A new report reveals the growing importance of consumer trust to the success of brands.
Almost 9% of a brand’s equity is driven by corporate reputation, of which responsibility is a key attribute – three times what it was a decade ago. These are the findings of the 2020 BrandZ Top 100 Most Valuable Global Brands Report released today, which analysed over 5,000 brands globally.
Brands perceived by consumers to be among the world’s most trusted and responsible shared three crucial factors that proved particularly important for building consumer trust and confidence:
• honesty and openness
• respect and inclusion
• and identifying with and caring for customers
Those brands that develop these associations more strongly tend to outperform their competitors in defending and growing their brand value.
Procter & Gamble-owned Pampers was the most trusted brand in this year’s study with a Trust score of 136 (100 being the average) and scores over 120 in every market where it is measured.
This exceptional level of trust is driven primarily through its perceived superiority over competitors and relentless technological leadership in its category, according to the report.
“Trust both delivers reassurance and simplifies brand choice,” said Graham Staplehurst, Global Strategy Director, BrandZ.
“There is a growing public demand for more responsible corporate behaviour, which in turn amplifies the need for brands in all categories to act as a positive force in the world,” he added.
“Brands have a unique opportunity to earn valuable trust and help make a difference, providing this is seen to be genuinely altruistic. Being sincere, empathetic and ensuring your brand remains consistent with its core values will ensure your corporate reputation is not compromised.”
Formulating a clear editorially driven content strategy can play a key roll in building credibility, authenticity and trust, now clearly key success factors for all brands.