“Nearly 80% of B2C leaders believe customers have somewhat or very high trust in their company’s brand, but only 52% of consumers feel somewhat or very high trust for the brands they purchased or used.”
Customer distrust drives the constant change in privacy regulations. But beyond compliance, there are four key components to customer trust and when used effectively, companies will win over and retain loyal, happy customers who will willingly spread the word.
“Do you even really care about me?”
“Why weren’t you upfront about shipping costs?”
“This was the worst experience I’ve ever had”
“This product stopped working”
“When combined, humanity and transparency signal a company's intent.”
“When combined, capability and reliability form a company’s competence."
Deloitte Digital: Close the Trust Gap Report, Published October 2021.
According to the Deloitte Digital: Close the Trust Gap Report, 68% of customers spend more with a brand they trust. Additionally, they are 2 to 5x more likely to recommend a brand that exhibits capability, reliability, or humanity.
Trust is earned when it's felt throughout the spectrum of the user experience, from onboarding to renewal. From the get-go, brands should treat users like VIPs with a frictionless, sign up experience, then ensure their data is used responsibly along the acquisition and buyer journey. Finally, creating meaningful experiences along the way that make it easier for them to do business will win the ultimate prize: their lasting loyalty.
Achieving excellent customer engagement means reaching users where they are, which is on their preferred digital channels. That’s where true business value lies. Brands, including those trusted by consumers, often struggle to consistently communicate effectively–and that's a detriment to bottom lines. Next, we’ll address how to implement the four components of trust through different channels.
