Reason #1: Buyers see a bigger need for brand trust today than in the past – and are much more skeptical.
Brand trust has become extremely important to buyers. In Edelman’s Brand Trust Study 2020 – COVID Update, 70% of buyers say that trust is more important now than in the past. Why? In Edelman’s previous brand report last September, U.S. respondents shared the following:
- Brands now have my personal information in their databases (43%).
- There is so much fake news and false information on the Internet (42%)
- I am facing financial struggles and when I do spend, I need to make sure I am making the best decisions (33%).
- The pace of product innovation makes it more important to choose the right provider (27%).
When asked about factors that are MOST important in choosing one brand over another, 80% of respondents said, “trusting a brand to do what is right.”
Trust is more important to Millennials and Gen Z than other generations. Four statistics from the Deloitte’s 2018 Millennial Survey , pictured below, accurately reflect these generations’ diminishing trust in businesses. Of note are their beliefs that businesses (a) are not “committed to helping to improve wider society” and (b) have “no ambition beyond making money.”
Reason #2: Prospects will not talk to you until they trust you.
B2B marketers know that building trust with prospects and customers is key to success. However, what we sometimes forget is that data on most aspects of our businesses are readily available online, with a quick and easy Google search.
In GE Retail Banks’s Major Purchase Study in 2019, they found that 80% of consumers go online to conduct research before a purchase – up 20% from 2018. They also found that consumers on average spend 79 days conducting research before purchasing a major product or service. When researching a brand, they may ask peers about you, go to your website, read an analyst report, check out your social media posts, search for customer reviews, watch a product video or webinar. They will take time to build their own level of trust in your brand before reaching out to you or responding to your calls and emails.
The latest Hubspot Sales 2020 Statistics validate that buyers prefer to wait until the Consideration Stage before connecting with a salesperson.
Reason #3: The importance of building brand trust boils down to the rewards.
With trust such a vital prerequisite to purchase, the rewards are well worth the effort. As this below chart from the Edelman’s 2020 study illustrates, brand trust leads to higher sales, loyalty and advocacy.
Buyers will even go out of their way to defend your brand if/when needed.
So how do you build brand trust? Read WIZ Advisors’ 5 C’s of Brand Trust.