Why your Business Needs to Build Brand Trust?

In the increasingly virtual world that we live in, trust is a scarce resource. Intuitions and brands that we’ve grown up with were once relied upon, much like family members. However, the big-name scandals (such as financial institutions and banks, celebrities and sports stars) have destroyed consumer trust. Furthermore, the digital age means that both, paradoxically, that brands have nowhere to hide, while also providing a faceless business where accountability is lost.

Of course, consumer trust is hard to earn, but it’s more important than ever for the success of your business. So, what can you do to build brand trust?

What is brand trust?

Brand trust is a complex combination of a range of different character traits. Brand trust comes from;
• Honesty and transparency
• Authenticity
• Confidence from your consumers
• Making people feel good
• No betrayal
• Respect and acknowledgement
• Interaction and association
• Understanding without preaching.

How to build brand trust

LinkedIn Influencer Naomi Simson describes trust as an equation;

Trust = (Authenticity + Ability + Actions) x Alignment

You can work out your own trust score, by scoring yourself out of ten for each attribute. The maximum score will be 300. But, what does each aspect mean?

Authenticity – How do consumers know that you are ‘real’?

Ability – Can you actually do what you say?

Actions – Does what you do line up with what you say?

Alignment – Can consumers relate to a common purpose.

1. Show values not selling points

Many brands try to sell their products and services by telling the customer why they need them. However, preaching is more likely to lead to disengagement. Customers deserve the respect to be able to choose for themselves which brand is right for them. Instead, show your customers that you have similar values, that you stand for what your customers care about.

2. Handling mistakes

Errors, poor judgement and slip-ups can happen to every business. Even issues out of your control can be bad for business. However, a business is not ruined by a mistake but how the business handles the problem. Lying and dismissing responsibility is bad for business. However, taking ownership and visibly correcting any issues can help to restore trust.

3. Glass box tactics

Every brand needs to follow a gold standard of service, and in this day and age, glass box tactics are essential. This transparency can help to show and celebrate your internal culture. This is not only crucial for ethical brands but for all brands to meet the needs of the ever-growing conscious consumer market.

4. Be prepared for the long game

Trust is not won overnight; it is earned over time. So, remain consistent, keep doing what you promise to do and stay true to your values. It is important this is carried through in every single business activity, from how you treat your employees to communicating with your potential customers. Everything you do should echo your standards.

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Do you need help building trust in your brand?

If you’d like to learn about strategies and approaches to build trust in your business, contact the brand agency team at Liquid Creativity and let’s start working on your brand trust.

FAQs

1. What is brand trust, and why is it important?

Brand trust is the confidence consumers have in a company’s ability to deliver on its promises. It’s crucial because it drives customer loyalty, advocacy, and ultimately, business success.

2. How does brand trust impact customer loyalty and retention?

Customers who trust a brand are more likely to become loyal customers. They are more forgiving of mistakes, more likely to repurchase, and less likely to switch to competitors.

3. Can brand trust influence purchasing decisions?

Absolutely. Trust is a major factor in consumer decision-making. When faced with multiple options, consumers often choose brands they trust.

4. How does brand trust affect a company’s reputation?

A strong brand reputation is built on trust. When a company is trustworthy, it’s more likely to have a positive public image and handle crises effectively.

5. Can brand trust impact a company’s financial performance?

Yes, brand trust can significantly impact a company’s bottom line. It can lead to increased sales, higher profit margins, and a stronger market position.

6. How does brand trust relate to customer advocacy?

Trustworthy brands often have passionate advocates who recommend the brand to others. This word-of-mouth marketing can be incredibly valuable for business growth.

7. How can a company measure brand trust?

Brand trust can be measured through surveys, customer feedback, social media sentiment analysis, and net promoter score (NPS). These metrics provide insights into how customers perceive the brand.