Forrester’s extensive research into global consumers’ trust has been tracked annually since the beginning of the pandemic. Our data shows that a consumer’s level of trust in a company drives revenue-generating behaviors such as the likelihood to purchase again, preference for a company over competitors, trial of unrelated products, and propensity to share personal data. Simply put, trust is an imperative for every company — big or small, new or old. Trust isn’t a one-and-done tactic, and it’s important to proactively build it, rather than only work on it in reaction to a crisis.
Trust In 2023 Is Essential For Business Growth
As we analyzed the data from Forrester’s Consumer Trust Imperative Survey, 2023, we found that:
- Trust has stayed fairly consistent, even amid volatility. Even in a volatile year with the war in Ukraine, post-COVID economic turmoil, and the threats of artificial intelligence, consumer trust is remaining generally consistent — with some caveats, such as European consumers being more guarded than Asian or US consumers.
- Trust in professional networks is seeing growth. Consumers are relaying more trust in their colleagues and employers — even amid news headlines of layoffs or company mismanagement. Of the 13 countries we surveyed, employer trust outweighed colleague trust, with the exception of Spain. The rise of the importance of employee experience functions in companies and larger organizations is not only a key to employee retention but a reflection of your brand.
- Trust is easily broken if you only react. Trust must be continually built, or you risk backlash when a crisis occurs. Consumers will take action if trust is broken, such as warn friends/family to avoid the company or stop doing business with the company if they find a product or service error from a company that they have been doing business with for a long time.
- Trust is rewarded by wallets. On the flip side, when a company is trusted, consumers will reward that trust with their wallets. “Doing business with a brand” is the most popular method by which consumers will honor trusted brands.
Want to learn more about the state of trust and safety? Read our just-published report, The State Of Global Consumer Trust In 2023.