If you’re a business you know that in today’s world, you need to build brand trust because it’s a critical component of any successful brand strategy.
Consumers prioritize brands they can trust over those that they can’t. As a result, businesses must work to earn and maintain trust with their customers or risk losing them to competitors.
This is the trust economy. Where people prioritize brands they can trust. This means it’s important for businesses to understand how to position themselves within this new environment.
In this article, we will focus on ways to build brand trust with the people who are your potential customers.
What is the Trust Economy?
The trust economy is a term used to describe the modern business landscape in which trust has become a crucial currency.
According to a survey from the World Values Survey Association, over the last 15 years, the number of people who believe that “most people can be trusted” has fallen by about 20 percent.
Even Canadians have chosen to reject the idea that “most people can be trusted”, with the majority of Canadian respondents saying, “you need to be very careful in dealing with people”.
In a Trusted Brands survey, while cost is top-of-mind for Canadians, trust is the safety net used to make the final call on purchasing decisions.
The majority of Canadians (87%) continue to agree that when a product or service’s quality and price are similar, they tend to buy the product or service from the company they trust more.
But What Builds Trust?
Authenticity and transparency are two critical factors if you want to build brand trust in the trust economy.
Authenticity refers to the genuineness and integrity of a brand. It involves being true to your brand’s values, beliefs, and identity, and communicating this clearly to your customers. When a brand is perceived as authentic, customers are more likely to trust it.
Transparency, on the other hand, refers to the openness and honesty of a brand. It involves being upfront and clear about your products, services, and business practices, and being open to feedback and criticism.
When a brand is transparent, customers feel like they are being treated with respect and are more likely to trust it.
By being authentic and transparent, brands can earn and maintain the trust of their customers, which can lead to increased loyalty, repeat business, and positive word-of-mouth recommendations.
Together, authenticity and transparency form the foundation of trust in the trust economy.
Of course, conversely, brands that are seen as inauthentic or opaque may struggle to build trust and may ultimately fail in the trust economy.
Tips to Ensure Your Brand Thrives in Today’s Trust Economy
Since trust has become such an essential component of any successful brand strategy, you’ll need to ensure you have strategies in place that help build and maintain trust with your customers.
Here are some tips and strategies to ensure that your brand thrives in today’s trust economy:
- Be Authentic: To build brand trust with people, it’s important to be authentic. Your brand should be true to its values and beliefs. It’s important to have a clear understanding of your brand’s identity and to communicate this to your customers. If people believe that your brand is genuine and authentic, they are more likely to trust you.
- Engage with your community: One of the best ways to build trust with people in your local community is to engage with them. This can be through social media, local events, or even sponsoring a local charity. By being present and active in your community, you are showing people that you care about their needs and are invested in their well-being.
- Provide excellent customer service: Another way to build trust is to provide excellent customer service. When people have a positive experience with your brand, they are more likely to trust you. Make sure that your employees are trained to provide exceptional service and that you have a process in place for handling customer complaints and issues.
- Be transparent: Transparency is key in the trust economy. Be open and honest with your customers about your products, services, and business practices. This includes being transparent about any potential issues or concerns. When people feel like they are being kept in the loop, they are more likely to trust you.
- Build relationships: Building relationships with your customers is a great way to build trust. Take the time to get to know your customers and understand their needs. This will help you tailor your products and services to meet their specific needs, which in turn will build loyalty and trust.
- Consistency: Finally, consistency is crucial if you want to build brand trust. Make sure that your brand’s messaging, products, and services are consistent across all channels. When people know what to expect from your brand, they are more likely to trust you.
By being authentic, engaging with your community, providing excellent customer service, being transparent, building relationships, and being consistent, you can position your brand as a trusted leader in your industry and increase customer loyalty, repeat business, and positive word-of-mouth recommendations.
Remember, trust is a currency that is earned, not given, so it’s important to continuously work on building and maintaining it over time. With dedication and effort, your brand can thrive in today’s trust economy.
Are you ready to take your brand to the next level in today’s trust economy? Contact us to find out more about the strategies you can use to build brand trust.