Why Customer Trust is Critical for Business Growth

In an era of infinite choice, it's no longer enough for brands to provide satisfaction. Those that move beyond transactional relationships and create a strong emotional bond with consumers are emerging as the winners in today’s market. To truly earn customer loyalty, companies must develop a connection based on trust and understanding between themselves and their audience.

Why do we trust brands?

Brand trust is essential to any successful business, representing the public's confidence in a company to fulfill its promises. It can be seen as the cornerstone for developing strong customer relationships and maintaining loyal patronage from generation to generation.

Brand trust is the cornerstone of any successful business-consumer relationship; it establishes a foundation upon which mutual respect and satisfaction are built. It's essentially an unwritten promise between brand and consumer that, when fulfilled, leads to loyalty and long-term success for both parties involved.

Edelman's Trust Barometer is an internationally respected survey that dives deep into the trust consumers have in brands. It outlines three essential elements to consider when looking at how customers view a company: authenticity, purpose, and connection. This year’s research provides invaluable insights for businesses keen on building strong relationships with their clients based on honesty, shared values, and human-centered engagement strategies:

• Product: Does the brand offer worthwhile bargains or exceptional quality? Customers want to know if they can trust this company with their hard-earned cash and expect top-tier value for what they pay.
• Customer experience: A company's customer experience often determines its success. How quickly does the business address any issues, how attentive and helpful are their staff to clients' needs, and what measures do they take to ensure privacy? All these factors contribute to creating a positive relationship between customers and businesses.
• Societal impact: Does this organization truly walk the talk when it comes to acting responsibly and ethically in its dealings with staff and society? How can we assess if they are living up to their often lofty values and intentions?

What are the benefits of a brand trust?

Trust can be a powerful driver for business growth and success. According to Edelman, trust in brands is almost as important--if not more so than price--in influencing consumer choice. Moreover, investing in building customer loyalty through developing trust can make all the distinctions in profitability!

Customers who put faith in a brand are more likely to open their wallets, become loyal ambassadors through word of mouth, and develop an emotional connection with the company. Key points:

• Be loyal: Keep true to your favorite brand and be loyal even when better deals can be found elsewhere. Have the curiosity to discover what new products are being offered so that you can take advantage of all potential gems!
• Engage with brand activity: Become an active participant in the brand landscape - use your consumer insight to enhance others' experiences and help shape their perception of advertising. Unlock hidden potential by sharing personal data that can drive innovation forward.
• Actively advocate: Become a champion for your favorite brand! Spread the word about their products and services by sharing content with friends, family members, or even complete strangers. Don't be afraid to take part in conversations defending why you love that particular company's offerings - share your enthusiasm with others and help them see what makes it so great!

The uncertain times we live in have made consumers take a more calculated approach when making purchases. With the cost-of-living crisis following an unprecedented pandemic, individuals are being strategic and risk-conscious with their spending. This has placed increased pressure on brands and businesses to gain consumer trust - adding further depth of importance to brand loyalty as people prioritize what (and who) they can depend upon amidst this chaos.

How to build trust-based relationships with customers

With user experience, it’s the little things that make a difference

Brands that prioritize meaningful interactions with consumers lay the groundwork for longterm relationships. From timely, useful guidance on navigating their catalogs to readily available customer service representatives, these brands make sure every interaction counts—ultimately fostering trust in a way that goes beyond simply making sales.

Audience engagement tools make navigating a brand's website an enjoyable experience while also providing invaluable data on customer preferences and interests. By gamifying learning, brands are able to create bespoke interactions with their customers that build loyalty and increase value for all involved.

Be open, honest, and transparent with your data collection practices

Customers crave transparency - and our 2022 Consumer Survey proves it. Consumers are willing to share their data when they understand why the company needs or wants it, so never try hiding behind tricks like unwanted cookies or sneaky emails; do the right thing by being open and honest with your data collection practices!

By offering customers a clear and valuable data exchange, brands can see their trust levels soar. However, collecting customer information without demonstrating how it will benefit them is likely to be seen as suspicious – those not seeing value in what they provide may think the data is being used for clandestine purposes like selling to third parties.

Use experiential personalization to connect with customers

Building trust with customers starts with leveraging first-party data to customize journeys. Then, take it a step further and truly understand what sparks and motivates consumers by gathering insights from their direct input. That way, brands can create seamless experiences that add value to the customer journey–ultimately forming an authentic connection through relevant in-the-moment marketing strategies.

Customers can now be in control of their relationship with brands! Experiential personalization gives consumers the agency to share what they like and don't like, allowing companies to provide tailored experiences that will make them happy. In return, customers reward this transparency by forming trusting relationships over time - leading to more data-sharing opportunities down the line.