Brand Trust: The Six Drivers of Trust

2Brand TrustThe six drivers of trustHuTrust is the copyright and trademark of IFM In-depth Research and Strategies Pty Ltd. and used under licence by Concerto Marketing Group Inc. Use of this intellectual property without written permission is not permitted. Nick Black I concertomarketing.com I nickblack.org

As human beings, we inherentlyunderstand the importance of trust Image: http://www.flickr.com/photos/b-tal/2743418340 Nick Black I concertomarketing.com I nickblack.org

From finance Image: http://www.flickr.com/photos/adrianshort/2380109622Nick Black I concertomarketing.com I nickblack.org

to friendship Image: http://www.flickr.com/photos/rrrrred/3722396148Nick Black I concertomarketing.com I nickblack.org

and even the contents of our food Image: http://www.flickr.com/photos/kfergos/3557180375 Nick Black I concertomarketing.com I nickblack.org

We rely on trust everyday, like oil in the engine of our livesNick Black I concertomarketing.com I nickblack.org

“You can have all the facts and figures, all thesupporting evidence, all the endorsement that youwant, but if at the end of the day you don’tcommand trust, you wont get anywhere.” Niall FitzGerald (2001) Former Chairman and CEO of Unilever Current Chairman of Reuters Nick Black I concertomarketing.com I nickblack.org

Trust may seem warm and fuzzyNick Black I concertomarketing.com I nickblack.org

But it delivers cold, hard results forbusinesses & brands Image: http://www.flickr.com/photos/carbonnyc/3302521928 Nick Black I concertomarketing.com I nickblack.org

In January 2009, Concerto Marketing andResearch Now completed a study into thebenefits & drivers of brand trustThe study surveyed 1000 North Americans fromResearch Now’s panel of online respondents Nick Black I concertomarketing.com I nickblack.org

Our study found that when people trust a brand…Nick Black I concertomarketing.com I nickblack.org

83% …will recommend it to other peopleNick Black I concertomarketing.com I nickblack.org

82% …will use its products & servicesfrequently Image: http://www.flickr.com/photos/suttonhoo22/2703844098 Nick Black I concertomarketing.com I nickblack.org

PHOTO: http://www.flickr.com/photos/suttonhoo22/2703844098 78% first for …will look to it the things they wantNick Black I concertomarketing.com I nickblack.org

78% …will give its new products and services a chance Image: http://www.flickr.com/photos/zachklein/34624533Nick Black I concertomarketing.com I nickblack.org

50% …will pay more for its products and servicesNick Black I concertomarketing.com I nickblack.org

47% …believe it’llinform them about products and servicesthey’ll like Image: http://www.flickr.com/photos/shiftyeyes/283978679 Nick Black I concertomarketing.com I nickblack.org

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@N04/2402698820Nick Black I concertomarketing.com I nickblack.org

Question: So if harnessing trust is the keyto people buying, trying and paying morefor a product or service, how do you harnessbrand trust? Nick Black I concertomarketing.com I nickblack.org

2Answer: Through research, weuncovered six drivers of trustin businesses & brands Nick Black I concertomarketing.com I nickblack.org

Trust Driver 1: Stability …a brand / must have a foundation or stability in order to be trusted Image: http://www.flickr.com/photos/lwr/335060774Nick Black I concertomarketing.com I nickblack.org

Trust Driver 2: Innovation …a brand must continue to develop & innovate in order to be trusted Image: http://www.flickr.com/photos/kylef/2716315528Nick Black I concertomarketing.com I nickblack.org

Trust Driver 3: Relationship …a brand must provide a relationship in order to be trusted Image: http://www.flickr.com/photos/bamboo-adventure/3530133273Nick Black I concertomarketing.com I nickblack.org

Trust Driver 4: Practical Value …a brand must deliver practical value in order to be trusted Image: http://www.flickr.com/photos/herzogbr/2274372747Nick Black I concertomarketing.com I nickblack.org

Trust Driver 5: Vision …a brand must have a guiding vision in order to be trusted Image: http://www.flickr.com/photos/la_bretagne_a_paris/2149646465Nick Black I concertomarketing.com I nickblack.org

Trust Driver 6: Competence …a brand must have competence in order to be trusted Image: http://www.flickr.com/photos/jeezny/3385475313Nick Black I concertomarketing.com I nickblack.org

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 Practical Value 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 I concertomarketing.com I nickblack.org

2 But no single driver can harness trust by itself,Nick Black I concertomarketing.com I nickblack.org

because they all work together like parts of an engineNick Black I concertomarketing.com I nickblack.org

Question: So how can you start harnessingtrust in your business or brand? Nick Black I concertomarketing.com I nickblack.org

Step 1: Establish your metrics (What is the strength of your trust drivers?)Nick Black I concertomarketing.com I nickblack.org

For Example: If your brand is strong ininnovation, but lacking in stability, continuing to emphasize new products may not harness trust Image: http://www.flickr.com/photos/paalia/2499534154 Nick Black I concertomarketing.com I nickblack.org

Step 2: Define your trust drivers (What is your brand actually trusted for?)Nick Black I concertomarketing.com I nickblack.org

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 I concertomarketing.com I nickblack.org

Step 3: Refine your tactics (Use every process & program to build trust)Nick Black I concertomarketing.com I nickblack.org

For Example: If your relationshipinvolves nurturing, then your service should reflect this Image: http://www.flickr.com/photos/jbarton/366900454 Nick Black I concertomarketing.com I nickblack.org

As human beings we inherentlyunderstand the importance of trustAs human creations, brands & businessesneed to understand the importance of trust too Nick Black I concertomarketing.com I nickblack.org

Because trust is like oil in the engine of our lives,Nick Black I concertomarketing.com I nickblack.org

key to people buying,and thetrying and paying morefor your products & services Image: http://www.flickr.com/photos/brenda-starr/3509344402/in/set-72157617806022838 Nick Black I concertomarketing.com I nickblack.org

2Concerto Marketing GroupE: info@concertomarketing.comT: +1 604 684 8933web: www.concertomarketing.comNick BlackVice-President - Strategic Insightblog: www.nickblack.org Nick Black I concertomarketing.com I nickblack.org

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Brand Trust: The Six Drivers of Trust

by Nick Black on Oct 11, 2009

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Brand Trust: The Six Drivers of Trust — Presentation Transcript