{"id":8364,"date":"2024-11-08T15:37:34","date_gmt":"2024-11-08T20:37:34","guid":{"rendered":"https:\/\/acaweb.ca\/en\/?p=8364"},"modified":"2024-11-08T15:41:04","modified_gmt":"2024-11-08T20:41:04","slug":"beyond-trust-how-resilient-trust-fuels-price-premium-and-future-growth","status":"publish","type":"post","link":"https:\/\/acaweb.ca\/en\/2024\/beyond-trust-how-resilient-trust-fuels-price-premium-and-future-growth\/","title":{"rendered":"Beyond Trust: How Resilient Trust\u2122 Fuels Price Premium and Future Growth"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-7722\" src=\"https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Blogue-Lart-dune-bonne-presentation.png\" alt=\"\" width=\"300\" height=\"225\" \/>   Since 2012, we have studied trust in depth, conducting the BrandSpark Canadian Trust Survey\u2122 to recognize brands that consumers trust most which are announced as the BrandSpark Most Trusted\u00ae Awards winners. This year, the annual study gathered data from over 32,000 consumers across 292 categories, asking which brands they trust, why they trust them, and how brands rank on various trust drivers. Our insights are further enriched each year with secondary studies focusing on trust themes, such as trust drivers and the influence of recommendations. This year, we added a survey of 7,100 people in 98 product categories to explore how trust affects business performance and customer loyalty.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>The Financial Edge of <em>Resilient Trust<\/em><\/strong><\/h3>\n<p>For consumers to purchase your brand, they must trust you. Our research reveals that in only 2% of the of over 17,000 purchase interactions measured, consumers reported trusting the brand they bought LESS than the competition.<br \/>\nBut not all trust is the same \u2013 where it starts to get interesting is when looking at how much more a brand is trusted to alternatives in the category. From our studies, a typical brand can expect it to be distributed roughly equally between three groups \u2013 where you\u2019re a brand that is trusted about the <em>same<\/em> as competitors, <em>a little more<\/em>, and <em>much more<\/em>. This final case (much more) is what we call <em>Resilient Trust.<\/em><br \/>\nOur data shows that consumers are willing to pay a premium of 15% on average for brands with Resilient Trust vs. 9% for brands with merely equal trust. This premium indicates the perceived value that Resilient Trust brings to each purchase, reducing the likelihood of consumers switching to lower-priced alternatives.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-8366\" src=\"https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture1-BrandSpark-Blog.jpg\" alt=\"\" width=\"515\" height=\"117\" srcset=\"https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture1-BrandSpark-Blog.jpg 515w, https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture1-BrandSpark-Blog-300x68.jpg 300w, https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture1-BrandSpark-Blog-400x91.jpg 400w\" sizes=\"(max-width: 515px) 100vw, 515px\" \/><\/p>\n<p>&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<\/p>\n<h3><strong>Building Deep Brand Trust Relationships<\/strong><\/h3>\n<p><em>Resilient Trust<\/em> also fosters a future-oriented bond between a brand and consumers. For resilient brands, future purchase intent rises to 68% on average vs. 17% for brands with merely equal trust, underscoring the link between trust and loyalty.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-8367\" src=\"https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture2-BransSpark-Blog.jpg\" alt=\"\" width=\"475\" height=\"185\" srcset=\"https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture2-BransSpark-Blog.jpg 475w, https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture2-BransSpark-Blog-300x117.jpg 300w, https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture2-BransSpark-Blog-400x156.jpg 400w\" sizes=\"(max-width: 475px) 100vw, 475px\" \/><\/p>\n<p>&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<\/p>\n<p>It\u2019s also important to recognize that while the typical brand may only build <em>Resilient Trust<\/em> with about 30% of their shoppers, there are many brands \u2013 across a wide variety of categories \u2013 that almost double that.<\/p>\n<p>Examples of high-resilience brands include Dyson (air purifiers), Rapala (fishing lures), and Garmin (GPS), with resilience scores nearly double the category average. Strong levels of <em>Resilient Trust<\/em> can span a diverse range of brands, from heritage brands like Kraft (peanut butter) and Barbie (dolls) to innovation-driven brands like Hill\u2019s Science Diet (premium cat food). Even in competitive categories like exterior paint, Behr can achieve strong levels of resilience. But how do they do this?<\/p>\n<h3><strong>High-Resilience Brands build trust as outlined in the <em>BrandSpark Hierarchy of Trust\u2122<\/em><\/strong><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-8368\" src=\"https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture3-BrandSpark-Blog.png\" alt=\"\" width=\"256\" height=\"306\" srcset=\"https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture3-BrandSpark-Blog.png 256w, https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture3-BrandSpark-Blog-251x300.png 251w, https:\/\/acaweb.ca\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/Picture3-BrandSpark-Blog-146x175.png 146w\" sizes=\"(max-width: 256px) 100vw, 256px\" \/><\/p>\n<p>&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<br \/>\n&nbsp;<\/p>\n<p>Based on our findings, building trust &#8211; and layering on resilience &#8211; follows a hierarchy. At the base, brands provide <strong>Value <\/strong>through fair pricing and quality, addressing essential needs and establishing foundational trust. <strong>Reassurance <\/strong>follows, with reliable customer support,<br \/>\nconsistency and issue resolution ensuring consumers feel secure.<br \/>\nAt higher levels, trust becomes aspirational. Brands that <strong>Enhance <\/strong>through innovation or heritage stand out, while those that <strong>Align <\/strong>with consumer values, integrate into consumers&#8217; identities, fostering deeper loyalty. While these higher levels are often critical to building resilience, they only really work to drive business results if the foundation trust elements are strong.<\/p>\n<h3><strong>The Path Forward: Combining Financial and Emotional Strengths for Future Growth<\/strong><\/h3>\n<p>Our findings are clear: achieving Resilient Trust status directly enhances financial metrics. Key strategies for brands include striving to be \u201cmore trusted\u201d not just trusted, consistently delivering on the core trust element of VALUE, and enhancing trust through aspirational drivers such as innovation, heritage, or value alignment. By focusing on these areas in the right order, brands can not only earn trust but strengthen it, creating a foundation that is resilient through market shifts and can fuel future growth.<\/p>\n<p>&nbsp;<br \/>\n&nbsp;<\/p>\n<p><em>\u00a9 Copyright 2024 BrandSpark International Inc. All Rights Reserved. BrandSpark is a registered trademark. All information presented is proprietary and no part may be used or reproduced, in whole or in part, by any means without permission. Any reference to the information, BrandSpark research, studies or survey results, or any charts or graphs extracted from this document must be accompanied by a statement identifying BrandSpark International as the publisher.<\/em><\/p>\n<hr \/>\n<p><strong>Scott Boyer<\/strong> is the EVP and partner at BrandSpark International \/ Reach out to Scott by email at: sboyer@brandspark.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since 2012, we have studied trust in depth, conducting the BrandSpark Canadian Trust Survey\u2122 to recognize brands that consumers trust most which are announced as the BrandSpark Most Trusted\u00ae Awards winners. This year, the annual study gathered data from over 32,000 consumers across 292 categories, asking which brands they trust, why they trust them, and [&hellip;]<\/p>\n","protected":false},"author":199,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[144],"tags":[203,401,853],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Beyond Trust: How Resilient Trust\u2122 Fuels Price Premium and Future Growth | Association of Canadian Advertisers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/acaweb.ca\/en\/2024\/beyond-trust-how-resilient-trust-fuels-price-premium-and-future-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beyond Trust: How Resilient Trust\u2122 Fuels Price Premium and Future Growth | Association of Canadian Advertisers\" \/>\n<meta property=\"og:description\" content=\"Since 2012, we have studied trust in depth, conducting the BrandSpark Canadian Trust Survey\u2122 to recognize brands that consumers trust most which are announced as the BrandSpark Most Trusted\u00ae Awards winners. 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