In a recent North American study on brand trust, we found that when people trust a brand, 78% will look to it first for the things they want. But what does this data really mean for companies and customers?
In everyday life we’re often faced with an excess of choice; from our groceries, to our relationships and even the articles we read online. With so many choices available, we often feel overwhelmed by selection. Indeed according to Prof. Barry Schwartz: “Though modern Americans have more choice than any group of people ever has before, and thus, presumably, more freedom and autonomy, we don't seem to be benefiting from it psychologically.”
Example: Consider the choices we face when trying to select so
Because of the volume of choices we face, the role of trust becomes increasing important. Trust gives us a short-cut to decision making, a way to eliminate options.
For example, if you’re single, you could attempt to seek out and develop relationships with strangers, or you could rely on your friends, family and colleagues to introduce you to people they know and trust. In this case, trust could help you reduce relationship choices.
Similarly, brand trust helps customers reduce choice. If a customer trusts Kraft, they’ll look to them first when they’re trying to make some Mexican food. If a customer trusts HSBC, they’ll look to them first when they’re planning to take out a home loan.
Example: Brand trust affects brand choice, by helping us eliminate options
When people trust a brand, 78% will look to it first for the things they want. In short, trust helps customers make choices. So if your brand is in a competitive category, and your customers have a lot of choice, perhaps you should start building brand trust.