Council Post: The Changing Face Of Brand Trust: Three Post-Pandemic Nonnegotiables

Trust is the equity on which brands are built. Amid the coronavirus, who and what we trust has shifted. The uncertainty of our current circumstances has caused anxiety around nearly every aspect of life, such as health, finances, work, family — the list goes on. It’s only natural that as a result, consumer behavior is taking a conservative turn in an effort to mitigate any unnecessary risk.

Given these shifting dynamics, brand trust is more important than ever. Brands must move to address new consumer priorities. Considerations that were only just emerging as important to a subset of consumers will suddenly become deal-breakers for the masses. The coronavirus has affected our way of life, and it’s put a spotlight on renewed priorities, thus causing consumers to be far more deliberate in their decision-making.

As the president of a global licensing trade association, I’ve outlined three ingredients I consider paramount to building (or maintaining) brand trust and consumer loyalty post-pandemic. The common thread? Higher standards. On the other side of the coronavirus, I believe brands will have no choice than to raise the bar in how they do business in order to compete for consumer dollars.

Transparency 

Brand transparency is certainly not a new trend, but I’ve observed that it’s reached new heights during COVID-19, and it’s bound to soar long after. From supply chain to pricing and sustainability to employee relations, transparency is critical in building trust with consumers.

Buyers want to know where a brand’s products are coming from and how they’re produced; they’re interested in sustainable business practices and knowing how products are priced. Brands like Everlane and Southwest Airlines have effectively built brand trust, and in turn consumer loyalty, through transparent business and marketing strategies.

Brand transparency was already on the rise, but in these uncertain times, people are more vulnerable than ever; trust in who a brand is and what it stands for is critical and likely to infiltrate mass consumer mindsets. Because of this, positive brand equity has never been more valuable. It’s what is helping to carry many brands through this challenging time when economies are on hold, and it will continue to drive consumer loyalty in the new normal we all face afterward.

Purpose And Profit

The situation we’re all facing due to the spread of the coronavirus is a unique crisis in more ways than one. It’s global in scale, devastating in consequences and undefined in time. It’s requiring everyone to pitch in and do their part, including businesses.

The past several weeks have seen countless brands and companies contribute money, resources and manpower toward fighting this outbreak. It’s reinforced the idea that businesses don’t exist for the sole purpose of making a profit. They are built upon fulfilling consumer needs, and sometimes those needs expand beyond the self to something much bigger, such as one’s community or society as a whole.

Although the current circumstances make the topic of purpose particularly relevant, becoming a purpose-driven company is actually a long-term strategy and one that goes far beyond philanthropic efforts to pitch in during times of need.

Aligning purpose with profit means implementing a business strategy that is directly rooted in the company’s mission and vision statements. It capitalizes on the values of a company, giving consumers something greater to buy into than a product or service. When this crisis is behind us, businesses that lead with purpose will be in a far better position with consumers than those that do not.

Emotional Intelligence

The concept of Emotional Intelligence (EQ) in brand marketing has gained increased attention over the past decade, particularly as brands entered social media and established a direct dialogue with their consumers.

Today, EQ remains a key factor not only in effectively reaching target audiences but also in doing so with authentic storytelling. Currently, we are seeing the do’s and don’ts of consumer relations; some companies with high EQ have struck the right chord with their audience through messaging that is not only true to the brand but also authentic in addressing their audience in a time of uncertainty. Others have fallen short and appeared to take advantage of the current circumstances without consideration for consumer concerns.

Crises like the one we face now only ensure that EQ will continue to shape authentic and, in turn, effective communication with consumers. When stay-at-home orders lift and life resembles what it used to be, there will be no room for tone-deaf or disingenuous communication. Brands will be expected to hit the right note every time.

I predict that these factors will become nonnegotiable for consumers. Making smart decisions on who to partner with, what to promote and how to communicate it all will be key to success. And, upholding high standards — particularly regarding health, wellness and safety — will be a top priority. Overall, COVID-19 is sure to expedite trends we’ve seen taking hold but are positioned to dominate post-pandemic.

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