Brand trust in 2020 – what you should know
ONLY PRICE BEATS BRAND TRUST. AND ONLY SOMETIMES.
We’ve been doing a deep dive on brand trust in the time of COVID-19. That led us to Edelman’s latest findings on consumers’ relationships with brands. It’s clear that the world’s recent state of uncertainty has changed things in a big way. A few intriguing trends from Edelman’s 2020 survey:
- 70% say trusting a brand is more important today than in the past
- There’s been a 13% jump in “buying on belief”
- Trust is now second only to price in consumer consideration
- And customers are happy to spend more on a brand they trust
Finding trust in strange times.
According to Edelman, 81% say personal vulnerability (around health, financial stability, etc.) is driving the increased need for brand trust. And it’s not just earned based on their personal needs, but larger societal issues.
WANT BRANDS
TO SOLVE
THEIR PROBLEMS
- Be a dependable provider
- Be a reliable information source
- Be a protector
WANT BRANDS
TO SOLVE SOCIETY’S
PROBLEMS
- Be a visionary
- Be a problem solver
- Be a positive force shaping culture