What's Next, Now: June 2023
This month, our crystal ball predicts the rise of trade schools, coming AI regulation, and more.
Brand trust can be built and sustained for long periods of time, barely shifting, and then lost in an instant — as we saw with SVB’s sensational fall from grace. At a time when distrust in societal institutions triggered by economic anxiety, disinformation, class divide, and a failure of leadership is at an all-time high, businesses need to remain acutely aware of the relationship they have with their consumer base. Two surveys related to brand trust and reputational rankings were recently released by Morning Consult and Axios Harris Poll, shedding light on which brands are successfully navigating these factors.
In both, USAA is a prime example of a brand maintaining leadership status through a laser focus on their key audience — earning their trust through daily action. Serving only military families, USAA’s narrowly-defined niche allows them to effectively tailor products and quickly pivot based on customer feedback.
Unsurprisingly, the brand ranked number one on this year’s Axios Harris Poll is Patagonia, which recently transferred ownership to two non-profit organization trusts, boldly demonstrating the brand’s commitment to sustainability. Tesla, on the other hand, saw the largest drop year-over-year, plummeting from 12th in 2022 to 62nd in 2023. The electric vehicle maker faced negative press around factory conditions and accidents caused by self-driving technology, but CEO Elon Musk’s provocative Twitter takeover played the largest role in the drop. Twitter itself ranked 97th among the 100 brands surveyed.
Musk’s takeover exacerbated consumers' dwindling trust in social media brands since the 2018 Facebook/Cambridge Analytica scandal. This year, Facebook parent company Meta and TikTok landed rankings at 96th and 94th, respectively.
Brand trust starts internally through fostering a company culture that, at its core, places people over profits. Brands need to understand what their unique trust covenant is with their customers. How are they putting them first? Prioritize deeds over words and demonstrate that commitment through action — daily.