Somewhere in the rigmarole of meeting marketing objectives and making profits, companies forget the underlying purpose of why they exist. This carelessness often causes the brand’s trust to suffer. For any organization to build their brand trust, it requires a consistent effort to deliver the brand promise. Many a times, even if a brand does work towards its brand promise, it is not communicated in the best possible manner, leading to a gap that diminishes the brand trust.
The lack of trust in brands today has also caused a loss of brand loyalists and advocates who help to grow your business. In the digital world, where the consumer is more empowered than ever before, it becomes imperative for brands to work on building consumer trust. There goes a famous marketing rule that says about 20% of your consumers generate about 80% of your turnover. However, in today’s social media driven world, the ratio has changed to ever 40% of your advocates contributing to 60% of your turnover. When customers trust a brand, they have a sub-conscious responsibility towards the brand, that makes them: recommend the brand to others, use the brand more frequently and be more willing to pay for the brand’s products and services. The contribution of consumers towards brand’s business is only increasing, and so is the need for marketers and businesses to work upon building brand trust.
Wondering What Could Be the Cause of Declining Customer Trust in Your Brand?
In the competitive market scenario that is rampant today, it is extremely hard for even market leaders to retain their loyal customers. Nokia mobile phones is a classic example of how even a market leader can lose its loyalists in spite of several years of existence. If you are struggling with what could be the factors affecting your brand trust, then here are a few reasons that could help understand the gaps:
- Failing to match consumer expectations: Every marketer is taught a thumb rule before entering the business, i.e. treat your customer like a king. Today with the empowerment of the consumer, the saying becomes all the more relevant. With the customers, today being exposed to several brands in the market, they have clearly changed their expectations from ‘what they received’ to ‘what is being offered by others’ as the benchmark. If you fail to match consumer expectations, another brand will live up to the same, and hence will gain better credibility over you.
- Failing to recognize brand advocates: Brand advocates are an asset to every brand. Failure to recognize and reward these advocates can cost a brand dearly in losing its loyalty. To get a customer is easy, but to retain one is a challenge. Programs and rewards for special customers help you not only retain your consumer but also creates a positive experience for them.
- Failure to provide information: In the world where information is accessible at the touch of a finger, any brand or company failing to provide this, tends to lose customer trust. Customers can easily compare prices, specifications and much more on the internet before making a purchase decision. If information about your brand or product is not available to them, you may not exist for them.
- Failure to upscale the customer experience: Customer experience is the best-selling marketing buzzword. If your company or brand cannot create an experience worth talking about, they have already lost out on consumers who could be potential brand advocates and evangelists. The experience a customer has across various touch points is what creates customer trust and loyalty.
Can Brand Advocacy Be Your Game Plan to Reinforce Your Brand Trust?
Brand advocates are customers who already trust your brand, and hence can be highly instrumental in extending this trust on to your other potential consumers. Advocacy is considered a far more genuine way of marketing as compared to any other paid source. Word of Mouth advocacy is out of free will, without any vested interest and hence is more trusted by consumers. Reviews, product pictures and experiences of brand advocates, carry much more value of trust than any other medium.
Marketers of today are working on building unique customer advocacy programs that enable them to engage with consumers in the best possible ways. Innovative ways that induce brand advocates to promote, share and talk about your brand can fetch you much higher ROI versus heavy offline and online media spends. If you are a brand trying to establish your brand’s trust and credibility in the minds of the end consumers, then brand advocacy is the right tool to plug into your marketing campaign.
Brand advocacy can go a long way in building a brand’s trust, credibility and reputation in the market. If you are struggling at finding the right ways to engage with your brand advocates, the WOOP is just the platform for you. If you want to learn more on how advocacy can change the brand game for you then, get in touch with us today!