Trust between customers and brands is the bedrock of their relationship. This trust derives from customers’ belief in a company’s product or services, and its commitment to share core values. One of the best examples is Apple who managed over years the drive to achieve customer trust by their fan community for their product design and innovation.
In today’s infographics, we want to highlight the importance of trust between a company and its customers. The success of a company is depending on upselling and cross-selling new products and services offered to maintain innovation and a stable income. More important is to attract new clients are reading product reviews and positive feedback on services a company is offering by other customers. Altogether, in short, we can say, building a trust relationship will increase the value of a brand.
“If you can dream it you can do it” – Enzo Ferarri, Founder of Ferrari Automotive
If I personally think about great brands which achieve customer trust by its brand, I would name the first three coming to my mind: Apple, Red Bull, and Ferrari.
What all three have in common is the fact they address people’s emotions using their products which makes their brand value. Apple is focusing on catching the buyers who are in the middle-upper class who value premium products and are creative, innovative, young, and stylish. By successfully fulfilling the relation between the product and this group of audience people try to fit into this group by purchasing Apple products to be part of it.
When we think about Red Bull, their emotional branding is addressing young urban males that live on the edge or aspire to do so. They’re also generally interested in extreme sports and challenging recreational activities. Having said this we have activities around racing cars, top athletes in any field, and unique extreme sports.
Ferrari is not only known for Italian power horse sports cars, deafening formula 1™ race cars but also for the power, the acceleration, and the exhilaration that its drivers experience. Ferrari DNA gives a promise to get a marriage between the driver, the car, and the street to have the ultimate experience driving a sports car not a car. Having said this it attracts the driver’s emotion to sit in a majestic car in the upper class which can not be afforded by everyone.
So what can we learn from the big players and how can we utilize this knowledge for our brand and company?
Why is Customer Trust Important?
Trust between customers and brands is the bedrock of their relationship. This trust derives from customers’ belief in a company’s product or services, and its commitment to shared core values.
The bad news
- 55% of consumers don’t trust companies they buy from as much as they used to.
- 80% of businesses believe they offer excellent customer service, but only 8% of customers agree.
The good news
- Loyal customers spend over 2/3 more with a current business than a new one.
- 65% of US customers find a positive experience with a brand to be more influential than advertising.
Strategic Tips to Improve Customer Trust
01. Be Transparent
Never oversell what you can offer or do. Be candid about abilities and limitations.
- 81% of consumers state they must trust the brand to do what is right.
02. Display Reviews
Publish genuine and heart-felt reviews on your website and social media.
- 79% of people say user-generated content highly impacts their purchasing decisions.
03. Share Core Values
Overtly display and discuss brand values and promote partners.
- 77% of consumers prefer to purchase from companies that share their values.
04. Treat Your Employees Well
Publicize wins from your entry to mid-level employees both internally and externally.
- Treating employees well influence public opinion more than any other action.
05. Own Mistakes
Mistakes with a product or service should be apologized for along with ways to improve.
- 59% of consumers are influenced by what top leaders at a company communicate.
06. Request Feedback
Give customers a chance to be heard by requesting feedback after key interactions.
- Consumers are 36% more likely to leave a review after a positive experience when prompted through email.
Reviewing the infographics by Chattermill gives us a good idea of what we can do to gain more customer trust. However, what we also know is that we can utilize influencer marketing to gain brand recognition and build higher trust. Don’t miss out to work on your reputation management by handling your customer’s feedback and stay in dialogue with them over many reputation sites, groups, and forums. All over we can say that building a fan or brand community is essential to boost your brand and product sales.