Given how turbulent and uncertain the past couple of years have been, it is more important now than ever for brands to earn and keep consumers’ trust. Morning Consult’s Most Trusted Brands of 2022 report examines the 10 largest economies in the world, including the United States, and unpacks why trust is important, how it’s built and how it’s broken. In this report, they do a deep dive on the most trusted brand in each country and on the top 10 most trusted brands in the United States. Let’s look at some key insights of the results and see how they can benefit your brand.
Consumers are more likely to trust local brands
As they say, there’s no place like home. A shared home, whether it’s local, regional or national, gives consumers a reason to trust your brand and even take pride in it. While it may take awhile, spending time to gain consumers’ trust and loyalty will pay off. In fact, in six out of the 10 countries surveyed, the most trusted brand originated right there. The most trusted brand in 2022 in the United States is Band-Aid, which was founded in New Brunswick, New Jersey. Making your civic and/or national pride a central part of your brand messaging to your fellow citizens can help establish your brand and increase its popularity – simply because they share an origin.
Consumers tend to trust small businesses
The popularity of shopping small has increased ever since the creation of Small Business Saturday in 2010. They have become the most trusted in the United States, with 77% of Americans saying that they trust “a lot” or “some” of small businesses. While it can be difficult for small businesses to gain a large following, they can give their consumers a personal and memorable experience. This makes consumers feel good, earning their trust and satisfaction. Also, Gen Z is less likely than older generations to trust established brands, which means there is no better time for your small or new business to enter the market.
Engender trust through high quality and value
One way to gain – and keep – consumers’ trust is to provide them with a good value for the price and high-quality products and services. These two factors are the highest rated among Americans when it comes to factors that build trust with a brand. Consumers feel good when they can be confident that they won’t be wasting their money when spending it on your brand, so don’t make them regret it. If consumers can’t trust their money with your brand, then it will be difficult for you to regain their trust and convince them to purchase from you in the future.
You can lose it all with one bad experience
According to Morning Consult’s report, bad customer service experiences were one of the top three reasons that global consumers lost their trust in brands. Picture this: you’re shopping for a new product at your favorite store. You ask an employee for advice on what to get, and instead of being helpful, the employee is judgmental and rude. You’re shocked – you’ve always had a great experience with this brand. It turns you away because you feel betrayed and hurt.
That’s the thing about trust. You can spend years working hard to gain it But with just one mistake, your brand could lose it all. Consumers want brands to deliver on promises, so make sure that you provide excellent customer service with great value and follow through when you say you will. It goes a long way with consumers.Here at G/L, we can help ensure that your consumers will continue to trust your brand. We have created successful campaigns in the past to earn and keep consumers’ trust and we’d love to do the same for your brand! If you’re interested, contact our president, Tim Leon at [email protected], to find out how we can help you gain trust in the marketplace.