Retail Observer

RETAILOBSERVER.COM DECEMBER 2020 46 O ver the past few months I've had multiple conversations with business leaders about trust. Brands looking to build lasting relationships with their customers must first build trust. When there's integrity between what you say and what you do, trust and brand loyalty start to build. But that's not the whole story. Trust comes when our way of being in the world is consistent with what and how we communicate. No one can get lured into buying something they don't understand. But customers also don't buy products they aren't emotionally engaged with, and that they don't trust. There's a subtle yet important distinction between trust and belief. Trust is a general feeling based on our perception. For someone to trust your brand, they must feel good about it. There's usually a transfer or extension of feeling by the one trusting, hence the idea of "extending your trust." Trusting can be risky. By trusting a brand, the customer is hoping the brand will deliver on its promise. Belief, on the other hand, tends to be grounded in facts or experiences. If a customer has had a string of exceptional experiences with your brand or product, they will not only tend to trust the brand, they'll believe that you'll continue to deliver. But they must be convinced that your brand has a proven track record of delivering. This is why customer testimonials, reviews, and social proof are so important to ensuring that your customers will trust you. Belief also often happens when our values are aligned with the brand. If a customer knows what the brand believes in and stands for, and that it's living up to those beliefs, they'll have a confidence in the brand that is more firmly rooted than trust. Data from the 2019 Edelman Trust Barometer reveal: • 81% of those surveyed believe "I must be able to trust the brand to do what is right." • More than 70% link their purchases to considerations that were historically tied to trust in corporations, including supply chain, reputation, values, environmental impact and placing the customers before profit. • 53% of consumers agree that every brand has a responsibility to get involved in at least one social issue that doesn't directly impact its business. Stated simply, trust is offered, and belief is earned. When the brand consistently delivers on its promises, it increases its trustworthiness, credibility, and value. A couple of examples. I have no real way of knowing that the fruits and vegetables I buy are grown without pesticides. I have to trust the signage and packaging that tells me so. The chocolate I buy comes with the "Fair Trade" label, and I have to trust that it really is fair trade. I extend my trust to the people who branded, marketed, packaged, shipped, stored and sold the chocolate to me. Every day, millions of us rely on people we've never met to tell the truth. We count on them to do the right thing. And mostly, they do. Our society depends on us to be honest and truthful to one another, and in turn we expect the same goodness from other people. And mostly they give it. Picture a brand that you believe in, or one that you don't. Now ask yourself, "Based on the brand's actions, am I willing to extend my trust to them?" Answer yes, or no. Is that because of what they did or how you feel about what they did? Chances are, it's both, and especially how their actions made you feel. It's worth noting that trust and reliability aren't the same. Someone who consistently treats you poorly is showing reliable behavior but shouldn't be trusted. Trust makes you feel good and is a valuable feature of all good relationships. Small, consistent, beneficial and meaningful actions over time build and maintain trust. People trust what's consistent, what they understand, and what reliably delivers value to them. "Trust is like blood pressure. It's silent, vital to good health, and if abused it can be deadly." – Frank Sonnenberg, author of Follow Your Conscience For the past 25 years, Steve has served as an advisor and consultant on brand strategy, organizational life, and humanized marketing strategy. He has worked with companies such as Samsung, Habitat for Humanity, New Balance, Sony, LG, Amazon, NFL and MLB franchises and is a regular speaker for TEDx, Creative Mornings, CES, HOW Conference, Social Venture Network, American Marketing Association, and AIGA conferences. Steve has published two books, Brand Love and Loyalty and Humanizing the Customer Journey, as well as a forthcoming book, The Evolved Brand: How to Impact the World Through the Power of Your Brand. He has been featured in Business Week, Brand Week, Ad Age, Conscious Company Magazine, MarketingProfs, and HOW magazine. Steve leads his own brand and business strategic consultancy, Mth Degree. Contact: steven@theMthDegree.com, 619-234-1211 or www.theMthDegree.com RO Steven Morris On Brand THE TRUST COMMODITY "It takes 20 years to build a reputation and five minutes to ruin it." – Warren Buffett

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