In a world that is dominated by digital interactions, one aspect that many brands struggle with is customer loyalty and retention. This is true of both small and large brands, and it has become increasingly difficult to have meaningful interactions with customers. A perfect example is the recent backlash that Facebook has encountered due to the usage of the personal data of its users, and the subsequent impact this has had on trust of the Facebook brand.
The convergence of technology and marketing has seen that lead to an erosion of trust when it comes to online branding.
Trust is an essential component of a brand, whether online or offline. Many tend to overlook this fundamental point in favor of other digital growth methods, but cultivating trust is one of the most reliable ways to really ensure that a brand is built for longevity while still retaining customer loyalty.
1) Essential for long-term growth
Building a foundation of trust for your brand is absolutely vital for its long-term growth. It might sound like a less exciting method, but it is one that yields results. At the root of your customer interactions, trust is what will keep them coming back.
Loyal customers rely on your brand, but they won’t do so if they don’t think they can trust it to be authentic and real. A 2013 study conducted by Boston Consulting Group found that authenticity was one of the foremost qualities that attracted customers to a brand.
In an age where digital marketing has made branding even more competitive, brands that cultivate trust are the ones that see the most long-term success. Why? Because by doing so, they stand out from the rest of the competition and capitalise on their increased market share far more effectively.
2) Necessary for nurturing leads
When it comes to nurturing leads, one of the strongest ways to keep the momentum going with them is to establish trust in your brand from the start. The earlier point about authenticity being a top quality is also a major factor in sales as well. No one likes to feel like they are being swindled or scammed, but people also like to feel like they know you.
The best way to accomplish is to show why they should trust you, and how that will benefit them. A strategy in this regard might be to balance company marketing content between promotional and informational as to establish credibility. Another factor to consider is how the brand’s social media channels can be used as a means for establishing trust and creating a digital marketing strategy around that.
3) An intangible yet critical asset
The Harvard Business Review makes a strong point about trust and brands – at the end of the day, trust can be one of the most valuable assets a brand may possess, though it is intangible. Having a trustworthy brand enables a business to gain more market share, increase customer loyalty and see long-term growth.
Tangible assets are not able to achieve that, that much is certain. Moreover, there is a persistent myth that building trust for a brand will be a resource-draining effort, but that is simply untrue. While yes, it will require patience and time but it is definitely achievable without having to put in extreme levels of time and money to do so.
Ultimately, trust is about building the foundation for meaningful engagement with customers to drive long-term success. Whether it is with larger communities or even niche demographics, establishing that a brand can be trusted goes a long way with customers and really provide a return on investment.
For online brands, this rings even truer because trust is one of the best ways to stand out in a saturated market. With a carefully crafted strategy, trust can be a pillar for brand positioning and provide substantially positive results for brands.
Interested in learning more about digital marketing and how trust can drive success for your business? Please do not hesitate to contact us.
