No matter which industry your business is in, brand trust is important. Brands inform consumers what they can expect from a company and its products. The fact that branding is something consumers remember is a double-edged sword. They will remember both brands they like and those they don’t.
Trust and loyalty go hand in hand in any type of relationship, and this includes your relationship with your customers. About 81% of consumers consider the brand when they are thinking about making a purchase, and it adds weight to their decision.
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What is Brand Trust?
When you trust someone, you are sure that they are telling the truth and that they will do what they promised to do. Brand trust is the confidence that consumers have in a brand’s ability to live up to the promises it makes. This trust grows when a brand ensures it meets its customer’s expectations. A brand’s values and its track record of staying true to them also affects brand trust.
Here are some factors that affect brand trust:
- Customer experience
- The speed and quality of customer service
- How a brand’s employees are treated
- The cost/quality ratio of its products and services
- The positive and negative reviews the brand receives
- How a brand secures its users’ data
- The political and philanthropic views of a brand
Why Is Brand Trust Important?
Brand trust can be the difference between a customer choosing your product or a competitor’s. Here are some reasons your business needs to build brand trust.
Customers Believe that Brands Should Have Principles
Many modern consumers think businesses should be involved in building a better world, and according to the Edelman Trust Barometer, 86% think that CEOs should publicly speak up about important topics. But it takes more than just speech. Your business actions, products, and services should also reflect the values your business promotes, or customers may look elsewhere.
Brand Reputation is Important and Can’t Be Bought
Nearly two-thirds of customers would rather buy from a brand that has a purpose that reflects their own and will steer clear of those that don’t. Some companies try to build more trust through celebrity endorsements, but for many buyers, this has no effect. To create sustainable trust, the formula is simple. Have principles and live up to them.
Customers Will Leave if an Experience Doesn’t Live Up to Brand Promises
The number one reason why customers switch brands is because of poor customer experience. 80% have abandoned a brand because of this reason. When you build brand trust, however, customers may see a negative interaction as a one-off rather than a typical occurrence.
How to Build Brand Trust
You won’t get loyal customers overnight. Brand trust takes a while to build, but you can use these steps to create a reputation that draws customers.
Set Expectations
Building trust begins with setting the right expectations. By understanding your target audience and the capabilities of your business, you can refine the values of your brand to help fit the mindset of your customers. Whether these values include data privacy, transparency, philanthropy, or environmentally friendly politics, make sure you set expectations your business can live up to.
Follow Through
Once you have set expectations, your business needs to follow through. If you fail, it will mean a bad mark for your brand. 70% of customers will stop doing business with a company after one bad experience, even when they prefer the company’s products.
Tell Others
Or rather, let your satisfied customers spread the word about their great experiences. Word of mouth will help build social proof for you. Make it easy for customers to leave reviews and spread the word through social channels.
Repeat
The final step is to look at what you are doing and measure the results by listening to customer feedback and using surveys to better understand your customer’s needs. Then repeat what has been successful and improve on what was not.
Using Brand Trust to Improve Customer Experience
Building brand trust is something a business has to focus on every day to improve not only customer experience but also the business’ bottom line. Getting a vanity toll-free number can boost your brand trust and recognition because your business’s phone number could be the first way you connect with your customers.
Vanity phone numbers are easy to remember and give customers the confidence that they are dealing with an established company. It also shows you care enough about your customers to give them a free way to contact you. Check out 800.com for more ways to improve customer experience.
