Monday, July 22, 2024

Brand trust in today’s climate

Global financial technology platform Intuit Inc. has released a new report focusing on the evolving relationship between brand and customer, consumer spending motivations, and how businesses can best connect with customers in today’s climate.

Sourced from a survey of 10,000 consumers across nine countries, including 1000 in Australia, the ‘Brand trust in the age of information overload’ report reveals that brand trust and connection (46%) is a top factor that drives sales with Australian shoppers.

The report also identifies other primary characteristics consumers look for when making purchasing decisions: free delivery (47%), regular discount codes and rewards (45%), excellent customer service (41%), free returns (38%) and quick shipping (38%).

The results differed across the generations surveyed.

For those aged over 65, the key purchase drivers were trust (60%) and excellent customer service (55%), while those aged 18 to 24 were also led by trust (40%), they were driven by other characteristics such as discounts (39%) and environmental impact (36%).

Personalised marketing is especially well-received among 18-to-34-year-olds, too. Over half of this group in Australia (61% for 18-to-24s and 64% for 25-to-34s) believe that the future of personalisation means they won’t be searching for products and services, but the right products and services will be coming to them.

While the report underlines insight-informed tactics to roll out, it also pinpoints marketing mishaps to avoid. Some of the top reasons that lead Australian consumers to unsubscribe from brand emails include repetitive or unimaginative emails (49%), unsubstantiated claims about brand purpose (43%), not being able to view an email properly on their device (43%) and biased/partisan commentary on social or political issues (35%).

Findings also reveal the quantity threshold: Australian consumers will unsubscribe if a brand sends more than three emails per week, the lowest number of all countries surveyed.

Despite trust coming out top, nearly a third (34%) of shoppers have started trusting in brands less amid the rise of misinformation.

Intuit Inc. says marketers can build trust and drive sales with the following data-led marketing tactics:

  • Focus on quality service
  • Ask for data and provide value
  • Galvanise brand advocates
  • Communicate transparently
  • Live up to brand promise
  • Leverage smart discount strategies

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