Brands earn customer trust in business by protecting their data, offering a reasonable value, focusing on the quality of their product or service and delivering good customer experiences
Trust in business is a currency that brands can’t live without. That’s the overarching conclusion stemming from a global survey carried out by Morning Consult.
The research company polled 15,000 consumers across 15 markets, including the U.S. and U.K. and has a margin of error of 3%.
It substantiates the idea that when customers trust a business, they are more likely to take actions that benefit that business.
According to the study:
- 90% are more likely to recommend that company to friends and family.
- 88% will buy more from a business.
- 82% are more willing to forgive if things go wrong.
- 73% are willing to pay more for the product or service.
- 66% are more willing to share their data with a company they trust.
The statistic on sharing data speaks directly to the marketing shop because many measure success, at least in part, based on event and content registration forms completed.
Similarly, the statistic on forgiveness speaks directly to the PR shop because in a crisis communications situation – which any company can find themselves thrust into at any given moment – it would go a long way to have the benefit of the doubt.
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Inherent trust in business
Many people inherently trust business.
The study found, “47% of global consumers say they tend to trust companies by default, meaning they have to do something bad to lose their trust, while 37% feel the opposite, indicating that companies have to earn their trust.”
This finding echoes another study that showed businesses are more trusted than government, media and non-governmental organizations (NGOs).
Losing that trust, however, can have rather severe consequences. About 50% of respondents globally said they will stop using a product or service altogether, or switch to a competitor if they lose trust in a brand. The survey breaks answer to this question out by country and precisely 51% in the U.S. and 40% in the U.K.
10 ways to build trust in business
I first learned of the study in an article published on Marketing Charts, which zeroed in on the drivers of trust. It’s their graph that’s displayed nearby and reflects the percentage of respondents that both “agreed” and “strongly agreed.”
The 10 ways to build trust are:
- 74% trust a business that “respects and protects customers’ data, privacy and security.”
- 73% trust a business that offers “a good value for the price.”
- 73% trust a business that “protects my personal data.”
- 72% trust a business “makes high-quality products.”
- 72% trust a business that “treats customers well, even in tough times.”
- 72% trust a business “has good customer service/is responsive to problems.”
- 71% trust a business that “consistently delivers on what they promise.”
- 71% trust a business with “products/services are effective/work as advertised.”
- 70% trust a business that “is reliable or dependable.”
- 67% trust a business that “has the products I need available when I need them.”
Do you know what’s not on the list?
Thought leadership, brand purpose, or CEOs sharing political opinions.
To be sure, the survey did ask about these things too. And its clear people do want businesses to act ethically, but they are by far more concerned with the core competencies of a business such as delivering high-quality products or services and good customer experiences.
Businesses that take care of their employees, make quality a priority, act responsibly in sourcing and supply chains, and strive to deliver good customer service, will build trust and grow.
There’s a pile of research that supports this conclusion. Indeed, the Morning Consult report itself concludes, “Trust is now more than ever an imperative for brand and business growth.”
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Trust is a Flywheel of B2B Marketing and a Key Point of Differentiation
Image credits: Unsplash and Marketing Charts