We all know that the more trust we have in a company, the more likely we are to buy its products. The role of trust is key in all aspects of marketing and phases of the purchasing process.
It is something we have been mulling over for a long time
I have talked about it on this blog on several occasions. MyDataBase Provides Mobile Number database in Excel and Notepad format, It is the 100% Accuracy for all our Consumer Contact Database. Get our 2024 updated Our Phone Number Database for a friendly price from Fresh valid with asia mobile number list regular updates And get free support on registered items and FREE replacement. Yes you can surely get the bussiness when campaign run on our same databse Our databases are from the database quality or quantity permissioned sites. To highlight some of them: trust as a sales tool , what motivates us to buy a product? (where I begin to break down its components), or already in 2011 this first approach with the eight components of online trust .
The problem with trust is that it is a difficult concept to quantify. We know that it is the foundation and that its effects are very positive, but what is it made of, how and how much does it affect the company’s results?
The importance of trust for a brand
Over the past three years I have been writing and delving into the concept and practical applications of brand purpose in a marketing strategy . Its role as a reference in strategy and as a builder of relationships and trust with customers is unquestionable. But customer trust is made up of more elements. Purpose intervenes in its social and emotional part, but it does not directly touch the rest of the elements that compose it.
Effects of trust on company results
Investigating this, I have come across again, as I mentioned in one of the articles that I have linked above, the way to focus and manage trust by the consulting firm Edelman , and it has convinced me!
It has always been a very important thing, but given the current context of instability after the worst part of COVID, the war in Ukraine, etc., its role is becoming more and more significant.
In terms of marketing, what role does brand
Trust play in the purchasing process? According to Edelman’s 2020 Global Barometer, it is the second most important factor after price . 53% of respondents agreed (64% supported price).
It has a direct effect on sales: as I just mentioned, it is the second most important factor after price.
Accelerates sales: One in three customers has a high level of trust in the brand. According to more recent data from Edelman, which I have yet to confirm, trust generates a 14% increase in sales .
Build customer loyalty: 75% of customers who trust
A brand would only buy products from that company.
Protect your brand from criticism: 78% of customers who trust a brand would recommend it and defend it in the face of criticism.
If we look at the Edelman barometer in Spain for 2022, the conclusion is clear: “Companies are the most capable of solving society’s problems.”
In Spain, 63% consider that companies are the most qualified to obtain buy industry email material results and 56% believe that they are the most suitable to lead (closely followed by NGOs). The media and the government fail miserably.
Building trust is one way to improve business results, and our clients are asking us to step up and lead.
So, the opportunity is more than evident for companies. Now come the hard questions: how much do your customers trust your brand? What percentage of your customers trust your brand vs. those who don’t? What can you do to increase the first group?
Components of brand trust
Edelman’s approach seems to me to be another twist to the approaches agb directory we have been making for years. It could be done differently, of course. But if this classification comes from so many years of surveys on confidence, it gives me a lot of confidence.
What is trust made of?
Ability : functional capacity. Are you good at what you do? Are you competent?
Dependability : transactional trust. Does the brand keep its promises? Can it be trusted?
Moral and ethical trust. Is the brand honest?
And if their importance were not enough, if we look at their role in general terms, our clients are asking for a greater role for companies in society . It is true that these data are from 2020, but they are still impressive: 85% want companies to help them solve their problems and 80% think that they should intervene in social problems. This data points directly to the brand purpose, but what other factors intervene?
Purpose : Social and environmental trust. Is the brand trying to have a positive impact on society?
Self : Personal confidence. Is it relevant to the audience? Is it an emotionally resonant brand? Does it connect with its audience?
