Global market research firm CMB has launched a comprehensive study, which assesses the state of brand trust across various industries. The research aims to define the fundamental dimensions of trust, which equips brands with a strategic roadmap to “measure, enhance, and maintain consumer confidence.”
“While many brands recognize the importance of measuring trust, they often lack a detailed understanding of exactly what trust means to their customers and prospects,” Lori Vellucci, SVP, Practice Lead at CMB said. “We set out to define that and then offer a roadmap for improvement.”
The blog post reads: “The brand trust study was inspired by the fact that in this era of AI, so many brands are facing significant trust issues that take time and resources to repair. Trust is the bedrock to sustainable and repeatable business with customers. Without brand trust, companies that suffer setbacks often struggle to recover.
CMB conducted a quantitative study, which involved 1,400 U.S. adults and over 70 brands across 3 major industries: Technology & Telecom, Financial Services, and Media, Entertainment & Culture. Additionally, 51 self-led video interviews provided qualitative results into consumer sentiment.
From this research, CMB developed a Brand Trust Score, which evaluates brands based on 6 key attributes: dependability, transparency, integrity, customer-first approach, responsiveness, and relevance.
“SONOS, for example, the home sound system company, had technical issues with their updated app. Even after making fixes and hiring a new CEO, they continue to face trust issues,” Monika Rogers, VP, Growth Strategy at CMB said. “Meta recently announced that they are changing how they monitor hate speech. This development caused some advertisers to question the impact on their media placements. The long-term impact to their brand trust remains to be seen.”
What Study Says?
The study revealed some crucial results;
- High-trust brands like PBS, Amazon, and Fidelity enjoy a competitive edge, which enhances long-term customer loyalty.
- Lower-trust brands, including Meta and Ticketmaster, must go beyond surface-level improvements to address the factors consumers prioritize most.
- According to the report, trust is a multidimensional concept, which varies in importance by industry, but is consistently linked to customer satisfaction and brand consideration.
Source: https://www.prnewswire.com/news-releases/cmb-launches-new-consumer-study-evaluating-the-power-of-brand-trust-302380684.html
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