17 October 2017
Consumer trust in brands is shifting.
A generational force is changing the way companies earn loyalty and build trust. Needless to say, this shift has fundamental implications for brands and businesses.
To help businesses find a path through this transition we have published the New Truths for Brands Study 2017. The study gives brands a behavioural blueprint to guide them as they try to build trust with contemporary consumers.
Today Misia Tramp our VP Insight & Strategy is launching the study at Brandwatch's London NYK User Conference. We'll report back on how the study goes down with the hundreds of brands and businesses who will attend the conference.
Sourced from 3,783 US consumers, the study was undertaken by Metia's Insight and Strategy unit. Normally we focus upon client specific research but the topics of loyalty and trust are core to all of our clients, so this was research we sponsored to shed light on this critical theme. The consumers, all aged 24 – 65, worked together as a community to provide a new consumer perspective on what brands need to know about their customers.
What do we already know?
We know that trust is hard earned and quickly lost.
The loss of trust has profound implications for the relationship between consumers and brands—it’s something that too many businesses take for granted, until they lose it.
If a company loses a positive reputation, it becomes easy for consumers to re-consider their preferences. A trust deficit will also encourage consumers to rely more on the recommendations of others. Neither empty promises nor cut price deals enable brands to earn back lost trust.
Trust is a critical strategic asset. A brand that builds and nurtures trust is able to better interact with consumers by building stronger relationships based on authentic and meaningful engagement over time.
What do we need to know?
Successful brands recognize the need to evolve in order to survive and flourish in a world that is now consumer- and community-powered.
The New Truths for Brands Study 2017 reveals ten new truths designed to help brands think differently about how to create emotional connections and authentic experiences. These are:
The study explains the most impactful ways to build reputation and provides a behavioural blueprint to help brands understand consumers and their needs to build a foundation of mutual trust.
You can download the report here — or if you would like to see examples of how we are helping our clients to build trust with their customers—please get in touch, we love to chat about this topic.