If an unknown person asks you for money and promises that he will lend you, will you lend him money? The first question you would like to ask “Do I know you?” As you do not know who that person is, you cannot trust him even though you force yourself to do so. The same goes for your customers. If you have established a business and selling a product, people will not feel like buying from you unless they trust you.
Credibility factor applies to every business from ecommerce stores to financial institutions. Various direct lenders are out there selling more or less the same products. Although all of them market their financial products, especially loans as guaranteed acceptance loans, not all of them receive the same amount of applications. Why does it happen? Here comes the role of trust factor.
People will not patronage your services until they trust you, which is why it is essential to build brand trust. Customers generally prefer buying products and services form brands. Now the question is why people trust brands. Studies have revealed three reasons: product-oriented, customer-oriented, and societal-oriented concerns.
More than 80% of customers, according to research, stated that they buy from brands because they deliver high-quality products at fair prices while about 56% of customers stated that brands address their concerns smartly and protect their personal information. However, about 30% of people stated that they prefer buying from brands because they treat them very well.
Why brand trust is paramount
If you build trust, you will build positive word of mouth. You have got to know the reasons why people prefer buying from brands, so if you serve your customers keeping those reasons in mind, you will be able to get repetitive orders. Repeat purchases mean more profitability.
With the help of a marketing strategy, you can get new customers every day, but in order to get them back time and again, you will have to win the trust of your users. Now the question arises about how a brand builds trust. You will build credibility if:
- You are committed to providing top-notch products to your users.
- You understand the needs of your users and always show courage to serve them what fulfills their needs.
- You resolve their grievances as immediately as possible.
- You show a thankful gesture when they patronage your services.
- You secure their personal information.
- You provide a personalised experience to your users.
Ways to build brand credibility
Though research has revealed reasons why people prefer buying products and services from brands, it also revealed that not many people trust brands. How much people trust in you plays an intrinsic role in their buying decisions.
For instance, Mr. ABC will likely be willing to take out doorstep loans with no credit check with lender A and payday loans with lender B, despite the fact that both lenders offer both short-term loans. This is a matter of trust. Regardless of your business niche, you should follow the following tips to improve brand credibility.
Find out ways to measure it
If you want your customers to recommend your products and services to others, you should define what brand trust means to your organisation. Make sure that you know how to measure brand trust goals.
Key is finding how your brand is talked about online. Use social media tools to know how many times your target audience have mentioned your brand in conversation and the context of the conversation. You should also check review sites to check if users have mentioned your brand name in a positive note.
Share authentic experience
People will quickly trust your products if they find that your customers are completely satisfied with it. Reviews may not be enough to make people believe that how you value your customers. Approach and ask them to create a case study to narrate the whole story of how they got to know about your product and how it helped them.
You can also ask them to create a review video. It is more trustworthy than a review in plain text. Getting reviews from customers is not easy, but you can succeed if you offer them a good amount of incentive in exchange for a review in their own words.
Emphasise a customer relationship more than conversion
Try to build a relationship with your customers. Though your ultimate goal is to boost revenues, you should not ignore the grievances of customers after-sales. People are more loyal to those brands that understand their concerns and treat them well. Try to treat your customers like premium members.
If you want to grow sales, you will have to build brand trust. Now you have got to know how you can win the trust of your customers.