A common misconception is that trust alone is enough to be successful. If you look at yourself and your behaviours, this is clearly not true. There may be several options that you trust - and at a similar level. Take telecommunications companies, cereal brands, energy companies, or charities.
When it comes to choosing a service provider, customers always opt for the one they trust the most. There is no prize for the second most trusted. With a product for example like a cell phone contract, it's all or nothing. For a charity, gifts and wills can be all or nothing, but usually the charity who is most trusted gets the biggest share of the wallet among causes. If you’re an FMCG brand, the most trusted sees the least brand switching among customers.
And price?
Price is often considered separately from trust. All our customer studies show that trust is the most important factor in the purchasing decision after price. But it is clear that more trust leads to higher price elasticity. Up to 33% in our studies. Put simply, this means that if you enjoy the most trust - and can widen the trust gap with your competitors - you can be quite a bit more expensive before a switch takes place.
At TrustLogic, we consider price as part of the trust construct - it is in the Benefit Trust Bucket. This is where customers weigh up the price against all other aspects in which they trust you.
The customer is not an average.
That's why it's worth thinking about one person when considering your customer. Perhaps yourself, your partner or your children. Who would they trust the most and why would they do it? What do they need to trust and what would they love to trust you for? You'll see, this changes the game and makes your work so much more rewarding.
TrustLogic elevates your trust equity.
TrustLogic stands at the forefront of this transformative approach. By understanding what customers trust you and would love to trust you for, you can position your brand as the most trusted among your competitors and forge lasting connections with your audience.
Being the most trusted player in your industry isn't just a badge of honour – it's a strategic advantage that influences decisions, shapes loyalty, and determines your performance.
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