Trust is the new brand equity. In the ‘80s, the legendary brand strategist David Aaker defined brand equity in terms of brand loyalty, awareness, associations and perceived quality. Now brands will need to operate at the intersection of culture, purpose and society. Brands need to be for the people, and guided by the people. Why? Because brand trust ranks higher than brand love.
With four converging global crises over the last year—Covid-19, economic insecurity, financial/health inequities and systemic racism—brands that take a stand get a giant boost in trust. This evolved role for brands offers a new opportunity for brand marketers and real risk if they fail to recognize consumers’ call for brand action. The reality: Highly trusted brands are seven times more likely to be purchased.