Brand Trust: The Six Drivers of Trust

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Findings from recent North American Hutrust research that uncovered six equally correlated drivers of trust. Presentation by Nick Black (www.nickblack.org).

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Brand Trust: The Six Drivers of Trust

  1. 2 Brand Trust The six drivers of trust HuTrust is the copyright and trademark of Mext Consulting. Use of this intellectual property without written approval is not permitted. NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  2. As human beings, we inherently understand the importance of trust Image: http://www.flickr.com/photos/b-tal/2743418340 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  3. From finance Image: http://www.flickr.com/photos/adrianshort/2380109622 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  4. to friendship Image: http://www.flickr.com/photos/rrrrred/3722396148 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  5. and even the contents of our food Image: http://www.flickr.com/photos/kfergos/3557180375 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  6. We rely on trust everyday, like oil in the engine of our lives NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  7. “You can have all the facts and figures, all the supporting evidence, all the endorsement that you want, but if at the end of the day you don’t command trust, you wont get anywhere.” Niall FitzGerald (2001) Former Chairman and CEO of Unilever Current Chairman of Reuters NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  8. Trust may seem warm and fuzzy NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  9. But it delivers cold, hard results for businesses & brands Image: http://www.flickr.com/photos/carbonnyc/3302521928 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  10. In January 2009, we completed a study into the benefits & drivers of trust using HuTrust The study surveyed 1000 North Americans from Research Now’s panel of online respondents NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  11. Our study found that when people trust a brand… NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  12. 83% …will recommend it to other people NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  13. 82% …will use its products & services frequently Image: http://www.flickr.com/photos/suttonhoo22/2703844098 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  14. PHOTO: http://www.flickr.com/photos/suttonhoo22/2703844098 78% …will look to it first for the things they want NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  15. 78% …will give its new products and services a chance Image: http://www.flickr.com/photos/zachklein/34624533 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  16. 50% …will pay more for its products and services NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  17. 47% …believe it’ll inform them about products and services they’ll like Image: http://www.flickr.com/photos/shiftyeyes/283978679 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  18. In effect, if you want people to:  Buy more  Try more, and  Pay more then harnessing brand trust is the key Image: http://www.flickr.com/photos/21313845@N04/2402698820 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  19. Question: So if harnessing trust is the key to people buying, trying and paying more for a product or service, how do you harness brand trust? NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  20. 2 Answer: Through our research, we confirmed six drivers of trust in businesses & brands NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  21. / Trust Driver 1: Stability …a brand must have a foundation or stability in order to be trusted Image: http://www.flickr.com/photos/lwr/335060774 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  22. Trust Driver 2: Innovation …a brand must continue to develop & innovate in order to be trusted Image: http://www.flickr.com/photos/kylef/2716315528 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  23. Trust Driver 3: Relationship …a brand must provide a relationship in order to be trusted Image: http://www.flickr.com/photos/bamboo-adventure/3530133273 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  24. Trust Driver 4: Benefit …a brand must deliver practical value in order to be trusted Image: http://www.flickr.com/photos/herzogbr/2274372747 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  25. Image: http://www.flickr.com/photos/la_bretagne_a_paris/2149646465 Trust Driver 5: Vision …a brand must have a guiding vision in order to be trusted NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  26. Trust Driver 6: Competence …a brand must have competence in order to be trusted Image: http://www.flickr.com/photos/jeezny/3385475313 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  27. Through our research we’ve found that all six drivers are equally correlated with brand trust… Trust Driver Weighted Average Stability 0.523 Innovation 0.531 Relationship 0.572 Benefit 0.545 Vision 0.552 Competence 0.563 Zero-order correlations were run between the six trust elements and brand trust. All 180 correlation coefficients obtained were found to be statistically significant (p<.01) using one-tailed (directional) tests. NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  28. 2 But no single driver can harness trust by itself, NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  29. because they all work together like parts of an engine NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  30. Question: So how can you start harnessing trust in your business or brand? NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  31. Step 1: Establish your metrics (What is the strength of your trust drivers?) NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  32. For Example: If your brand is lacking in stability, continuing to emphasize new products may not harness trust Image: http://www.flickr.com/photos/paalia/2499534154 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  33. Step 2: Define your trust drivers (What is your brand actually trusted for?) NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  34. For Example: What type of vision is attractive and engaging for your customers, consumers, employees and analysts? Image: http://www.flickr.com/photos/sleepykisser/126670658 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  35. Step 3: Refine your tactics (Use every process & program to build trust) NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  36. For Example: If your relationship involves nurturing, then your service should reflect this Image: http://www.flickr.com/photos/jbarton/366900454 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  37. As human beings we inherently understand the importance of trust As human creations, brands & businesses need to understand the importance of trust too NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  38. Because trust is like oil in the engine of our lives, NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  39. and the key to people buying, trying and paying more for your products & services Image: http://www.flickr.com/photos/brenda-starr/3509344402/in/set-72157617806022838 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM
  40. Mext Consulting email: stefan.grafe@mextconsulting.com web: www.mextconsulting.com web: www.hutrust.com Intensions Consulting email: info@intensions.co web: www.intensions.co 2 NICK BLACK NICKBLACK.ORG INTENSIONS.CO MEXTCONSULTING.COM HUTRUST.COM

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