CMB Launches New Consumer Study Evaluating the Power of Brand Trust
Global market research company, CMB, has introduced a new study that evaluates how various industries and brands are perceived in terms of trust. The study outlines the key dimensions of brand trust and provides an actionable roadmap for brands across any category to measure, strengthen, and maintain their trustworthiness with audiences.
"While many brands understand the importance of measuring trust, they often struggle to grasp its true significance to their customers and prospects," said Lori Vellucci, SVP, Practice Lead at CMB. "Our goal was to clarify this concept and offer a roadmap for improvement."
Why Trust is Critical in Today's Marketplace
The brand trust study was motivated by a growing concern that, in this digital age, many brands face significant challenges in maintaining customer trust, which can take considerable time and resources to rebuild. Trust forms the foundation for sustainable and repeatable business relationships, and companies that encounter setbacks without brand trust often find themselves struggling to recover.
For instance, SONOS, the home sound system manufacturer, encountered technical issues with their updated application. Despite addressing those issues and hiring new leadership, they still find themselves dealing with trust-related challenges. Similarly, Meta's recent changes in monitoring hate speech have raised questions among advertisers regarding the implications for their media placements, leaving the long-term effects on brand trust uncertain.
In-Depth Research to Pinpoint Trust Factors
To better understand the factors that contribute to brand trust, CMB conducted a quantitative research project involving 1,400 U.S. adults and their perceptions of over 70 brands across three major sectors: Technology & Telecom, Financial Services, and Media, Entertainment & Culture. Additionally, the study incorporated 51 self-led videos where participants expressed their feelings about brands they trust and those they do not.
From this comprehensive research, CMB developed a Brand Trust Score that weighs attributes such as dependability, transparency, integrity, customer-first approach, responsiveness, and relevance. This score provides each brand involved in the study with a clear understanding of their strengths and areas that require improvement.
"Now, every brand in the study has actionable insights and a way to assess what strategic business decisions should be made going forward," explained Jay L. Weiner, Ph.D., Chief Methodologist at CMB.
Key Insights from the Brand Trust Study
The findings from the CMB research highlight several essential points:
- Brands such as PBS, Amazon, and Fidelity that enjoy high levels of trust can leverage this to further distinguish themselves and insulate against competition.
- Brands with lower trust levels, like Meta and Ticketmaster, have opportunities to enhance their scores by addressing factors that are most important to consumers.
- The top-trusted brands were significantly favored for consumer use over the following year and tended to have more satisfied customers.
- Many brands traditionally measure trust using a single question, but trust is a multi-faceted concept. The six vital attributes of trust remain consistent across all categories and brands.
- The significance of each trust attribute varies based on the brand category, indicating that those who prioritize the correct factors will be more successful in building strong trust.
Understanding Your Brand’s Position
CMB's comprehensive study serves as an invitation for businesses to evaluate where their brand falls on the brand trust spectrum. By understanding customer perspectives and the importance of trust, companies can take proactive steps to enhance their brand reputation and consumer relationships.
About CMB
Headquartered in Boston, CMB is a leading insights and strategy consultancy recognized for its innovative approaches in elevating business impact through expert-driven insights and AI-powered strategies. Our senior consultants possess extensive industry expertise and blend the best of artificial intelligence with human intelligence to provide validated solutions that yield considerable results. We pride ourselves on impactful storytelling that aligns stakeholders and inspires action, ensuring our clients’ strategies translate into meaningful success. CMB is part of the ITA Group of companies.
Frequently Asked Questions
What is the main goal of CMB's brand trust study?
The study aims to evaluate how trust is perceived in various industries and to offer a roadmap for brands to measure and strengthen their trust with consumers.
How does the Brand Trust Score work?
The Brand Trust Score is developed through research that weighs key attributes like dependability and transparency to help brands understand their performance in building trust.
Why is brand trust important for companies?
Brand trust is essential for establishing sustainable business relationships and can significantly affect customer loyalty and satisfaction.
Can brands improve low trust scores?
Yes, brands with low trust scores can improve them by identifying and addressing factors that are most important to their consumers.
What industries were included in the CMB study?
The study focused on three main industries: Technology & Telecom, Financial Services, and Media, Entertainment & Culture.
