Posted on 24/06/2020 by the Promote This Team.
In times of uncertainty, consumers want nothing more than transparency and honesty. With there currently being instability in every aspect of life due to the coronavirus, consumers are now more discerning than ever, only wishing to spend their money on trustworthy brands.
Despite most people experiencing some degree of financial constraints, recent research by EY has shown that consumers are willing to spend 25% more for a trusted brand during the pandemic. As a brand, your ability to build trust with consumers during and after the pandemic will prove crucial for your ongoing success. There is now an opportunity for brands to become that trusted anchor that consumers are searching for. Here’s what you need to know about harnessing the power of trust:
Opt for transparency
Consumers are now more discerning with their dollars, and want to know where your products are coming from, how they are produced, how they are priced and if your business adopts sustainable practices. It’s also important to communicate frequently with your customers, expressing your appreciation and gratitude during these hard times and vocalising any changes or challenges you anticipate. Leaving consumers in the dark is the worst thing you could do at this time, as it creates distrust and undue anxiety.
Remain true to your brand
Consumers are paying attention to how brands respond during this time, with 65% of consumers stating that this will affect how likely they are to purchase from the same brand in the future. Remain true to your brand and purpose, embodying what your brand is about in every action you take. Companies that demonstrate empathy will quickly gain the trust and loyalty of consumers.
Assess your inventory and service levels
Promising to deliver beyond your means is a sure fire way to disappoint, and lose the trust of, consumers. Instead, reassess your inventory to make sure you are honestly communicating your stock levels and delivery times. This will allow you to better manage your customers’ expectations, and retain their trust.
You might also want to consider if there are other industry partners or even competitors who you can source from or make referrals to.
How your company behaves during the pandemic will define how consumers will see you after the crisis subsides. Positioning yourself as a trustworthy brand will ensure consumers stick out the pandemic with you.