Why APAC brands should build trust and how they can do it

17 November 2020 Consultancy.asia

Communications and public relations consultancy Edelman has released the 2020 edition of its Brand Trust report. The study spells out the importance for brands to act on the issues that matter to their consumers, in order to remain top of mind and in favour. Five charts on the report’s main conclusions for the Asia Pacific region. 

According to the 20,000 respondents globally and in APAC, an increasing number of people are choosing their brands of preference based on trust, with 70% of respondents in APAC saying that trusting a brand is more important today than in the past. By market, 89% in India, 73% in South Korea, 69% in China and 51% in Japan agree that trust has increased in importance. 

A BIGGER NEED FOR BRAND TRUST TODAY THAN IN PASTNotably, in APAC, trust is the number one factor for consumers deciding whether to buy a new brand (51%). Internationally, trust comes second to price and affordability. And when it comes to repeat purchasing, trust ranks as number one, on par with price and affordability (49%) in APAC. Whereas globally, price still ranks higher.

For brands, the benefits of more trust are clear: it leads to more engagement, a higher likelihood for repeat purchase, lower price sensitivity, a higher willingness to promote a brand among peers and online, and deeper and more resilient relationships. 

TRUST UNLOCKS DEEPER, MORE RESILIENT RELATIONSHIPS

Building trust

Highlighting the ‘trust gap’, currently 46% of consumers currently trust most of the brands they buy or use. So how can brands ramp up trust among consumers? 

For starters, people want brands to do more to inform. This means that brands are considered a reliable source of information, keeping people informed about what they need to know to protect themselves and make good life decisions. 

PEOPLE WANT BRANDS TO DO MORE TO INFORM

Then, people want brands to protect more. Being a protector means that brands do everything possible to ensure the safety and wellbeing of their employees, customers and communities.

PEOPLE WANT BRANDS TO PROTECT MOREFurther, people want brands to be more accessible. Edelman’s experts define this as a brand’s ability to be a dependable provider ensuring that people have easy and affordable access to the products and services they need.

PEOPLE WANT BRANDS TO BE MORE ACCESSIBLE

Commenting on the report’s findings, Tonia Ries, Executive Director at Edelman, said: “With changing expectations around businesses and brands and a world upended by Covid-19, trust is no longer a nice-to-have, it’s a must. We’ve seen that there are new demands on brands to solve, not just sell. Consumers want action. More than ever, they’re seen as protectors and dependable providers.” 

“If brands deliver on the promise of advocacy and action, then they’ll be rewarded with deeper, more resilient relationships with the consumer. Brands that are tied into strong values and translate these to their consumers will be the ones who win. Brand trust is no longer a marketing strategy, it’s the core part of business strategy.” 

About the Brand Trust report

The report surveyed over 20,000 respondents globally, including four markets in APAC: China, Japan, South Korea and India.


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