Study from Vevo, MAGNA and Initiative explores impact of brand trust across verticals and inclusive cohorts
New York, NY, June 11, 2024 – When brand trust increases by just one point, the average consumer purchase intent increases by 33%, with Reliability, Respect, Ethical Business Practices, Authenticity, and Relatability top drivers of brand trust.
This is according to a new study released today by Vevo, MAGNA Media Trials and Initiative, which surveyed a nationally representative group of nearly 5,000 U.S. consumers to understand the components of brand trust and how they vary across verticals and inclusive cohorts. The findings highlight the importance of brand trust for marketers and how they can most effectively communicate their messages to maximize outcomes at scale.
Survey respondents stated that:
Advertising is a key way for brands to create connections and build brand trust (76%). And 48% stated TV Ads as the preferred channel of engagement to communicate brand messages and build trust. Other preferred channels include social media ads (33%), brand websites, (25%), and product placements (25%).
Responsible media practices are the most effective way to build trust (65%). Placing ads next to/in content that is “reputable and safe to watch”, “supports diverse communities and creators”, and “representative of the world around me” are top examples.
Connection is table stakes. “No connection with me” is a key reason for brand distrust (38%), followed by “mishandled controversies,” “inauthentic” and “hard to find reviews” – highlighting how a perceived lack of effort breeds distrust.
Additionally, 32 brands across the Automotive, Fast Casual Dining, Finance, and OTC Medications verticals were tested on 10 dimensions of brand trust. Notably, when brand trust was increased by just one point, average purchase intent increased by 36% for OTC, 34% for Automotive, 30% for Finance, and 26% for Fast Casual Dining.
“It’s never been more critical for marketers to understand where, when, and how brand messages are reaching audiences across channels and demographics – and the findings of this study underpin the importance of brand trust in executing these messages in an effective and impactful way,” said Julie Triolo, SVP, Marketing & Research, Vevo. “From reliability and respect, to ethical business practices, authenticity, and media responsibility, it’s essential for marketers to understand the impact of brand trust as it relates to key performance indicators like purchase intent in order to drive long-lasting connections that benefit the bottom line. These are just some of the guiding principles that underscore the unique opportunity that Vevo delivers for brands, as a premium, brand-safe network where culture unfolds 52 weeks of the year. “
“Advancements within the digital advertising ecosystem have made performance marketing efforts both harder to execute and harder to measure – challenging brands to find ways to break through the crowded ecosystem and prove the value in their media spend across channels and environments,” said Kara Manatt, EVP, Intelligence Solutions, MAGNA. “With a thorough understanding of audiences and the ways in which to reach them, brands can effectively build brand trust through advertising – and we’re proud to provide marketers with the insights they need to drive meaningful outcomes.”
To read the full report, please visit here.