customerloyalty

The customer trust gap

90% of business executives think customers highly trust their companies while only 30% of consumers actually do (according to PwC’s 2024 Trust Survey). That “trust gap” is a problem: when customers trust a company, they are more inclined to make repeat purchases, less sensitive to price changes, and more likely to recommend the brand to others. More trust equals higher profits.

How can companies actually increase customer trust? Consider the following actions:

  • Customer service: This is your frontline in the battle for trust. Ensure your customer service is responsive, empathetic, and solution-oriented. A positive service experience can turn a disgruntled customer into a loyal advocate.
  • Listen: Engage with your customers across multiple platforms. Whether it’s social media, email, or in-person interactions, make sure you’re listening and responding to their needs and feedback.
  • Care: Demonstrate that you value your customers beyond the transaction. Personalize interactions, celebrate their milestones, and make them feel part of your brand’s journey.
  • Transparency: Be open about your products, pricing, and policies. Customers appreciate honesty and are more likely to trust brands that are upfront about their limitations and strengths.
  • Social proof: Encourage satisfied customers to share their experiences through reviews and testimonials. Real stories from real people carry more weight than any marketing message. Share these testimonials widely to build credibility.

One example of a company that enjoys customer trust is Chewy.com, a pet retailer. Chewy has distinguished itself through its exceptional customer service. For instance, when customers experience the loss of a pet, Chewy has been known to send sympathy flowers to grieving customers who reach out to return pet food. This gesture not only includes a full refund but also encourages customers to donate the food to shelters, showcasing a deep understanding of customer emotions and needs.

Another example: Subaru. Known for its transparency and commitment to safety, Subaru has built a reputation for reliability and proactive customer service. This level of trust is further reinforced by the company’s consistent efforts to address customer feedback and concerns, which enhances its relationship with consumers.

Find out how to increase trust among your customers. Email me at info at bureauwest.com.

Sources: “PwC’s 2024 Trust Survey: 8 key findings,” PwC, March 12, 2024; “Translating trust into business reality,” PwC, September 23, 2022; “How Business Can Build and Maintain Trust,” Harvard Business Review, February 7, 2022

Posted on by Jay Zaltzman

How to develop a brand story

It helps brands get and keep more customers

  • With so much going on in the world of marketing and market research, we curate the information you shouldn’t miss and present it in short, digestible tidbits. Sign up to receive these tidbits in your inbox: https://bureauwest.beehiiv.com/subscribe

Humans are inherently drawn to stories. They help us make sense of the world, evoke emotions, and build connections. When a company effectively tells its story, it doesn’t just sell a product, it builds a connection with the customer. That emotional engagement translates into increases in customer acquisition and customer loyalty.

Apple’s “Think Different” campaign is an iconic example of brand story. It positioned Apple not just as a tech company but as a brand for creative thinkers and innovators. Customers wanted to be part of that story.

Airbnb’s “Belong Anywhere” campaign is a great example of storytelling that focuses on experiences. Instead of just listing places to stay, Airbnb shares stories of hosts and guests, highlighting unique and personal experiences. The story emphasizes the sense of belonging and community that comes with staying in someone’s home rather than a hotel, making travel more personal and memorable.

How can you develop a story for your brand?

  • Start with the basics. What are your brand’s core values and purpose? The answer to this question might be found in the company’s inception story. What sparked the initial idea? What does the company want to achieve? Patagonia, for example, is not just about outdoor gear but about environmental sustainability. Their story revolves around a commitment to the planet, making their brand purpose clear and compelling.
  • Understanding your audience is crucial. Who are they? What are their dreams, challenges, and values? Dove’s Real Beauty campaign succeeded because it tapped into the audience’s desire for authentic beauty representation. Conducting market research and creating detailed buyer personas can help you align your story with what your audience cares about.
  • What sets you apart? Your unique value proposition should be the heart of your story. Warby Parker disrupted the eyewear industry by offering stylish glasses at affordable prices with a home try-on program. Their story is about accessibility and convenience, appealing directly to their target market.
  • Every great story has memorable characters. In your brand’s narrative, these characters could be your founders, employees, or customers. TOMS shares stories of individuals benefiting from their one-for-one giving model, highlighting real people and communities. This human element makes their brand story more relatable and impactful.
  • Emotion is the engine of a powerful story. Your brand story should evoke feelings—joy, empathy, inspiration. Nike’s storytelling often features athletes overcoming adversity, inspiring audiences to push their limits. These emotionally charged narratives create a deep bond between the brand and its customers.
  • Consistency is key. Your brand story should be reflected across all marketing channels, from your website to social media, advertisements, and customer service. Coca-Cola’s “Share a Coke” campaign consistently promoted the idea of sharing happiness, making their brand message cohesive and memorable.
  • Make your audience a part of your story. Encourage user-generated content, social media interactions, and community events. Airbnb’s “Belong Anywhere” campaign invited users to share their travel experiences, creating a sense of community and belonging that extended their brand narrative.
  • Continuously evaluate the impact of your storytelling efforts. Use metrics like engagement rates, customer feedback, and sales data to understand what resonates. Be prepared to refine your story to keep it relevant and engaging.

Need help developing your company’s brand story? Email me at info at bureauwest.com and let’s discuss!

Sources: Bureau West research; “10 reasons why telling your brand’s story matters,” Fast Company, 5/1/24; “The Importance of Storytelling in Brand Marketing,” Denis Sinelnikov, 5/26/23; “How to Create an Authentic Brand Story that Actually Improves Trust,” Neil Patel

Posted on by Jay Zaltzman