People often underestimate how important trust is when it comes to building a successful brand; without trust loyalty is lost and without loyalty there goes your customer base. Trust is a critical role for driving customer loyalty and satisfaction, as well as influencing purchasing behavior. Trust also creates distinction from other competing brands, making a lasting impression and indistinguishable from others. As brand building continues to evolve, brand trust is increasingly important for businesses of all sizes. In a world where technology provides customers with a plethora of options at the tip of fingers, it is imperative that brands build trust.
The good news is that there are plenty of ways brands can foster brand trust in 2023. From improving customer service to providing transparency on product origins and ingredients, businesses can increase brand trust amongst their target audience.
But what exactly does brand trust look like? Here are some key statistics and data points highlighting the importance of brand trust in 2023.
#1: Nearly 70% of consumers must trust the company to continue buying a product. (Edelman)
When it comes to brand trust, customers want to know that their favorite brands have their best interests in mind. According to Edelman, 67% of consumers must trust the brand before they’ll continue buying its products or services. This statistic proves just how important brand trust is for businesses wanting to build customer loyalty and drive sales. Without brand trust, customers are more likely to switch brands in pursuit of a better experience or product offer. Returning customers are incredibly important for businesses, as they can make up a significant portion of brand revenue and help tremendously with business growth.
This statistic tells us that even if a consumer LOVES your product or service, if they do not trust you, they may not continue to buy from you. In the last two years, we’ve seen the rise of people-centric branding and marketing. Consumers want to know who you are and know that you’re a real person. Your branding and marketing needs to be authentic and genuine to who you are. What does this mean for you? Spend time on your branding and marketing. Pay attention to the messages that you are sending out to your clients. It could be the difference of a customer returning to you and going to a competitor.
#2: 40% of consumers trusted a brand because of an influencer and 63% trust what influencers say about a brand more than what the brand says about itself. (Edelman)
If 2022 wasn’t the year for influencer marketing, 2023 certainly will be. With the rise of social media and influencers, consumers have become more brand conscious and brand curious. In Edelman’s report, 40% of consumers said they had trusted a brand because an influencer recommended it and 63% trust what influencers say about the brand more than the actual brand!
This statistic shows that having influencers in your corner can be helpful when it comes to gaining customer trust. It also indicates that customers are not only paying attention to what brands say about themselves, but what others (i.e., influencers) say as well. Reaching out to key influencers in your industry can help you spread brand awareness and build brand trust with potential customers. You can also create brand ambassador programs to build relationships with influencers, giving them exclusive access to your brand or product in exchange for their brand promotion. By partnering with influencers, you’re tapping into an entirely new customer base and giving people the chance to find out about your brand from someone they know, trust and admire.
#3: 81% of consumers must be able to trust that a brand will do what is right. (Finances Online)
This statistic is incredibly important for businesses to understand. Why? It shows us that consumers care more than just whether a product or service will satisfy their needs. Not only do they need to trust that the brand is satisfactory, they care about the moral compass of the brand. Consumers nowadays want to have real trust in the brand – trust that they will do what is right for their customers and for society at large.
Every brand needs to have a solid understanding of its brand values and how it can contribute to society in a positive way. If a brand does not make it clear what their values are, then consumers may not trust them as much. By creating and sharing meaningful brand stories that reflect your core values, you can build trust with customers by letting them know the brand stands for something. Additionally, brands need to ensure they’re living up to their brand promises – if they don’t follow through on these promises, customers will lose trust in the brand quickly.
#4: Only 26% of Millennials trust traditional advertising. (Forbes)
…and we can only assume that this number is even lower for Gen Z.
Unless your products or services specifically have an older target market (i.e. Gen X and above), you absolutely must be marketing and advertising to Gen Z and Millennials. This statistic shows us that trust in traditional advertising and marketing will likely continue to decline in 2023, as it did in 2021 and 2022. What does this mean for brands? Not only do you need to consider non-traditional forms of advertising, but you also need to invest time in truly understanding your target market. If your target audience includes Millennials, you must understand why they do not trust traditional advertising and think of solutions that will actually appeal to them.
One great way to appeal to Millennials is by using influencers and brand ambassadors who are already well-known in the industry. Influencer marketing can be incredibly effective for building brand trust with Millennials, as it focuses on creating relationships with people that your target audience already trusts. You can also create content targeted specifically at Millennials – from social media posts to blog pieces to video campaigns – that reflect their values and interests. By tapping into what matters most to them, you’ll be able to build brand trust quickly.
#5: Nearly 50% of consumers would pay more to buy from a brand they trust. (Salsify)
It’s no secret that brand trust is important, but this statistic shows us just how valuable it is. Customers are increasingly willing to pay more for a brand they know and trust – especially if they believe that the brand has their best interests in mind.
To make sure consumers are willing to pay more for your brand, you must create an experience that exceeds customer expectations every single time. From the moment they learn about your brand to after they’ve made a purchase, customers should feel like the brand understands who they are and what matters most to them. Additionally, addressing customer concerns quickly and efficiently will also go a long way in building brand trust. This means responding promptly on social media channels and providing customer service within 24 hours. It seems small, but trust us, it will go a long way!
In conclusion, brand trust is an essential part of any successful brand – no matter what industry you’re in. Customers are more likely to pay more for a brand they know and trust, so investing in building brand trust should be top priority for any business. By understanding your target market and providing exceptional customer service, you’ll be on the right track to creating a loyal customer base who will advocate for your brand for years to come.
By investing in brand trust, you’ll be able to maximize customer lifetime value and create a brand that customers will keep coming back to time and again. It might take some time and effort, but it’s absolutely worth it in the long run. With brand trust, there are no limits to what your brand can achieve – so make sure you invest the time and resources needed to build it!
