To help you cultivate a brand that can last, read on for five things to know about building brand loyalty in 2020.
1. Building trust affects your bottom line.
Without brand trust, it is going to be challenging for your business to stay relevant. Brand trust significantly impacts purchasing decisions because most consumers feel more comfortable purchasing from a company that they have a favourable view of than one they are unfamiliar with.
Additionally, brand trust leads to brand loyalty, which is essential. Once a consumer is loyal to your brand, they are much more likely to continue purchasing from you, even if another brand becomes trendy.
You can also count on them to advocate on your company’s behalf and recommend your products or services to others. Plus, they will also be open to paying more for your products or services and will continue to buy from you even if your competitor receives better reviews than you. You see, brand loyalty is a very powerful thing!
Keep in mind that it is hard to gain consumer trust and very easy to lose it; yet, it is worth the effort gaining it, as it is essential to business success.
2. Various factors influence brand trust.
When thinking about why consumers trust brands, you can break down the reasons into three areas: product-related, customer-related, and societal-related.
Generally, the most common reason why a consumer trusts a brand is that it continually provides high-quality products or services. Additionally, consumers pay much attention to whether or not a brand receives good ratings and reviews and whether they are charging a fair price for their products or services.
Customer-related reasons that influence brand trust include: if a brand has always treated the consumer and others (including employees) well, if the company quickly addresses customer service problems, and if it protects the privacy and security of consumer’s personal information.
Furthermore, consumers around the world are growing more concerned about a company’s behaviour when buying materials, products, or services and that it is working to decrease its environmental impact.
When creating your brand trust goals and strategies, it is essential to consider all of these different factors that influence how a consumer regards you. If you are unsure what type of brand trust goals to make, consider speaking with a marketing consultancy that can help you brainstorm.
3. To succeed, you need to have brand loyalty goals.
As with most things, if your organization is going to succeed in building brand trust in 2020, you first need to define what that means to you. In other words, you need to have brand trust goals.
For some companies, the target may be having customers write incredible reviews on review sites; for you, it may mean creating a community of loyal patrons who regularly visit your brick-and-mortar store. These are just a couple of examples; there is a good chance that your brand-trust goals will look different.
Once you have defined what brand trust means for your company, then you need to go in-depth about what success looks like and your strategy for measuring it. For example, you may formulate a system for monitoring relevant review sites and set up Google Alerts for company keywords. Moreover, you want to ensure you are tracking mentions and related industry conversations on social media.
It is highly recommended that you appoint a brand loyalty to lead who is responsible for monitoring and assessing the perceived trust of your brand, and for directing changes to enhance your brand trust continuously.
4. Prioritize engagement.
The most important thing you can do to build brand trust in your company is to prioritize engaging with your customers.
Successful brands are the ones that recognize how much customers value engagement and interaction — which is much easier to do in 2020, thanks to technology and social media platforms. This means asking them questions on Twitter and providing value on Instagram. It means creating content that helps them in their consumer journey, while also responding when they reach out to you.
After all, opinions on social media have much more influence on purchasing decisions than factors within your control, such as marketing and pricing.
Alternatively, for a simple yet effective technique for getting to know your customers better, you can opt to do a feedback survey. Providing opportunities for your customers to communicate with your brand employees through a website or another platform immediately increases their trust in your brand – it makes them feel that you prioritize them before everything.
5. Professionals are (usually) required.
There is no denying that building brand trust requires much work, which is why it is highly recommended that you utilize the services of a branding agency in Dubai (or wherever your company is located). By working with professionals, you will be able to uncover your point of differentiation in today’s increasingly competitive market and ensure you are maximizing value.
Through differentiated brand strategies, human-centric visual identities, and inside-out traditional and digital branding experiences, the best branding agency in Dubai can help you make your brand loyalty goals a reality.
Are you working on enhancing your brand’s trust in 2020? Why or why not? What strategies are you thinking of deploying?
Let us know your thoughts, comments, and any relevant experiences in the comments below.
Hasan Fadlallah is a Serial Entrepreneur – Founder & CEO of Brand Lounge, the region’s leading and award-winning branding consultancy, whose role is to help organizations align their business behind an idea that will deliver success time and again. Equipped with over 20 years of professional consulting experience, today he advises businesses throughout the Gulf and Africa on brand development and in 2014 was recognized by the World Brand Congress who awarded him the prestigious Brand Leadership award in Brand Excellence.
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