Building a trusted brand is important in any industry and market. Breaking through and establishing a connection with the customer can be the difference between success and failure, although it's not a quick fix and takes constant consideration.
In fact, research by Deloitte recently concluded that businesses whose brands stagnated over the past year saw their revenues fall by 13%. So what makes a trusted brand?
According to Roy Morgan, which has just released its latest Net Trust Score (NTS) survey, important drivers of trust include reliability, customer focus, knowledgeable staff, ease of contact and previous good experiences with the company, in addition to other key performance indicators.
Whereas drivers of brand distrust revolve around perceptions of self-centredness, greed, and dishonest and deceitful business practices.
The latest survey has found that supermarket brand Aldi is the most trusted brand in Australia, just ahead of insurer NRMA, Bendigo Bank, and Qantas.
According to Roy Morgan CEO Michele Levine, the importance of trust to a brand’s sustainable future is also increasingly recognised as a key metric.
“Nowhere is a high level of trust more important than when it comes to the provision of the food we eat,” she said.
“The success of Aldi’s entrance to the Australian market has been built not only on discount prices but also a reputation for reliability and meeting the needs of consumers.
“Aldi’s ability to excel at its core competencies has built a level of trust in the Australian market without at the same time attracting the degree of distrust seen by its rivals.
“Measuring trust alone is never enough – we need to measure distrust and then subtract if from trust to reveal the accurate health of a brand.
“Although Aldi’s larger rivals both have high levels of trust, it is the number of Australians who express distrust in the two market leaders that they should be worried about.
“To rise to meet the challenge presented by ALDI, and other newer entrants into grocery category such as Amazon Fresh, Costco and Kaufland, traditional market leaders Coles and Woolworths need to develop strategies to reduce their growing levels of distrust,” she said.
Here are the top 10 brands in Australia ranked by positive NTS, according to Roy Morgan:
- Bendigo Bank
- The ABC
- Australia Post
For this survey, approximately 4,000 Australians, recruited from the Roy Morgan Single Source database, were asked which brands they trust and distrust between October 2017 and April 2018. Roy Morgan then took the trust score of each nominated brand and subtracted the distrust score. The result is a Net Trust Score (NTS).