2.5 minute read
Somewhere in the commotion of meeting marketing objectives and making profits, companies forget the underlying purpose of why they exist. This carelessness causes the brand’s trust to suffer. For any organization to build its brand trust, it requires a consistent effort to deliver the brand promise. Many a time, even if a brand does work towards its brand promise, it isn’t represented in the best possible manner.
The lack of trust in brands today has caused a loss of brand loyalists and advocates who help businesses grow. In the digital world, brands must work on building consumer trust. There is a crucial marketing rule that states 20% of your consumers generate 80% of your turnover.
In today’s social media-driven world, the ratio has changed. Today, 40% of your advocates contribute to 60% of your turnover – stat can be designed by us. When customers trust a brand, they are responsible for the success of that brand. This makes them recommend the brand to others and use the brand more. They become willing to pay for the brand’s products and services. The contribution of consumers towards a brand’s business is only increasing. So is the need for marketers and businesses to work on building brand trust.
In today’s competitive market scenario, it is hard for market leaders to retain their loyal customers. Nokia’s phones are a classic example of how a market leader can lose its loyalists, despite several years of existence.
Are you struggling to identify the factors affecting your brand trust? Listed below are a few reasons that could help understand the gaps:
Failing to Match Consumer Expectations:
Every marketer is taught a thumb rule before entering the business, i.e. the customer is king. Today, with consumer empowerment, this saying has become all the more relevant. Customers are exposed to several brands in the market daily. They have changed their expectations from ‘what they received’ to ‘what others are offering’ as the benchmark. If you fail to match consumer expectations, another brand will live up to them.
Failing to Recognise Brand Advocates:
Brand advocates are an asset to every brand. Failure to recognize and reward these advocates can lead to a loss in brand loyalty. To get a customer is easy, but to retain one is a challenge. Programs and rewards for select customers help you retain your consumers and create a positive experience for them.
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Failure to Provide Information:
In today’s world, information is accessible at the touch of a finger. Any brand or company failing to provide this tends to lose customer trust. Customers can compare prices, quality and more on the internet before making a purchase decision. If information about your brand or product is not available, you may not exist for them.
Failure to Upscale the Customer Experience:
Customer experience is the best-selling marketing buzzword. Companies or brands need to create an experience worth talking about. Failure to do so can lead to losing out on consumers; customers who could have been potential brand advocates. The experience a customer has across various touchpoints is what creates customer trust and loyalty.
Can Brand Advocacy Be Your Game Plan to Reinforce Your Brand Trust?
Brand advocates are customers who trust your brand. They can be instrumental in extending this trust to other potential consumers. Advocacy is a genuine way of marketing as compared to other paid sources.
Word of Mouth advocacy is out of free will, and is hence trusted by consumers. Reviews, product pictures and experiences of brand advocates carry much more trust value than any other medium.
Marketers today are working on building unique customer advocacy programs. This enables them to engage with consumers in the best possible ways. Innovative ways that induce brand advocates to promote, share and talk about your brand can fetch you much higher ROI as compared to heavy offline, and online media spends.
If you are a brand trying to establish your brand’s trust in the minds of the end consumers, brand advocacy is the right tool to plug into your marketing campaign.
Brand advocacy can go a long way in building a brand’s trust and reputation in the market.
Struggling to find the right ways to engage with your brand advocates? WOOP is just the platform for you.
To learn more about how advocacy can change the brand game for you, get in touch with us today: email@example.com
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