It's more than just providing a product or service
One of the main challenges of marketing is creating a brand that is trusted by consumers. Nowadays, brands are expected to do more than just provide a product or service. They need to have a clear voice, a social purpose, and engage with audiences. Brands need to build trust because consumers are unlikely to buy from a brand that they don’t trust. A recent study by Edelman showed that more than half (53%) of consumers feel that trust is the second most important factor when purchasing from a new brand. 70% also said that trusting a brand is more important today than in the past. Read on to find out how to create a trusted brand after earning an MBA in Marketing and Sales at WU Executive Academy.
One way to create trust between consumer and brand is to support a social cause or purpose. This is becoming increasingly important, and today almost all brands are engaged with at least one cause. In a 2018 survey, more than half of consumers said that every brand has a responsibility to get involved in at least one social cause. Brands like Nike, Patagonia, LUSH, and more are becoming more and more outspoken on social and environmental issues. However, it’s important to carefully select a social purpose that aligns with your branding and your target audience. If you try to jump on every new social trend, you may come across as inauthentic. As part of an MBA degree, you may have the opportunity to see this in action by analyzing real-life examples and how brands put these kinds of initiatives into practice.
People trust people. Consumers are more likely to purchase from a business if they know the business owner, the team, or the customer. There are a number of ways to use this to your advantage after an MBA in Marketing. For example, if you are starting a new business, don’t be afraid to be the face of the brand and tell your story. Another way to do this is to encourage customers to leave reviews or share positive experiences on social media. This will help to build trust, as potential customers will be able to read and see the experiences of previous customers. Similarly, you could also use influencer marketing. Research shows that half (49%) of consumers depend on influencer recommendations to make a purchase. By partnering with influencers, you will be able to increase brand visibility and build trust.
Brands should not always focus on selling. In order to build a strong and trusted brand in marketing, you should take the time to share relevant or lighthearted information with your customers. Whether it’s a funny post on Facebook or an educational blog post, this will help to position your brand as a thought leader within your industry.
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