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With more than two-thirds (68%) of consumers spending more money on trusted brands than on brands they don’t trust, this new research highlights the quantifiable impact trust can have on business value and offers actionable insights for B2C leaders looking to establish a more trustworthy, and therefore valuable, relationship with their core customers
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Oct 20, 2021, 13:00 ET
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NEW YORK, Oct. 20, 2021 /PRNewswire/ — Deloitte Digital, the experience consultancy, and Twilio Inc. (NYSE: TWLO) (LTSE: TWLO), the leading cloud communications platform, today announced the results of a joint study exploring the divergent perceptions of trust between consumers and business leaders in the United States.
For many consumers, trust is the deciding factor when it comes to separating a business from its competition. Not only can trust help bring customers through the door, but it can also help keep them there — reducing churn and lowering acquisition costs. While that seems like a simple concept to employ, this new research uncovered a significant chasm between the way consumers and B2C leaders define and establish trust. The findings reveal that many leaders are overly confident about almost every dimension of customer trust in their brands, and as a result are leaving sizable business value on the table. The resulting report takes a closer look at how these two groups evaluate key trust signals and offers tangible actions that brands can implement to foster trust with their customers.
The joint report, "Close the Trust Gap to Unlock Business Value," begins by defining the four elements of trust — humanity, transparency, capability and reliability — and then dives into actionable insights developed by Deloitte Digital and Twilio. In total, the report produced dozens of insights. A sampling of these insights includes:
"There has never been a more important moment for brands to get it right when it comes to trust," added John Peto, U.S. head of Deloitte Digital and principal, Deloitte Consulting LLP. "This report makes it clear that the organizations who rest on their laurels or continue with a business-as-usual approach will be leaving immense value on the table, while those that align their approach with the trust signals of their core audience will likely benefit both now and in the future."
"The lack of consumer trust is pervasive, yet we find that business leaders are consistently over-estimating the trust that customers have in their brands," commented Ashley Reichheld, principal, Deloitte Consulting LLP and the creator of Deloitte Digital’s HX TrustID™ platform. "Leaders must focus on measuring, predicting and acting to rebuild consumer trust so that they can foster meaningful differentiation and resilient customer loyalty. Trust is the key to accelerating growth and delivering value."
"Businesses have been forced to reevaluate how they build and maintain relationships with their customers in a digital-first world," said Glenn Weinstein, chief customer officer at Twilio. "With so many digital interactions between businesses and customers, there are more opportunities to strengthen or damage customer trust at every touchpoint. Our research with Deloitte Digital shows some tangible ways to deepen relationships by building trust in the ways that matter most to customers."
The "Close the Trust Gap to Unlock Business Value" study was conducted in the summer of 2021, surveying 1,000 consumers and 500 leaders of large, business-to-consumer enterprises in the United States about the business value of trust and the key factors that contribute to a brand’s trustworthiness. The research was conducted by Lawless Research and commissioned by Deloitte Digital and Twilio. Deloitte Digital drew from years of experience helping clients assess, prepare and implement digital innovations and understandings gained from its "HX TrustID" study to articulate the dimensions and mechanics of trust and inform actionable insights. Twilio provided experience and leading practices to the report development and findings, as a leading customer engagement platform that brings together globally trusted digital channels, data-driven personalization, and leading engagement tools that power over one trillion interactions annually. For more actionable insights on consumer perceptions and the business value of trust, access the full report here.
Deloitte Digital helps companies create new growth by elevating the human experience — with connected ideas, technology and talent. Our ambition is to make the best customer-oriented organizations in the world. Alongside all of Deloitte, we foster the connections necessary to shape a better future for our clients, our culture, our society and our planet. Visit www.deloittedigital.com or follow Deloitte Digital on LinkedIn or Twitter to learn more.
Millions of developers around the world have used Twilio to unlock the magic of communications to improve any human experience. Twilio has democratized communications channels like voice, text, chat, video, and email by virtualizing the world’s communications infrastructure through APIs that are simple enough for any developer to use, yet robust enough to power the world’s most demanding applications. By making communications a part of every software developer’s toolkit, Twilio is enabling innovators across every industry — from emerging leaders to the world’s largest organizations — to reinvent how companies engage with their customers.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 345,000 people worldwide connect for impact at www.deloitte.com.
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