a new car or piece of construction equipment.
Some highlights from the survey Edelman Trust Barometer Special Report (Download 2020 Edelman Trust Barometer Special Report) cited in this news feed post are here:
Report reveals that brands face a fundamental reordering of priorities amid a global pandemic and societal outcry over systemic racism prompted by the murder of George Floyd. In this environment, consumers are looking to brands to act and advocate for change.
- 53 percent of respondents say ‘whether you trust the company that owns the brand or brand that makes the product’ is the second most important factor when purchasing a new brand. Trust is second only to price (64 percent)
- 70 percent say trusting a brand is more important today than in the past – a shared belief among age groups, gender and income
- 81 percent say personal vulnerability (around health, financial stability, and privacy) is a reason why brand trust has become more important
- 74 percent say a brand’s impact on society is a reason why brand trust has become more important.
Read more and the feedback/commentary here:
https://www.linkedin.com/feed/news/brands-are-in-crisis-mode-5247146/
