Trust is a hard-earned commodity in today's world, making consumer trust a crucial resource for any business that aims to achieve sustainable growth. Customers are more likely to buy from brands that they trust, so instilling trust and confidence in your consumer base should be a priority for any business.
Trust takes a lot of time and effort to build, and one misstep can significantly undo that effort. Establishing and maintaining your reputation is a key part to any business’s strategic growth.
Let's discuss some reasons why consumer trust matters in marketing and how you can develop and deepen trust among your customers.
Why Consumer Trust is Essential
There are several reasons why consumer trust is an essential asset for any organization:
• Consumers who don't trust your brand are unlikely to buy from you in the first place
• Forming a long-term relationship with customers depends on establishing a baseline level of trust with them (and growing it over time)
• When consumers view your brand as trustworthy, they're more likely to purchase from your company and recommend your products or services to friends and family members
For these and other reasons, many companies focus their marketing efforts on establishing and protecting their brand's trustworthiness. Investing in sponsorship can provide "social proof" of your brand's trustworthiness due to the Halo Effect.
How to Develop Trust with Customers
Companies can foster consumer trust by demonstrating core values. That may include:
• Delivering high-quality customer service
• Investing in organization-wide training to ensure that customers enjoy a consistent experience
• Actively working to forge strong customer connections via email or social media
• Giving back to communities to demonstrate social impact
Have Empathy Towards Customers
Brands must demonstrate empathy for their customers —on an individual and organizational level. One study found that 76% of consumers say it's important for brands to show empathy by demonstrating they see things from the consumer's perspective, understand their frustrations, and know what they care about.
Embrace Business Transparency
Transparency is essential for business success as it enables companies to build stronger connections with customers and avoid negative publicity.
Being open and honest about values, mission, and practices can lead to increased trust, loyalty, and brand advocacy. Furthermore, transparency can drive innovation and progress by identifying areas for improvement.
Conduct Goodwill Marketing
One of the best strategies for brands to build trust is goodwill marketing and giving back to the community. Businesses can host events, run charity drives, or invest in local entities, like their local public media station. Sponsoring public media helps to develop goodwill, and can add to a brand's reputation by association with a highly trusted medium.
How trustworthy is public radio in the eyes of the listener? One study found that 9 in 10 (89%) public radio listeners trust public radio, with 27% of people "agreeing" and 62% "strongly agreeing." Moreover, public radio listeners are more engaged with the programming compared to commercial radio. For example, one study found that 72% of public radio listeners pay extremely or very close attention to programming, and 74% say they hold more favorable opinions of brands that support NPR.
When your brand sponsors public radio and supports programming that your audience is passionate about, you will experience the benefits of the public media "Halo Effect," a positive unconscious bias based on association with your local station.
Continue to Make Consumer Trust a Top Priority in Your Marketing Strategy
In a time where trust in businesses is scarce, your brand can stand out by prioritizing trust-building efforts.
You can effectively increase consumer trust in your brand by:
• Working tirelessly to provide a seamless and enjoyable customer experience
• Demonstrating empathy across all interactions
• Remaining transparent about your business goals and process
• Investing in goodwill marketing, like public media sponsorship
As a result, customers will think more highly of your company, be more likely to spread positive word of mouth about your brand, and ultimately be more willing to buy from you. Making consumer trust a top priority will lead to quicker, larger, and more sustainable growth for your business.