Trust Important To Consumers More Than Ever

The world’s recent state of uncertainty has changed the way consumers relate to brands in a big way, says a report by Edelman. Its ‘ Trust Barometer Special Report: Brand Trust in 2020’ shows that only price beats brand trust for most consumers most of the time. Seventy per cent of consumers say trusting a brand is more important today than in the past with a 13 per cent increase in consumers that ‘buy on belief.’ Trust is now second only to price in consumer consideration and customers are happy to spend more on a brand they trust. “Brand trust now lives at the intersection where personal and societal issues converge and where words are backed by action,” says the report. The reasons for this increased need in brand trust is based on personal vulnerability around health and financial stability. And it’s not just earned based on personal needs, but larger societal issues. Perhaps the most forward-looking impact of the study is consumers’ assertion that they aren’t satisfied with brands simply making a statement, post, or emotional ad. They want brands to put their actions where their beliefs are.