Exploring What Brand Trust Means in 2020

What we’ve collectively experienced over the last 6-months were unimaginable back in January. Not only have businesses had to make a shift in their operations in response to a global pandemic, but recent events have also brought attention to racial injustice around the world. The expectations of businesses have rapidly evolved and will continue to do so as we reflect and learn to operate in a new world order. 

A few months ago, we started a webcast series called Insights On which looked at some of the of-the-moment topics businesses were grappling with. In our first webcast, we were joined by Lisa Kimmel, CEO at Edelman Canada who shared key findings from their 2020 Edelman Trust Barometer Special Report on Brand Trust and Coronavirus on how brands should respond during a moment of crisis. Now, Edelman has shared another report looking at Brand Trust in 2020, highlighting how brands need to show up in our new world order. 

The research shows that this is a significant moment in time for organizations to stand up and advocate for change. Now more than ever, Canadians are looking to brands to lead and find solutions to current societal issues, and how brands respond will impact the relationship with consumers. 

Here are a few notable highlights from this new report:  

Trust is make or break for brands

If there is one thing that builds a strong relationship between a brand and its customer, it’s trust. Over half of Canadian respondents use brands based on trust and 68 per cent say trust is more important today than in the past. Businesses need to think hard about how they are gaining and maintaining a positive relationship with customers – especially during moments of uncertainty. Data shows that an increasing number of global respondents started using a brand based on its compassionate or innovative response to the global pandemic. 

Solving problems, advocating for change

Although it is important for brands to be aware of and understanding in challenging times, it’s not enough to maintain trust. Consumers expect that brands can be a part of solving individual problems (85%), solving societal problems (80%) and enriching life (73%). Moreover, consumers are looking for more than words, they want to see action. How well a brand treats its employees, how the brand ensures safety for consumers and environmental impact have all become more important purchasing considerations. 

Trust unlocks relationships with customers 

Data shows that trust results in more loyalty, engagement and advocacy from customers. For example, respondents who hold high levels of trust in a brand are more likely to make a purchase, even if it is the more expensive option, are more comfortable sharing personal information, are more likely to amplify brand content and defend the brand even if they heard someone criticizing it. Ultimately, trust holds the key to unlocking deeper and more resilient relationships. 

Learn more by reading the full report from Edelman: “Trust Barometer Special Report: Brand Trust in 2020.”
Missed the Insights On webcast series? Watch the original webcast on-demand here.