Question

There are a number of actions that businesses can take to increase the level of trust that consumers have in them. Identify three specific actions and explain why they are important in creating trust.

Answer 1

Trust creation is extremely important and helps in achievibg brand recognition and creating legacy brands. It also helps in word of mouth advertising and saves any loss in market share and brand equity.

Following strategies can be used for maintenance of trust:

• Hiring celebrities endorsement and showing usage of product and its benefits
• Mass marketing campaign featuring consumers who themselves assure that product is tried snd tested and is highly trusted
• Spending on CSR activities help induce incredible trust and goodwill
• Assuring best quality and focussing on total quality management such that consumer experience is best
• Customer redressal Teams should be set up to address any concerns and feedbacks
• Public relations team can be hired to create positive branding and target mass markets.