Why trust matters more than ever for brands?

We live in strange times. There are more sovereign nations that are likely to default on loans then corporations. This means today citizens can’t trust their own governmental institutions, how will they ever trust their brands? Today the consumer confidence has been eroded significantly. Brands have not remained insulated from this.

Let’s evaluate the question of trust in two different contexts. One is when the slowdown had not happened and the world of brand was driven by trustful spending. The second is post the slowdown when spending became restrained; anxiety became a bigger driver of choice and thus thoughtful spending.

The trustful spending drove greater consumption where trust was the shortcut to choice. Post crisis, thoughtful spending drove better choices, and trust took a back seat.

The pre-crisis consumerism was driven by a plethora of choices was the source of identity.  Trust was the weapon that helped people cut through a maze of choices and plethora of brand messages. Brands became large when they became iconic. Trust was an integral part of brands march towards becoming icons. Together we all celebrated the consumerism.

Post-crisis everything changed. It’s not that all of us stopped buying what we needed, but the buying became a little more considerate. The need to reflect achievement and identity took other forms. The internet and online shopping made more value driven. Social media made people question even the most trusted brand. Yesterday brands made me celebrate my identity, today we are seeking different experiences, different identities.

Trust is a remnant of past when brands held a much larger place in our lives. We are living in changing times where the society is transforming. We are connecting with each other differently, technology is changing how we shop, media is fragmenting even more and status is not a driver any more.

Trust has expired and is beyond its use by date.

 

Published by http://www.bestmediainfo.com on 20/12/2011

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