Achieving Consumer Trust Is Balancing Act For Brands

Achieving consumer trust is a delicate balance for brands. It involves transparently communicating information about products and services, maintaining consistent practices, and building a positive reputation over time. It also requires being responsive to consumer concerns and taking responsibility for any mistakes or issues that may arise. Building trust takes time and effort, but it is essential for building a loyal customer base and maintaining long-term success.

Forrester suggests we’re experiencing a crisis of trust, worsened by a lack of transparency, and amplified by the speed and power of digital. Not surprisingly, influencer marketing is caught in the crosshairs of this battle to restore consumer trust, control and loyalty.

According to the Association of National Advertisers, 75% of agencies leverage influencers in their marketing strategy, and 43% indicate they’d like to increase their influencer budget in 2018. Further, total brand spending on influencer marketing is projected to reach $101 billion by 2020. It’s easy to understand why brands want to invest in influencer marketing; when done correctly, it equals big business, and it allows brands to find the ideal customer persona and content creator, and ask them to create the perfect brand asset. However, not all influencers are relevant or authentic. Some are fraudulent, enlisting bots or fake followers to “boost” reach.

Principal effects on business

Consumer trust can have a significant impact on a business. When consumers trust a brand, they are more likely to become loyal customers and make repeat purchases. This can lead to increased revenue and profit for the business. Trust can also lead to positive word-of-mouth recommendations, which can attract new customers and help a business grow. In contrast, a lack of consumer trust can lead to decreased sales, negative reviews, and a damaged reputation. This can be difficult and costly to repair, and can even lead to the failure of a business.

Keys for achieving Costumer Trust

There are several key strategies for achieving customer trust:

  1. Deliver on your promises: Make sure that you consistently deliver high-quality products or services that meet or exceed customer expectations.
  2. Communicate transparently: Be open and honest with your customers about your products, services, and company policies.
  3. Build a positive reputation: Build a positive reputation by consistently providing excellent customer service, responding to customer feedback, and resolving any issues that may arise.
  4. Prioritize customer privacy and security: Protect customer data and ensure that their personal information is kept secure.
  5. Follow ethical business practices: Ensure that your business follows ethical practices and adheres to industry regulations and laws.
  6. Show your customers that you care: Show your customers that you care by going above and beyond to meet their needs and exceed their expectations.
  7. Be consistent: Be consistent in your communication, quality, and service.
  8. Be accessible: Make it easy for customers to reach you, whether it’s through email, phone, or social media.
  9. Be responsive: Respond promptly to customer inquiries and complaints, and take appropriate action to resolve issues.
  10. Build loyalty: Build loyalty by rewarding customers for their business and encouraging them to return.

Lectura aconsejada

Achieving Consumer Trust Is Balancing Act For Brands

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