If online marketers think brand trust is just a nice-to-have, a new SurveyMonkey survey shows it’ s a must-have.
“ Businesses that fail to create trust — the foundation of any kind of relationship — will lose to companies who can, ” said SurveyMonkey TOP DOG Zander Lurie in a statement associated the survey results. The study conducted by his company discovered that brand trust affects the results in a variety of ways.
Founded brands, spinoff brands and suggestions. Trust in a brand issues “ a great deal” or “ a lot” for 65 % of the survey respondents, and “ some” for another 27 percent.
Not surprisingly, the survey discovered that consumers in the US, UK plus Canada would rather make a big obtain established brands than from untested startups.
For ninety percent of respondents, this was a significant consideration for financial services products, as well as medical expenses (91 percent), electronics (83 percent), and even for lower-priced items, like shoes (66 %. )
And rely on can be passed along. The study discovered that, if a trusted brand makes a spinoff brand, 73 percent can trust that spinoff.
The survey also touched about how different strengths of trust influence purchase decisions. Sixty percent had the best trust for recommendations from a family member or friend, compared to a celebrity endorsement or on-line influencer. Only eight percent mentioned they would buy something because a celeb pitched it, and only 13 % because of an influencer.
How to generate trust. A key question for brand names is how to generate trust. Zander said that his company’ s analysis “ shows the key to creating this kind of trust begins by hearing your customers’ voice and views, and then acting on those insights. ”
In addition to the length of the relationship with a customer, something founded brands enjoy, a good web presence can assist. Almost a third of millennials whom responded to the survey and about 1 / 4 of non-millennials, for instance, don’ to trust companies without a website.
Most marketers would imagine, at this point in the history of the world, just about any company has a web site of some kind. But a SurveyMonkey/CNBC research this past year found that almost half of small enterprises don’ t have a site, as well as a bit more than a third of all small enterprises don’ t use the sites they need to post news about their brand name.
How to lose rely on. While there are without doubt many ways that a brand can reduce consumer trust, 75 percent directed to a poor experience with the product, 71 percent to a poor customer service encounter and 67 percent to a service or product that doesn’ t live up to the particular company’ s promise.
Or it could be an offensive advertisement. Almost half of the American participants said such an ad would have an effect on their trust in a brand, for instance. To get 21 percent of millennials, brand name trust could be diminished because of an insufficient diversity in a brand’ s advertisements. Other events that make consumers drop trust include scandals among the brand’ s leadership or security breaches.
The online survey has been conducted last month, with a few, 053 compensated respondents across the ALL OF US, UK and Canada.
Why this matters in order to marketers. The SurveyMonkey effort is only the latest to show that will brand trust has a direct impact on a company’ s bottom line.
A recent NPR/Marist poll, for example, found that 67 percent associated with Amazon customers trust that organization to protect their personal data, a higher degree of trust that undoubtedly pertains to the fact that 92 percent of US on the internet shoppers have bought something from the supermarket.
And an Accenture study, released last week, showed what sort of loss of trust can affect a company’ s growth and profit. This created a Strategic Competitive Agility Catalog for 7, 000 firms, plus found that about half (54 percent) had experienced a decline within consumer trust in the past two . 5 years because of such factors because data breaches, “ C-suite problems, ” regulatory violations or detrimental PR.
As our own reporter Greg Sterling noted, Accenture found that those companies with a fall in trust put at least $180 billion in revenue at risk.
This story premoere appearance on MarTech Today. For more upon marketing technology, click here.
If you liked One more survey shows brand trust impacts purchase decisions by Barry Levine Then you'll love Marketing Services Miami