Impact of Trust on Brand Loyalty
Do your customers trust you? Do you understand their ever-changing wants and needs? These are tough questions. And, if you’re not sure, is it time to re-evaluate your brand strategy? We live in a time where the customer has more power than ever, and in a time when their lives are changing rapidly, even impacting their daily routines. And impacting the brands they choose to buy from. It’s during these “tough times” that we as marketers are presented with a fantastic opportunity to build an even stronger bond between us and our target audience, making our brand the one they choose.
When it comes down to it, people make decisions based on a feeling. And people are feeling a lot of things right now. Luckily for us, this level of passion can translate directly into brand loyalty, if done right. One survey from AI-powered user-generated content engine Stackla found that 88% of consumers say authenticity is important when deciding what brands they like and support, and 46% of consumers say they would pay more for brands they trust. Customers don’t just want to buy your product or service, they want to buy the feeling they get when using your product. They want your brand to be a part of their identity. They want to know who you support behind the scenes and what role it plays in your brand story. Now is the time to leverage your brand’s passions and values to build a stronger bond with your target audience.
How can I leverage our brand values to show compassion?
1. Stay true to your brand “DNA”. In an age of rampant social media usage, you may feel compelled to take a stance as a brand. Before making any serious moves, it’s very important to ensure your stance is in line with your brand values and, equally as important, with your customers’ values.
2. Actions speak louder. It’s that famous phrase that draws a line between brands that truly care about change and brands that just want to jump on the bandwagon. Work with other brands or organizations that support the same values as your brand, and avoid those that don’t. In this day in age, you can count on your customers holding you accountable.
3. Stay nimble and keep up. The rate of change is accelerating exponentially with the help of social media. Because of this, we must be flexible to keep up with the rate of change. Shifting your strategy to align with consumer sentiment is not a “set it and forget it” type of thing. Values and behaviors that consumers pick are highly likely to stick with them. So it’s not about developing a promotion or campaign. It’s an ongoing open dialogue with your consumers to answer the question “How do you feel?” and “What challenges are you facing?”. Once you have the answers, adjust your messaging, and continue that open dialogue.
4. Give your employees the mic. People respond to connection. They crave companies to be more human, and to express emotion and honesty. Harness the power of your employees as one activation by sharing the spotlight with them. This will help your consumer know that you are a compassionate brand from the inside out. Papa Johns often hands over the mic to their team members on Instagram by featuring quotes from their employees and how they feel about working for Papa Johns.
Sharing what your brand is most passionate about can greatly impact your brand’s reputation for the better. It shows that you are not just in it for money, but genuinely care about making a difference and driving change. Now more than ever, it is crucial that we listen to what our consumers are saying and shift our strategy to better serve their wants and needs.