Consumers Buy Based on Trust
When consumers buy from brands, they put their trust in them. One survey showed that 81 percent of consumers said that they need to be able to trust the brand in order to buy from them (Edelman, 2019). As a matter of fact, the percentage of consumers that felt this way was similar across different global markets, different ages, and also across different income groups.
It’s safe to say that when brands build trust, consumers reward them. And this can be in the form of building long lasting relationships with them, and sticking to the same brand in thick or thin. Consumers are no longer simply caring about the product experience, but they also have growing concerns about the customer experience that brands promise, and increasingly about a brand’s impact on society.
In the long run, if brands are able to build trust with their customers, they will earn their attention as well. So, as we saw with the first brand statistic, the same logic applies here. If brands are honest and authentic with customers, it’ll help build a relationship based on trust.