13 Jun Powerful Insights for Building Consumer Trust in new age
Complete Mind Shift formed by Millenials and How to Deal with It
Consumers are becoming more refined and selective. People feel that the value between companies and consumers is exchanged unequally. Instead of feeling a sense of loyalty, a person spends their money and feels like they are only contributing to corporate greed. Companies are focusing on engagement and penetration. Today, as never before, consumers need open dialogue and more transparency from brands. Consumers want to feel that they can speak out, be engaged in the process of product development, and observe brands striving towards a better future for society. Moreover people believe and expect that enterprises can create positive breakthroughs in economic and social areas.
Today, as never before, consumers need open dialogue and more transparency from brands. Consumers want to feel that they can speak out, be engaged in the process of product development, and observe brands striving towards a better future for society. People feel that the value between companies and consumers is exchanged unequally. Instead of feeling a sense of loyalty, a person spends their money and feels like they are only contributing to corporate greed. Companies are focusing on engagement and penetration, narrowing focus on Building Trust strategy.
According to Edelman’s Barometer two thirds (66%) of people believe their relationships with brands are “one-sided” — that they are the sole contributors, while brands are the sole beneficiary. Seven out of ten people (70%) believe that when brands engage, they are motivated exclusively by a desire to increase profits rather than a commitment to people. While the majority of people (87%) want meaningful interactions with brands, few people (17%) believe that brands actually deliver this depth of engagement.
From Forbes Insights, most CMOs struggle to understand where trust has eroded with customers, and only half are able to address negative experiences at the customer touch point. Less than one third (30%) say with full confidence that their department or company has a full grasp of where in the customer life cycle the trust is breaking down. Yet 38% of respondents strongly agree that they are leveraging analytics to understand where trust is being eroded in the experience life cycle.
- Be open for two-way communication. Be transparent with your consumers. From the results of the 2015 Trust Barometer the priority to gaining trust is to make test results available for public review (80%) or have a partnership with an academic institution (75%).
- Over the next two years, 81% of CMOs say that data and analytics will be an important tool with which to build and measure trust.
- Brands should create content to fill emotional and rational needs. Emotional needs include quick responsiveness to consumers’ issues and complaints. Among rational needs, the most important is being transparent and giving feedback when answering people’s questions — without opposite tension.
- Contributions need to be made to the greater good that will solve economic and social problems. Greed vs. showing benefits to humans. Enterprise should bring benefit while creating and promoting products and services.
- Enterprises should create new platforms for engagement and let customers be a part of the company’s history and its processes- be a part of the family.
- At the end of the day everyone has a purpose in life. People expect core purpose-driven behavior from their beloved brands. Droughty promotion by a CEO or pop-star is not a universally powerful touch point anymore.
- Who is the most trustworthy company representative? People tend to believe industry and academic experts in 70% of all cases, company technical experts in 67%, and for sure, peers (or people like yourself) in 63% of cases. The CEO, surprisingly, has a very low rating (only 43%) and is considered as neither a trustworthy nor reliable source of company information.
Today, the pillars for gaining momentum in trust-building include corporate attention and providing solutions to social issues. This allows consumers to be a part of the brand. For consumers, being a part of the brand includes open feedback and two-way dialogue with quick response to complaints, public engagement in the innovation process, showing some research that addresses human pain places, transparency of honest business, and the expectation of high quality products and services. Today everyone can gain trust through constant listening and relative actions.