Dan Wilks, Director of Credos, outlines three reasons why trust is so important:
- “Firstly, when it comes to results, trust in brands and trust in advertising media increases profits and overall effectiveness.”
- “Secondly, our research shows politicians and policymakers are more likely to impose regulation on an industry deemed untrustworthy.”
- “Finally, trust in our industry, its values, and ways of working, is key to attracting and retaining the best talent.”
Takeaways
- In a list of seven brand metrics, trust has leapt from seventh to second place as a driver of brand effectiveness and financial performance; the perceived quality of the brand is in first place.
- Brands who moved away from building longer-term trust and towards short-term marketing tactics to defend sales during Covid-19 suffered from falls in profit margins and business effectiveness lasting longer than the economic downturn.
- A ‘generational digital divide’ is evident, with 50% of young people trusting the adverts they see or hear compared to just 22% of the over 55s.
- Television remains the most trusted media channel overall, with 41% trust; trust in online advertising channels has been rising quickly amongst the younger generation which is now almost four times as likely to trust online advertising as the over 55s.
- People’s enjoyment of advertising is the single biggest factor in whether someone trusts it or not; being bombarded by advertising is the single biggest driver of distrust.
* The Value of Trust report is available to Advertising Association members.
Sourced from Advertising Association
Source: warc.com
