Trust in Focus: The Reputation Element Brands and Their Leaders Can’t Ignore
Today’s consumers have access to more information about their favorite brands than ever before. This means that potential customers are looking not only at quality products but at the organizations they’re coming from. Simply put, savvy consumers in 2020 want to give their hard-earned money to support brands they trust.
The start of this new decade has brought a virtual explosion in measured consumer trust, with several organizations publishing trend reports on brand standings. Previously a “nice-to-have” alongside newsworthy innovation and strong financial performance, public trust in an organization is now critical to success.
What’s more, the concept of who or what is responsible for maintaining trust has shifted from the company at large to individual leaders. Transparency around ethics, values and a commitment to improving the lives of those served by an organization now seems to rest on the C-suite’s shoulders.
According to its inaugural “Most Trusted Brands 2020” report, Morning Consult dissected The State of Consumer Trust, finding 74% of Americans trust the average company to deliver consistently on what they promise.
We are in a new era that requires building and maintaining trust through proactive and careful communication to internal and external audiences. But, what are the keys to leveling up these trust-drivers? Here’s where Approach Marketing focuses:
We help executives tell their story.
Leaders are expected to be present. It’s not enough to appear in the occasional handshake photo or meet-and-greet. The Edelman Trust Barometer 2020 reveals that 92% of consumers believe a CEO needs to be the face and voice of an organization.
There are tremendous benefits to building and maintaining an ongoing thought leadership program, which you can read more about in “Putting a Face to Your Organization: How Thought Leadership Forges Personal Connections with Your Audiences.”
Edelman’s 2020 Barometer also notes, “People grant their trust based on two distinct attributes: competence (delivering on promises) and ethical behavior (doing the right thing and working to improve society).”
We empower employees as influencers.
Many people think of influencers as those promoting a certain lifestyle or products on Instagram. However, employees of an organization play a powerful role as influencers by serving as ambassadors of the company’s brand and reputation. When they feel valued and believe that that they are working toward a purpose (73% of employees in Edelman’s Trust Barometer want to feel like they are changing society), their attitudes and reviews can help management with recruiting. Read more on how PR can contribute to a company’s HR.
How this looks in practice.
Approach collaborated with client Quantum Health to illustrate the company’s commitment to both areas. Through culture-focused programming, we highlighted the organization’s purpose-driven mission to reduce the complexity and cost of healthcare for Quantum members. Internal and external communication around its corporate culture supported a massive recruiting effort. From top-down, Quantum Health truly values its employees. And don’t just take our word for it. Quantum Health’s CEO has an 83% approval rating on Glassdoor – well above the average CEO approval rating of 69%.
What’s a brand to do?
While all of this leaves a lot for an organization to consider, the good news is that Morning Consult reports the majority of Americans (52%) feel a company has to do something wrong in order to lose trust. Based on their survey, top-performing brands are currently trusted more than many other institutions, public figures and ideas. Amazon and Google are trusted more than Oprah, scientific studies, labels on food packaging, the news media, and the U.S. government. That speaks volumes about the importance of building and maintaining trust.
For newer and lesser-known organizations, building up trust early with the above strategies is essential. A smart partner can help to map out a company’s authentic communication strategy and ensure this work is smartly executed, helping brands build much-needed trust and reputation among employees and customers alike.
Let’s talk trust. Approach us today at hello@approachmarketing.com.
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