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The most interesting thing about building Trust is that it can take your brand to unimaginable heights. But once broken, it can take you down as well. Companies should aim to build trust with their customers because by doing so they are actually creating brand ambassadors for their product who willingly share those products/services with their network. Costco wholesale corporation – an American MNC, is in the Fortune 500 club just by WOM publicity.
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A study done by Forbes revealed that customers who are recommended by others were 18% more likely to stay with the brand than those who found the company by other means. Getting new customers can be a cumbersome task, but when referred by an existing customer, the entire process becomes simple and easy. People referred by someone are more likely to stay loyal to a brand than other customers.
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Customers should be at the heart of all the offerings. Brands should try to form strategies and create engaging campaigns which should encourage their target audience to get involved with their offerings. When customers are involved with a brand, they themselves promote the respective product or service amongst their network. This will, in turn, create a buzz around the brand which leads to the acquisition of more customer accounts.
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