Customers who give a brand high trust scores are three times more likely to stick with it through a mistake. Eighty-eight percent say they’re more likely to buy from that brand again, and 62% will buy almost exclusively from the brand. The authors have developed a simple, four-question survey that any brand can use to measure — and improve — their levels of consumer trust. Here, they explain how it works and offer an example of how The Wall Street Journal used it in practice.
analysis of Volkswagen, Wells Fargo, and six other corporations calculated that a company loses 30% of its value when it loses trust, at least in the short term.have outperformed the S&P 500
In its simplest form, the TrustID survey asks respondents to indicate on a seven-point scale the extent to which they agree or disagree with the following statements, each of which gauges a company or brand’s performances on one of the four factors.Transparency: When we look more closely at how each of the four factors in isolation predicts customer behaviors we see the same strong correlation. When an organization can move a customer’s humanity score from neutral to high, the customer will be twice as likely to promote it on social media and defend it against criticism, and nearly three time more likely to choose it over the competition. Customers who rate a brand’s transparency highly are more than twice as likely to promote it on social media.
While Camila and David share the same NPS score, the actions needed to build trust with each of them are quite different. Marketing communications targeting Camila should probably emphasize the airline’s commitment to families, while David probably needs a heartfelt apology and reassurance that on-time flights are a top priority.
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