Today, consumers are bombarded with options and one thing that has been setting companies apart for over a decade is brand trust. According to Search Engine Land, from 2013 to 2014 Google reviews grew by over 80 percent. Studies show that the better the reviews listed for your company, the more consumers trust your brand and products. We now live in a world where reviews are visible to consumers everywhere online. With more and more information available, people are now beginning to question every move of companies they purchase from and work with, demanding them to take responsibility for their brand’s message and impact in the world. In this blog, we’ll discuss why brand authenticity along with good reviews online can accelerate your business to the next level.
How Brand Authenticity Effects Sales
According to the 2019 Edelman Trust Barometer Special Report, over 67% of people agreed that a good reputation may get them to try a product, but unless they trust the company behind the product, they will not be a retained client. In 2019, marketingchart.com performed a market study that broke down why consumers trusted brands into three areas. The studies showed that consumers prefer to work with brands that treat customers well, quickly address issues and companies that do a good job of protecting the privacy and security of customer’s personal information.
The Evolution of Brand Trust
People are buying based on trust. Empowering your customers with information has been shown to improve the buying experience as well as create rapport, helping you more effectively compete with other brands. Companies who have successfully followed the new trend of “storytelling their truth” and being transparent have not only seen a uptick in great reviews online, they’ve also seen an increase in profit margins exponentially. In 2020, transparency with your brand and your brand’s message will be key to survival.
Brand Trust is Essential Across Markets
According to Inc.,84% of people trust online reviews as much as they trust their friends. Businesses risk losing as many as 22% of customers when just one negative review is posted. Regardless of what industry you’re in, brand trust is important. According to emarketer, nearly all respondents said positive customer reviews increased their trust in a brand, while 80.1% said they trusted companies that have a lot of customer reviews. You cannot hide company mistakes the same way you could 25 years ago. In today’s world, if your company has a logo defect or is not handling operations efficiently, it will be on Twitter sooner than you can make a retraction. The devil is in the details, be clear on marketing materials as well as your brand’s message, and be transparent with consumers.