New Codes Of Trust
Brand trust is arguably the most valuable intangible asset for a brand. It’s defined by consumer expectations and measured by how well a brand delivers on the promises it makes with its products and services. We all know what trust means; it means a spotless record; trust means a legacy of generations and is earned over decades. Building trust and credibility have always been seen as a long-term goal by brands where it would take years to establish a reputation. But then how has a four-year-old mobile payments startup – ‘PhonePe’ amassed over 300 million users; how has a ride-hailing app launched an electric scooter and got 1Lac registrations?
In today’s world, the average time to build a unicorn in India has come down from 14 years to 4 years. In which case, the old theory of brand-building trust over a period of time does not measure through. So how do these unicorn brands build the trust that a legacy brand has taken decades to build especially as consumers become increasingly sceptical and discerning?
The old codes of trust have been dismantled and new-age companies today are redefining the New Codes of Trust for building brands in the new age.
1. Old memory structures fade away in light of a news story
Building a new narrative for the brand which resonates with today’s audiences. For e.g., Netflix has successfully transformed into a global streaming business while memories of the once highly popular rental business faded away. Another great example of UTI transitioning to AXIS BANK is to give the brand an independent identity & personality. A new image and refreshed identity transformed the business dramatically.
2. It does not take decades to earn trust anymore
In a world that is becoming increasingly uncertain, it is the comfort of trust that consumers are looking for. Trust will become one of the most valuable currencies a brand can have. And this trust can be built through consistency in both brand message and brand promise. For e.g. In the extremely competitive healthcare industry, PharmEasy earned the trust of 12 million consumers and emerged as India's fastest growing unicorn in just 4 years since the launch by living up to its promise of making healthcare affordable and accessible across the country.
3. Trust is a function of the brand’s actions today
Brands have to have a purpose and solve problems for their audiences. They need to stand up and act for the good of the consumers. They need to activate the tools of data, technology, creativity, design to create solutions that will help solve real on-ground problems. Shaadi.com created a platform - Weddings from Home at the start of the lockdown facilitating marriage and togetherness even when it seemed impossible. This led to a 15% increase in registrations for shaadi.com while the industry saw degrowth. Or the Google Internet saathi program – an initiative that bridges the online gender divide in rural India as only one in ten Internet users is a woman. The initiative has built a strong network of 60,000 saathis, who have imparted digital literacy to more than 20 million women across 200,000 villages, parallelly also strengthening the trust rub-off on brand Google.
4. Trust ∝ transparency, not legacy
In today’s times, trust is not equated to legacy, a consistent brand message, visual identity, and a focus on honesty and transparency can go a long way in building a trustworthy relationship with the audience. In a digital world where information is available at the tip of the finger, it is imperative for brands to be transparent about their behind the scene architecture. For e.g. we see the direct to consumer beauty & self-care brands thriving on the basis of ingredient stories and authenticity. Consumers today don’t take brands at face value and want to learn more about the products and practices they are using before making a decision.
5. Trust grows through shared experiences and networks
The next wave of eCommerce growth in India will be fueled by Social Commerce. For the next wave of online customers, peers and community play a much larger role in influencing purchase decisions than for the current online shopping base. Focusing on the quality of the brand, prioritising customer service and delivering on a brand promise can help build brand advocates. When you have a community of loyal customers, it will inevitably have built-in advocates for the brand because people love telling other people about products and services, they’ve had good experiences with. A great example of a brand that has grown through its community is Airbnb.
*The author is Dheeraj Sinha, CEO & The Chief Strategy Officer, South Asia at Leo Burnett
