In the face of unprecedented measures to limit social contact at work, at school and on the main streets of communities across the nation, Americans give themselves good marks, with 86% saying people in their households are “reacting about right.” Most also say their local school system is reacting about right (86%), and majorities say the same about their local (74%) or state (72%) government according to the findings from a new national survey by Pew Research Center, conducted March 19 to 24 among 11,537 U.S. adults.
Given these shifting dynamics, brand trust and transparency is more important than ever. Brands must move to address new consumer priorities.
Trust is the equity on which brands are built. Amid the coronavirus, who and what we trust has shifted. The uncertainty of our current circumstances has caused anxiety around nearly every aspect of life, such as health, finances, work, family, the list goes on. It's only natural that as a result, consumer behavior is taking a conservative turn in an effort to mitigate any unnecessary risk.
Considerations that were only just emerging as important to a subset of consumers will suddenly become deal-breakers for the masses.
The coronavirus has affected our way of life, and it's put a spotlight on renewed priorities, thus causing consumers to be far more deliberate in their decision-making.
Brand transparency is certainly not a new trend, but I've observed that it's reached new heights during COVID-19, and it's bound to soar long after. From supply chain to pricing and sustainability to employee relations, transparency is critical in building trust with consumers.
Buyers want to know where a brand's products are coming from and how they're produced; they're interested in sustainable business practices and knowing how products are priced.
Brand transparency was already on the rise, but in these uncertain times, people are more vulnerable than ever; trust in who a brand is and what it stands for is critical and likely to infiltrate mass consumer mindsets. Because of this, positive brand equity has never been more valuable. It's what is helping to carry many brands through this challenging time when economies are on hold, and it will continue to drive consumer loyalty in the new normal we all face afterward.
What do you think of this rising trend?
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About the writer: Shaura Cuyan writes about all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication, taking up her Masters in Development Communication.