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
Quality:
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:
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)
Service:
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.
Authenticity:
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:
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.
