It’s been estimated that in 2019 over half of the global population will be connected online. Representing 4 billion internet users and the highest levels of connectivity ever represented within the developed world, this digital trend is one that continues to reshape the way that as marketers we communicate and engage with our consumers.
Marketing Brand Trust & The Omnichannel Consumer
As the world acknowledges the growing presence of the omnichannel consumer, brand marketers continue to seek out strategies that build a seamless and cohesive brand experience across all available touch points.
This blog is the first of a series of insights that will look at a number of the influencing factors that have changed the way that digital consumers are choosing to engage with our brands, in particular we identify on some of the key critical areas that must be at the core front our marketing strategies for 2019 and beyond. The first of these is Brand Trust.
Trust is a Must
Sad but true, general distrust in business continues to gains momentum, so much so, consumers seek a greater level of transparency from their brands as they substantiate their own personal levels of trust for the products and services that they choose to support.
“Over the past decade, social media has changed the way consumers and brand interact, giving consumers more of a voice and placing higher demands on brands – to be authentic, respond to consumers’ concerns, be accountable for mishaps and even take a stand on relevant social and cultural issue. PwC Global Consumer Insights Survey 2018 – Whom do consumers really trust.
As marketers and consumers, we know that these findings ring true as we ourselves have become more and more discerning about the quantity, the nature and the relevancy of the content that we choose to consume both consciously and subconsciously on a day to day basis.
More than just bells and whistles, as consumers, what we are really seeking from the products and services that we choose is a personal relationship with the brand and its marketer. A relationship that goes beyond the superficial and feeds our need for timely, meaningful and transparent information and in exchange for this information, we offer our loyalty and trust.
With so many new digital platforms now available in which to reach our expanding global pool of potential new customers on the horizon, why is building brand trust and loyalty still flagged as a critical influencing factor for business development?
The True Value of the Loyal Consumer
Setting and achieving growth targets off the back of new customers will always remain as an acceptable business strategy yet how often do, we articulate the monetary value of our loyal customers.
Attracting new customer as one of your marketing goals is a positive growth target, however if these new customers don’t come back of aren’t satisfied with you and your brand, then what happens to your mid to long term success.
Customer Retention v New Customer Acquisitions:
Acquiring a new customer costs 5 time more that retaining an existing customer
By increasing customer retention by 5% you can increase profits by 25 to 95%
Success rate of and existing customer re-purchasing is 60 to 70%
Success rate of a new customer re-purchasing is on between 5 to 20%
In short, loyal customers will spend more and cost you less. They are more likely to purchase a greater selection of your products and services and through their continued satisfaction will also be more likely to recommend your band to others..
Building Customer Loyalty & Brand Trust
Firstly, it goes without saying that in order to successfully build and maintain any form of long-term relationship, the starting point should always be knowledge and understanding. To truly create personalised, targeted and effective communications that will appeal to and engage with your target audiences, it is important that you really know and understand them.
Firstly, it goes without saying that in order to successfully build and maintain any form of long-term relationship, the starting point should always be knowledge and understanding.
To truly create personalised, targeted and effective communications that will appeal to and engage with your target audiences, it is important that you really know and understand them.
According to Euromonitor International’s annual consumer surveys. Digital connectivity, the backbone to many of the recent advances in commerce, is expected to further influence the way consumers conduct commerce in the years ahead. So then, as marketers, what does this mean for us?
With the world at our finger tips, open for business 24/7 there is no lack of options when it comes to content. With google as our guide, our quest for truth, authenticity and transparency begins at our fingertips and so its unsurprising that when we develop our brand strategies, our attention turns to digital.
- The average person consumes an average of 11.4 pieces of content before making a purchasing decision (Source: LiveChatInc.com)
- 84% of people expect brands to create content
71% of readers say they were turned off by content that seems like a sales pitch. (Source: Marketing Week)
- 75% of consumers expect a consistent experience wherever they engage (Source: Forbes)
- 85% of users ignore paid ads and focus on organic search results. (Source: Imforza)
- 615 million devices have installed ad-blocking technology (Source: Ninahale.com)
If a potential customer was to seek our information about your brand and your products/services for themselves before approaching anyone from your organisation would they find the content needed to perceive your brand the same way that you would present it to them, and would they make the same purchase decision?
Today’s omnichannel consumer now has a host of sources available at their disposal to seek out information and make decisions about products and services well before they make a purchase decision.
If your brand is not visibly and easily searchable at the time that the consumer is seeking information then you remain an invisible option. A mobile friendly, digital presences is no longer a luxury but a foundation corner stone that marks your presence within the competitive landscape.
Be Transparent, Open & Honest
If your digital presence does not actively promote a transparent level of consistent and relevant content that develops a foundation of trust within your target markets then even the best of your marketing intentions will fail to hit the mark when it comes to inspiring your consumers.
Brand authenticity cannot be plagiarized. Today’s digital consumers is far too smart for that. While ‘perfection’ is an outcome that we all strive for, ‘reality’ is a more acceptable platform in which to build. In this era when content (information) is so easily and readily accessible, building an open and transparent brand will require a very deliberate and well support organisational communication strategy.
Top Tips for Building an Authentic Brand
#1 – Treat your consumers with a level of respect that goes beyond the normal. Put yourself in their shoes and honestly review and refine your brand through their eyes.
#2 – Provide a level of information and education that not only supports their need for knowledge but also inspires them in their every day life.
#3 – Support your brand story with relevant and consistent content that clearly articulates your values as they align with those or your consumers.
#4 – Strengthen your social media channels and create opportunities for ongoing meaningful engagement.
#5 – Be honest about your strengths and unique attributes as well as taking ownership of those areas that you may need to improve
At creative excellence we are passionate about building strong and sustainable brands and one of our key areas of specialty is maximising brand value through customer relevance and competitive distinctiveness.
If you’d like more information about what this looks might look like for you or any other marketing/business development need that you have, then please take this opportunity to contact creative excellence today.
As an Integrated Marketing Strategist with over 20 years’ experience in brand marketing, roslyn whately knows what it takes to keep a brand relevant, profitable and sustainable.