brand trust the six drivers of trust

HuTrust® by mext www.mextconsulting.com www.hutrust.com

BRANDprepared by Stefan Grafe, managing director, mext consulting & HuTrust® developer,

stefan.grafe@mextconsulting.com

1HuTrust® by mext www.mextconsulting.com www.hutrust.com

isT H E S I X D R I V E R S O F T R U S T

This publication and results are copyright mext 2013. HuTrust and the 6 drivers of trust are copyright and trademark of ifm/mext. Copying and publishing by any means is not permitted without express permission of the copyright holder except as permitted through the Australian copyright act and for information purposes. Photos copyright istock.com and mext The six drivers of brand trust, reputation, Net Promoter Score (NPS), customer satisfaction & loyalty and stakeholder engagement (investor engagement, employee engagement). Die sechs Treiber von Vertrauen, Reputation, Net Promoter Score

(NPS), Kundenzufriedenheit, Kundenbindung, Investor- und Angestelltenbindung

As human beings,

we inherently understandthe importance of

From finance…

…..to friendship…

and the contents of our food...

We rely on trust.

Everyday and in everything we do

“ You can have all the facts and figures, all the

supporting evidence, all the endorsement that you

want, but if at the end of the day you don’t

command trust, you won’t get anywhere.”

Niall FitzGerald (2001)Former Chairman ad CEO of Unilever

But trust is

not just

warm and

comforting

trust is

exhilarating

and building trust delivers immense

commercial value

That’s why since 2004 mext specialise in helping clients build and manage

trust. We (and our partners) continuously conduct studies globally into

the benefits and drivers of trust with the HuTrust® methodology

Studies with over 25.000 respondents have contributed to understanding,

validating and applying the HuTrust® approach in building and

managing trust.

Our studies found that when people

trust a brand…

83% will recommend

other people

82% will use its products & services frequently

78% will look to it first for

the things they

78% will give its

new products and services a chance

47% will pay more for its

products and

services

74% believe it’ll inform them about products and services

they’ll like

In effect,If you want people to:

Buy more, Try more and Pay more

Then building more

brand trust is the key

So if harnessing trust is

the key to people buying, trying and paying more

for a product or service,

how do you harness brand trust???

By understanding

what your trustis made of.

Trust Driver 1:

Stability…a brand must have a strong

foundation in

order to be

trusted

Trust Driver 2:

Development…a brand must be seen to

continue to develop &

innovate in order to be

trusted

Trust Driver 3:

Relationship…a brand must provide an

appealing relationship in

order to be trusted

Trust Driver 4:

Benefit…a brand must deliver

a relevant benefit in

order to be trusted

Trust Driver 5:

Vision…a brand must have a

strong vision in order to

be trusted

Trust Driver 6:

competence…a brand must have relevant

competencies in

order to be trusted

The six drivers of HuTrustare psychologically correct.

Even statistically they drive over 75% of trust

– when, statistically, 65% would already be considered very high

Our research found that all six drivers are

almost equally correlated with

brand trust…

Trust Driver Weighted Average

Stability 0.70

Development 0.73

Relationship 0.76

Benefit 0.74

Vision 0.79

Competence 0.81

Australian General Population 1,110 sample, 2010

But no single driver can

harness trust

by itself,

because they

all work together like

parts of an

engine

So how can you start harnessing trust in your

business or brand???

Step 1: Establish your metrics(what is the strength of your trust drivers?)

For example:

If your brand is already

strong in stability,

there may be little use in driving that more. But if it has a lack in

vision trust then that

may be the trust driver to focus on.

Step 2: Define your trust drivers (what do your customers want to trust your brand for?)

For example:

What type of vision is attractiveand engaging for your customers,

consumers, employees and analysts?

Step 3: Refine your tactics(Use every process & program to build trust)

For Example:

If your relationship is

about ‘challenging’, then your product, brand & experience should reflect this

As human beings we inherentlyunderstand the importance of trust.

We need to transfer this understanding

into commercial work, because…

trust drives the vast majority of

stakeholder behaviour.

Trust is the key to people

buying your products &

services and staying loyal to you.

Global contact:mext Consulting Australia Stefan Grafe, Managing Partner & HuTrust® DeveloperStefan.grafe@mextconsulting.com

165 Cremorne Street Richmond VIC 3122+61 3 94285417

For further information and HuTrust® usage, please contact

Duxton Consulting Singaporelaurenz.koehler@duxton consulting.com26 Duxton Rd.Singapore 089490Phone: +65 6323 3340www.duxtonconsulting.com

Christina Eisenschmidchristina.eisenschmid@psyma.comNymphenburger Str. 1480335 MunichPhone+49 (0) 89 20209610www.psyma.com

Concerto Marketingrdawson@concertomarketing.com Suite 250 – 128 Hastings St. WestVancouver, BC V6B 1G8t: 604-684-8933f: 604-684-8934

Who Group AustraliaMichael Dudley md@whogroup.comLevel 2, 1 Southbank BlvdSouthbank VIC 300603 8636 4000www.whogroup.com

41HuTrust® by mext www.mextconsulting.com www.hutrust.com

This publication and results are copyright mext 2013. HuTrust and the 6 drivers of trust are copyright and trademark of ifm/mext. Copying and publishing by any means is not permitted without express permission of the copyright holder except as permitted through the Australian copyright act and for information purposes. Photos copyright istock.com and mext The six drivers of brand trust, reputation, Net Promoter Score (NPS), customer satisfaction & loyalty and stakeholder engagement (investor engagement, employee engagement). Die sechs Treiber von Vertrauen, Reputation, Net Promoter Score

(NPS), Kundenzufriedenheit, Kundenbindung, Investor- und Angestelltenbindung

Tred InternationalAdam Thorp, DirectorMobile: 0417 584 599 Phone: 02 9300 6439www.tredinternational.comEmail: info@tredinternational.com

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