Consumers losing trust in traditional institutions, says Forrester | WARC | The Feed

Consumers losing trust in traditional institutions, says Forrester

Brand loyalty is up for grabs as corporate and governmental scandals, together with misinformation, chip away at the public’s trust in many organisations. As people redirect that trust to other entities, more online adults, such as those in India, are willing to trust businesses than their national government, their local government and the media.

Why it matters

Companies that garner trust among customers, employees and partners will drive revenue-generating loyalty behaviours like retention and advocacy. This is according to new research by Forrester, which finds that highly trusted firms also have greater growth potential and will attract the best, most dedicated talent.

Four findings

• The customers of highly trusted firms are also more likely to experiment with new offerings.
• Highly trusted firms’ employees are more likely to be productive and their partners are more likely to facilitate faster routes to market.
• Organisations embracing the trust imperative must execute strategies targeting accountability, competence, consistency, dependability, empathy, integrity and transparency.
• 27% of Singaporean online adults say they try a new brand because they believe in the values the brand stands for.

Sourced from Forrester