Trust is important in any relationship including the one between consumer and brand, with 54 per cent saying they will stop purchasing from brands that break their trust, while a majority (72 per cent) plan to spend at least $700 more each year with trusted brands compared to the global average of 60 per cent, according to Adobe research.
However, despite the importance of building trust with consumers, earning trust is increasingly tricky, with eight in 10 (81 per cent) business leaders saying that it has become harder since the onset of the pandemic.
“Australian consumers’ experiences over the past two years and rise of the digital economy are combining to shift the fundamental drivers of brand trust,” says Simon Tate, president, Asia Pacific, Adobe.
“More than ever, trust relies on brands’ ability to make a positive impact, use data responsibly and deliver digital experiences on customers’ terms.”
When asked whether they consider digital or in-person experiences to be more important in driving trust, only 16 per cent of Australian consumers favoured digital experiences.
“The importance of digital experiences to a trust exchange has come into sharper focus and the stakes are high. Done right, many consumers will reward brands with loyalty and spend. When trust is broken, most consumers will walk away permanently.”
Brands’ use of personal data is a key driver of mistrust among Australian consumers. The research reveals that 74 per cent are concerned with how their data is being used and 50 per cent of consumers believe the benefits of providing their data to companies are greater than the risks.
“Customers enjoy a personalised experience but worry about sharing their data,” says Thomas Barta, co-author of The 12 Powers of a Marketing Leader.
“Better personalisation and privacy may sound like competing targets, but it doesn’t have to be that way. When it comes to data privacy, the top spot for a company doing it exceptionally well, is still up for grabs.
“To get there, customers don’t ask for too much. Eighty-three per cent of Australian consumers simply want to decide how firms used their data, 86 per cent desire more transparency and 63 per cent asked that firms use their data only for what really matters: making the customer experience better.”
