81% of consumers consider brand trust the ultimate deciding factor when purchasing a product or service. — Edelman
Building brand credibility is the most crucial component of success in business. A statistic from a study conducted by Edelman speaks volumes, revealing that 81% of consumers consider brand trust the ultimate deciding factor when purchasing a product or service. This emphasizes the vital role of establishing and maintaining brand credibility, as it directly influences a consumer's willingness to engage with and invest in a brand.
In the current era of cut-throat competition and information overload, brand credibility is the key to setting a business apart from the crowd.
Failing to establish credibility can lead to lackluster marketing efforts and difficulty in attracting and retaining customers.
Conversely, a solid reputation for reliability and trustworthiness can lead to increased customer loyalty, positive word-of-mouth promotion, and ultimately, long-term success for a brand.
Brand credibility is a crucial aspect of any successful business. It can lead to increased customer loyalty, positive word-of-mouth, and, ultimately, increased sales.
Here are five things you should consider
- Deliver High-Quality Products or Services
- Be Consistent in Your Brand Messaging and Actions
- Provide Exceptional Customer Service
- Be Authentic and Transparent
- Leverage Social Proof
The most crucial step in building credibility for a brand is delivering high-quality products or services.
70% of buying experiences are based on how customers feel they are being treated. (Study by McKinsey).
Therefore, if a brand delivers products or services that meet or exceed customer expectations, they are more likely to establish trust and credibility.
Consistency in marketing and communication is also essential for building credibility. Continuously delivering on promises and maintaining a brand identity that reminds customers of the 'Brand Promise' helps to establish customer trust over time.
Consistent branding can increase revenue by up to 23%. (According to a survey by Demand Metric)
Good customer service is paramount in building credibility for a brand.
Poor customer service costs businesses more than $75 billion annually. (According to a study by NewVoiceMedia)
On the other hand, a positive customer service experience can lead to increased customer loyalty, positive word-of-mouth, and, ultimately, increased sales.
Customers value authenticity and transparency. Being honest and open about a brand's values, mission, and business practices can help to build credibility.
87% of consumers would purchase a product based on the brand's alignment with their values. (According to a survey by Cohn & Wolfe)
Social proof, such as favourable reviews, testimonials, and social media endorsements, can also help to build credibility for a brand.
91% of consumers read online reviews before making a purchase,
Besides 84% trust online reviews as much as personal recommendations. (Survey conducted by BrightLocal )
Building credibility for a brand takes time and effort, but it is essential for long-term success.