For brands, trust matters more than ever before. Trust unlocks new consumer-brand relationships, and it is essential to converting consumers from casual purchasers to brand loyalists and advocates. The Covid-19 pandemic and the spotlight on systemic racism have only served to heighten the importance of trust as a buying consideration and set new expectations for how a trusted brand behaves and communicates.
The Edelman Trust Barometer Special Report on Brand Trust in 2020 examines the growing importance of trust, for unlocking buying power and advocacy, and the roles that brands are expected to play in consumers’ lives today. The report findings reveal that brands face a fundamental reordering of priorities amid a global pandemic and societal outcry over systemic racism prompted by the murder of George Floyd. In this environment, consumers are looking to brands to act and advocate for change.
- 53% of respondents say ‘whether you trust the company that owns the brand or brand that makes the product’ is the second most important factor when purchasing a new brand. Trust is second only to price (64%).
- 70% say trusting a brand is more important today than in the past – a shared belief among age groups, gender and income.
- 81% say personal vulnerability (around health, financial stability, and privacy) is a reason why brand trust has become more important.
- 74% say a brand’s impact on society is a reason why brand trust has become more important.
Edelman found that there is a universal demand for change, and there is much work to be done by all of our institutions. Specifically, their research has shown that brands must make dramatic changes to the way they operate and communicate. Their research has proven that brands can no longer avoid the topic of systemic racism and inequality and their research has shown that talk is not enough – brands are expected to now follow up with concrete action.
Brand trust now lives at the intersection where personal and societal issues converge, and where words are backed by action. The time is now for brands to take a stand and advocate for change, inspire hope, and use their scale for good to improve society.
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