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Most Trusted Brand awards reveal why trust is key to enhancing reputation

Most Trusted Brand awards reveal why trust is key to enhancing reputation

Trust is the ultimate currency of business and workplace relationships, and essential for building a great reputation. People want to work for, do business with, and invest in, businesses, they trust.

 

For the last five years, Roy Morgan has been tracking trust and distrust in Australia, asking around 1,800 Australians each month which brands they trust and distrust, and why. Woolworths has, this week, been announced by Roy Morgan as Australia’s ‘Best of the Best’ Most Trusted Brand for 2022 in the inaugural Roy Morgan Trusted Brand Awards.

 

The awards recognised 20 brands across a broad range of industries and services. Roy Morgan says the winning brands ‘have garnered an unmatched level of trust, and exceedingly low, or negligible level, of distrust, to be recognised as more trusted than all their competitors in their respective categories’.

 

Among the reasons survey respondents rated Woolworths so highly for trust include: good quality products; customer-focused attitude; affordable; reliable; dependable, accountable; community-minded; and dealing swiftly with customer complaints. Speaking on 3AW today (25 October 2022), I also heard Roy Morgan CEO Michele Levine say that Woolworths had been proactive in its communications during the pandemic, citing the toilet paper issue and price of lettuce, as examples.

 

A good reputation is good for business and the opposite also applies

 

While trust enhances reputation and this positively impacts the bottom line, distrust can have a disastrous impact on brand reputation and cause material damage to the bottom line. AMP, for example, once a trusted iconic brand, lost over 80 percent of its market value as a result of the Royal Commission. Ms Levine said, The high praise for Woolworths shows other businesses, striving to improve their bottom line and attract new customers, the importance of building trust to enhancing a company’s reputation’. 

 

Tips for building trust and enhancing reputation

 

Be a credible source of information

With Edelman trust research finding concerns over fake news or false information now at an all-time high and almost six in 10 people saying they automatically distrust something until they see evidence it is trustworthy, organisations can foster trust by being a trusted source of information. This means putting out content that is accurate, unbiased and reliable – to staff, to customers, to communities.

 

Do what you say you will do

One of the most simple yet powerful trust-building things an organisation can do is to be consistent in its intentions, words and actions. People trust other people when they have good intention and do what they say they will do. Similarly, people trust companies that deliver on their brand promise. If you promote that your organisation has a core value of customer service, then work at delivering a world-class customer experience.

 

Prioritise communication

While most people would consider that communication is fundamental to everyday business, it’s amazing how many businesses and organisations don’t prioritise it as part of the customer experience process. Similarly, many organisations don’t prioritise internal communication. Communicate openly, truthfully and regularly, and welcome two-way dialogue with all stakeholders.

 

Winners of the Roy Morgan Trusted Brand Awards for 2022

 

Supermarkets

Woolworths

Retail

Bunnings

Department & Discount Department Stores

Kmart

Consumer Products

Samsung

Services

Australia Post

Charities

Salvation Army

Technology

Apple

Travel & Tourism

Qantas

Food & Beverage

Cadbury

Automotive

Toyota

Non-Bank Financial Services

PayPal

Superannuation

AustralianSuper

Insurance

NRMA

Private Health Insurance

HBF

Utilities

Red Energy

Government Services

CSIRO

Media

ABC

Mining & Petroleum

Fortescue Metals

Banks

Bendigo Bank

Telecommunications

Aussie Broadband

 

For a practical blueprint on how to build a credible and trustworthy brand, check out Ros Weadman’s latest book, ‘Enhance Your Reputation – how to build a brand people want to work for, buy from and invest inhere.

 

©Ros Weadman 2022  To receive this enews straight to your inbox, subscribe here. You can connect with Ros via email or by phone 1800 677 600.

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