Marketreach Report – The Trust Factor

Marketreach’s latest groundbreaking research reveals that 74% of consumers will spend more based on trust.

The Trust Factor is the biggest and most in-depth research study in the UK into trust in the commercial world and demonstrates the benefits that growing and maintaining trust can bring to brands and organisations.

• Report identifies the ‘eight pillars of trust’ that most influence consumers’ trust level – and how different sectors can capitalise on them.
• Direct mail builds twice the trust of TV, press or radio advertising.
• Marketreach empowers marketers to measure and improve their business’ levels of trust via new data-driven tool.

London, Tuesday 21st October: Today, new nationally representative research from Marketreach and supported at a launch event hosted by The Advertising Association reveals the true commercial impact of trust for brands. The extensive research combined qualitative research with an online survey of over 4,000 UK respondents, finding that advertising alone does not influence a consumers’ decision to use a business: trust does.

This is a major in-depth investigation into the nature of trust in the commercial world developed in collaboration with respected research agencies Tapestry and Map The Territory.

Key insights from the report include:

• The commercial impact of trust – over half (59%) of consumers say that trust plays a vital role in persuading them to consider a product or service. This compares to 5% who are motivated by just seeing an advert.
• Trust is the foundation of all successful relationships -92% of consumers will ‘act’ or ‘do something’ if they trust an organisation or brand, with 74% of consumers will spend more.
• The risk when trust is lost – 60% of consumers who have stopped using a brand admit that it is because they don’t trust that brand anymore.
• Trust brings a competitive edge – consumers are 47% more likely to choose a brand they trust over competitors.

As part of the in-depth study, Marketreach research identified eight pillars of trust that most influence people’s trust level in a commercial organisation. Organisations that build these pillars in their relationships with customers and prospects earn their trust. Erosion of any one of the pillars can have serious commercial consequences.

The Eight Pillars Of Trust

The value of each pillar differs depending on the sector. For example, Reliability, Reciprocity and Aligned Interests rank top three across charities, commercial organisations and the public sector, but to differing degrees.

Reliability, the key driver of trust, is crucial across all sectors but is especially important for public institutions, accounting for 41% of trust, with Reciprocity taking second place at 22%. This is because consumers want to be heard by their public institutions especially, and to be able to rely upon them.

The NHS was consistently seen as the most trusted institution in the UK, followed by the charity and retail sectors, with 8 in 10 respondents trusting the organisation, and 61%  of this trust coming from Reliability which is the main driver.

Selecting The Correct Media Channels

Marketers must select the right mix of media channels to drive positive results across their target trust pillars. When people were asked about how much they trust various channels, direct mail came out as the single most trusted channel with 54%, followed by TV adverts and app notifications (51% each). The research showed 55% of people enjoy receiving mail.

Launched alongside the report is a free online trust measurement tool to help businesses determine and improve their level of trust within their sector. The Trust Explorer  is hosted on Marketreach’s website and  allows brands to establish the baseline trust for  businesses of their size in their chosen sector. It also advises the user on which communication channels can help build trust based on their specific scenario.

It then filters by marketing objective to provide data-driven recommendations on which of the eight pillars are most important to achieve their aims.

Emily Maitlis, renowned journalist and author, wrote in the report’s foreword: “Trust is one of the most powerful currencies in human relationships. Every time we call an Uber, buy from eBay or Vinted, pop on a seatbelt, or order food in a restaurant we are relying on the two-way system. Without trust, civilisation as we know it would essentially break down.”

Amanda Griffiths, Head of Customer Communication Planning and Insight at Marketreach, said: “Trust is the foundation of every lasting relationship and this report is vital for businesses looking to resonate today. Our research shows that for consumers, trust is overwhelmingly the second most important factor after price. Highly trusted channels therefore matter to consumers and to the bottom line. We are proud to see how trusted direct mail is, offering reliability, the number one pillar in trust, building confidence and credibility with consumers.”

Stephen Woodford, CEO of the Advertising Association, wrote in the report’s foreword: “This report is a timely reminder that trust is rising in importance when it comes to successful advertising campaigns that deliver profit to the bottom line. It is ignored at your peril. This research, and the new trust measurement tool, both have an important role to play in evolving our understanding of trust and helping brands to improve.”

Access the report here: marketreach.co.uk/resources/the-trust-factor-report

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