Keeping consumer trust through the recession

Keeping consumer trust through the recession

In a recent publication of the ‘Reader's Digest annual survey of Britain's most trusted brands’, Thompson the holiday brand, came out top in its category!

The report showed that there was clear evidence that whilst many of the top trusted brands were experiencing a decline in like for like sales, that consumers still held those brands in highest regard.

What these means for marketers is that if they can continue to build or maintain consumer trust through these difficukt times, then when the recession ends...and it will, just like in the previous recessions, then those brands will be perfectly placed to continue to succeed and thrive.

What brand managers need to be careful of is cutting costs too far, reducing the quality of a product or service and then slowly but certainly, reducing consumer trust.

I have recently booked my holiday and who did I book it with, you guessed in, Thompson. From a marketing perspective they get the basics just right. Customers can book via the web, telephone or travel agents. The employees are always friendly and helpful. Customers are not disappointed by the product, i.e. the destination and hotel description is usually correct and not over hyped by us marketers and finally, Thompson go to great efforts to find out what we think and what importantly, we don’t like.

Get the basics right, build the trust and don’t cut service or product build costs so much that these elements are jeopardised!

Feel free to comment on this blog and let me know your thoughts.

For more information on building consumer trust visit

www.blacksheepthinking.co.uk or email me; james@blacksheepthinking.co.uk