How to build consumer trust and why your business depends on it

All relationships are built on trust, and the consumer-business relationship is no different. In a world of fake news and clickbait, consumers are more wary than ever before. 

In addition, tightening purse strings mean consumers spend with caution. So it’s understandable, that before they hand over their hard-earned money, they want to know a brand is worthy of their trust.

Consumer trust is the difference between a lead and a customer, and a customer and a brand advocate

The Economist confirms this, citing trust as second only to loyalty discounts as the deciding factor when choosing whether to buy from a brand or not. The businesses that successfully win the trust of potential consumers are those that thrive – enjoying increased sales, consumer loyalty, and brand awareness. 

If you want to succeed in an increasingly competitive market, you’ll need to prioritise the building and strengthening of consumer trust.

Establishing yourself as trustworthy requires an active, ongoing demonstration of integrity and reliability

Just like you wouldn’t trust a stranger to look after your child, consumers don’t trust the first brand they come across. For example, when looking for a babysitter, you need to know they’re accountable, capable and have integrity. To do this, you’d ask friends and family for recommendations, interview prospective candidates, and supervise a trial run. It’s only then that you’re able to decide whether they’re trustworthy. 

In the same vein, potential consumers look for proof that they can trust your brand. In order to win them over, and hopefully convert them into a brand advocate, you need to ensure that you’re actively (and continually) demonstrating that your brand is capable, transparent, and above all else, has integrity.

Consumers determine whether a brand is worth their trust via online research

Today, consumers take to Google before making a purchase. In fact, 90% of them do, according to Forbes. What’s more, 84% of people trust online reviews as much as a personal face-to-face recommendation. 

Online social vetting is the preferred means of determining a brand’s trustworthiness for the majority of shoppers.

Online reviews enable you to demonstrate the crucial elements that comprise consumer trust

Trustworthiness is a multi-layered quality. The most telling qualities of a brand’s trustworthiness are competence, integrity, transparency, and accountability. 

By generating online reviews, you’re able to actively demonstrate each of these qualities via anecdotal evidence:

• Competence: Online reviews demonstrate your business has the required industry know-how
• Integrity: Consumer reviews give people an insight into whether your customer service and products or services, live up to your brand promise
• Transparency: When businesses respond to online reviews (whether positive or negative), they  acknowledge the review and are therefore transparent about all aspects of the consumer experience
• Accountability: Businesses that engage with their online reviewers (especially those who are dissatisfied), demonstrate they are willing to hold themselves accountable for both their triumphs and their failures

Building consumer trust does take time, but it’s worth it in the long run. Without it, you’ll find it difficult to gain loyal shoppers, and brand advocates.

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