April 26, 2023
Brand trust is more important than ever. When a brand has cultivated trust with consumers, it allows them to retain customers and attract new ones. Nurturing brand trust gives a company a competitive advantage and without it, consumers are less likely to buy, regardless of what is being offered.
What is Brand Trust?
Brand trust is the measure of how confident consumers are in a business. Can a consumer count on the information a company provides? Will the customer service always be of the highest quality? Questions around brand trust are a key part of the purchase decision-making process for consumers. How well a company delivers on the answers to questions like these, and how well brands live up to the image projected by their branding are key drivers in establishing brand trust.
Why Brand Trust is Important
Brand trust is essential in helping companies stand out from the competition. If there are two companies that offer two products that are nearly identical, the company with the reputation for stellar customer service and higher quality products will be the one that comes out on top. Consumers want to be able to count on quality products and do not like having to wait on hold for hours to get a problem solved. They will pay a premium for products that last and for brands that they trust.
How a Company Cultivate Brand Trust
It’s essential to know exactly what customers like and dislike about a product as well as knowing what competitors in the same space are doing. Having a 360-degree view of customers’ needs and wants and brand positioning is an important part of building brand trust. Market research, in the form of online surveys, interviews, and panels helps companies gather the data they need to start cultivating brand trust with their customers.
Experienced market research agencies like Eyes4Research have the tools companies need to gather insights from consumers. Eyes4Research can help brands find the right sample and write surveys to yield the highest quality data. By being armed with consumer insights and best practices on how to build brand trust, companies can make better decisions.
Consumers are likely to keep buying products that work the way they are supposed to and they are also likely to spread the word about it, too. Products that do not perform as they should will lead to disillusioned consumers, who will likely never buy from that brand again. In order to offer the highest quality products and services, brands need to know what functions consumers want, how best to serve them, and be able to anticipate what unmet needs might exist in the future. Market research provides companies with the insights they need to meet the needs of their customers.
A company’s relationship with its customers is one of the factors in building brand trust and determining whether a customer becomes a loyal, repeat buyer. Market research helps brands build strong, long-lasting relationships with their consumers by giving them the data that tells them exactly what their customers need and want. When brands make their customers feel like they are important, they are more willing to be an advocate for that brand.
Read more about branding on the Eyes4Research blog. Eyes4Research also has everything brands need to build trust with their customers by collecting high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.