We’ve recently been talking about the importance of trust for a brand. High levels of trust lead to greater loyalty, preference and advocacy. But some brands we have measured have a high trust score, but are failing to attract new users. Why?
During the course of a recent Duxton Trust Study in Malaysia, a rumour was spreading that McDonalds and Starbucks were funding Israeli aggression against Palestinians. This rumour significantly affected trust in those brands among Malays.
Trust is multi-faceted creature. A strength in one area doesn’t necessarily result in a person or a brand being trusted in other areas. Most people and brands are trusted for certain things, like the competence to do a certain job, or having a great vision, or delivering an excellent and reliable personal benefit.
Vision is a key driver of trust. It provides customers of a Company with the reassurance that both they and the brand are walking along the same path, and heading in the same direction. Vision isn’t a statement of corporate objectives, it is more about the principles and ethos of a Company. The things it is committed to, and what it believes in.
Malaysian consumers are a diverse bunch of ethnicities. The most successful brands are trusted by every different ethnic group. Their trust ratings are similar on every dimension, regardless of race.
Trust is a fundamental driver of human relationships.
Some people we know well and we trust. Others we don’t know as well, or we don’t trust because of their past behaviour.