Brand trust is one of the most valuable intangible assets in business. But trust can be elusive, and brands must work hard to build and maintain it.
2019 was a turbulent year for some of the world’s biggest and most successful brands. Across the financial and media sectors, consumer confidence hit a low point as data theft and misconduct of unthinkable levels occurred. So, how important is trust to your organisation?
Trust is intrinsically linked to the success of a business
An increase in trust leads to an increase in brand value, as well as greater ability to place a premium on products and services.
If your business has experienced a loss of trust or is looking to gain trust with new audiences, a promise that you’ll do better or a claim you have the solution to a customer need may not be enough.
Using brand strategy to build trust
The new year is an important time for business to reflect on their current brand position, review their performance and set the direction for the year ahead.
There are many ways to build trust. For those looking to start the journey, here are three of the first—and perhaps most important—steps to take toward bridging the gap.
Most people know what their organisation does. And some people know their organisation’s point of difference or unique selling proposition (USP), but many organisations don’t really know why they do what they do. A clear sense of purpose enables you to focus your efforts on what matters most, compelling your business to take risks and push forward regardless of the obstacles.
Build trust from the inside out
Your greatest asset is your people. Creating a clear internal understanding of your brand values and culture will help your employees live and breathe them. The strongest brands exceed in customer service, are built on a culture of innovation, and have the happiest employees. This creates a strong foundation to radiate trust from the inside out.
Tell your story
Starting your story is harder than stopping. It takes a strategic approach to get started and discipline to continue telling it, but an emotive brand story can win the hearts and minds of your customers. In today’s fast-paced, digitally-driven society, humanity is becoming the new premium. In this environment, businesses can no longer afford to be faceless entities. To survive, businesses need to connect with audiences, pull at their heartstrings, and engage with them on a much deeper and more creative level than seen before. This is where your brand story can make the difference.
If the goal of your business in 2020 is to drive sustainable, profitable growth, we’d like to help you achieve it – give us a call, we’d love to help.
We work with businesses big and small to create brands that not only look great but tell engaging stories that are relevant to customers.
The Brand Pool is Newcastle’s leading strategic branding specialists.
