What is a Trust Brand?
Trust brands are those excellent brands which create faith in consumers. In the fierce competitive era, products have come to play the role of trust brands. They strike an emotional connect with their prospects based on the values.
For example, a Bottle of Dettol antiseptic in the house takes care of the kids. Mothers believe that Dettol would never let them down.Collapse of chit fund companies leaves an average investor wanting in trust.
Scams in stock market and defense deal, presence of pesticides in bottled drinks and risks in the quality of chocolates shattered the trust of even popular brands. Even in the midst of chaos trust brands are trusted for their consistency in quality and assured delivery of promise. In concise, trust brands assure constant delivery of promise to their users and consumers.
Need for the creation of Trust brands
Creation of brands is all about winning in the competitive marketplace. Unique ingredient in a brand would forge ties with its customers. Brands are the promises to customers. To be successful in the market, brands should assure consistent delivery or promises. Brands which signal consistency and assured delivery of promise can create trust in buyers. The need for trust in people and creation of trust brands arises out of the following.
1. Products are becoming more and more similar: Products offered by competitors in the market place are becoming similar.. Differentiating them has become difficult. Ingredients in the product and corporate resources are common to players in the market. Firms increasingly realize that old thinking and tools do not effectively differentiate their products from those of competitors. There has been a shift in the way value is-defined. created and delivered.
2. Knowledge and information available to the new customer make him more informed and discriminating: Internet and media impart lot of product information to buyers. They easily access information available on the internet. Brands can be compared with each other. Customers are prone to switching their loyalty. So, brands are seen as an instrument for loyalty generation. Only trust brands can tie a customer to the firm, thereby insulating it from the assault of competitors. Loyalty to one seller obviously comes at the cost of disloyalty to other sellers.
3. Brands are to perform their new role as trust marks: Firms are discovering the power hidden in the brands. As such brands have come to perform their new role as trust marks. Branding is not simply assigning a name to a product for the purpose of identification. As a symbol of value, a brand must be resonant with customers. It must suggest images, memories or emotions while it is being consumed.
4. Only excellent products are guaranteed to become trust brands: No brand can become an article of faith in the absence of an excellent product. A brand which is connected with its prospects based on value can become a trusted brand. In this context, many brands in the kitchen are handed down from one generation to the other. They become articles of faith without their usage ever being questioned.
5. Era of trust vacuum: Almost all field activities seriously mark an absence of trust. There have been scams in almost all fields including banking, professional courses admission, recruitment, stock market, politics, defense deals. foreign contracts, tax machinery etc. Several occasions arose creating serious doubts about the efficacy of public governance. Exposes of multinational companies left the average investor on the street wanting in trust. So, brands should become free of negative attitudes, thoughts or feelings that limit what they can achieve.
6. Trust brands help customers cope with era of uncertainty: Occurrence of recession, bankruptcy, dethroning, political vendetta, financial crisis etc., across nations have diminished trust that people have for systems and institutions. Researches revealed that less than one-third people trust retailers or manufacturers. Depletion of trust in all kinds of relationships creates a wave of uncertainty. Living in uncertainty is dissatisfying. So, brands in uncertain environments can be trust marks.
7. Trust brands fill the void created by depleted trust: There have been instances of privatization of risk. The risk is transferred from the state and its employers to private individuals. The institutions on which people used to bank upon for making choices have declined. Situations arise in which something important that is usually present is no longer there. In the context of commercial relationships, people look for new partners who would help them manage risk. Markets stretch before consumers like an endless void. Trust brands fill the void by holding out a lot of promises.