Fragile Brands – the Risk of DISTRUST
Most business leaders understand and measure trust — it’s a given. But too few realise the degree to which consumer decisions are prejudiced by distrust.
Consider your own choices when booking a flight. There are always a number of airline brands you trust. If, however, you distrusted an airline to get you safely to your destination, you would never book a flight with them.
Each day tens of millions of purchasing decisions are made in Australia. Distrust plays a major role in most of them. An unchecked increase in the distrust felt towards your brand has a direct, measurable bottom-line impact, with distrust-driven customer churn leading to loss of market share and a plummeting share price.
Just look at AMP. For a century the Australian icon had virtually no distrust, and then came the brand shock of the Financial Services Royal Commission. Almost overnight AMP became Australia’s second most distrusted brand. It suffered a 5.5 billion outflow of funds and it’s share price plummeted by 74%, wiping $4 billion off its market value.
That’s why it’s vital to understand the risk of distrust and to track both the distrust and trust consumers have for your brand and your competitors.
Roy Morgan makes it simple.
Our Risk Monitor tracks hundreds of brands across 25 industry sectors. It is available in a variety of formats, from snapshot overviews, to dashboards and deep-dive bespoke reports. Now an in-depth understanding of the trends and drivers of distrust and trust is at your fingertips.
Snapshots – of the Roy Morgan Risk Monitor are released to the media and can be found here [link to filtered results on trust on findings page]
Roy Morgan Risk Report 2020 – this topline report provides an overview of the drivers of trust and distrust, shows which industries are most trusted and most distrusted, and reveals the relative positions of brands in each industry.
To find out more about the Roy Morgan Risk Report and how your brand stacks up visit our Online Store
Industry Risk Surveys – we produce specific reports for each of the following 6 key industries:
• Banking • Private Health Insurance • Mining & Petroleum • Professional Sport • Media • Energy
Roy Morgan Risk Monitor dashboard – provides continuous tracking and reporting of how distrusted and how trusted your brand is compared to your competitors. It also gives you a deep understanding of the drivers of this trust and distrust.
Just take a look at this short video to see the depth of thematic analysis available on the Roy Morgan Risk Monitor dashboard [video link here – the video ends by saying they will be able to find contact details for appropriate RM person to tell them more below the video. We need to ensure that is always on the page where they view the video, here or elsewhere]
Customised Reporting – bespoke reports are also available, drawn from the Roy Morgan Risk Monitor which collects responses from more than 7,000 Australians each year. This report will provide detailed analysis which will help you understand your risk around distrust and trust, the impact distrust has on your brand, and how this risk can be managed.