Though an intangible tangent, Trust is today the new brand equity. Brand Trust reflects a consumer’s expectation that a brand’s product, service, or corporate behaviour, delivers on the promises the company has made. Studies show that for consumers brand trust ranks higher than brand love and that highly trusted brands are seven times more likely to be purchased. Studies also show that the relationship forged in the pandemic, between the consumer and brands, has made trust an essential purchase consideration, nearly equal to quality and value.
In fact, a study in 2021 shows that brand trust drives growth, with 61% of respondents prepared to advocate if they fully trust a brand, 57% prepared to purchase a new product or service, and 31% willing to share personal data or participate in activities sponsored by the brand. At the Pitch CMO Summit – Mumbai 2022, we try to decipher how brands will have to operate differently in ‘The Age of Trust’, how brands look to play a more meaningful and direct role in people’s lives and society. The Summit also delves into how communication to all stakeholders has evolved and why, “Brands must lean into the power of trust as an engine of change, because trust is an output, not an input.”