In the business of insurance and risk management, brand differentiation and brand trust are vitally important. Research substantiates that high-growth firms have a strong differentiator and a defined target audience that is receptive to the products, services, and solutions delivered. So, what is a differentiator? It may come in the form of a mission statement, specialization, a distinctive business model, in-depth knowledge of a risk issue(s), service offerings, or a branded diagnostic process. In today’s hyper competitive marketplace, you must have one or more differentiators. Without a differentiator, watch out for commoditization!
According to Forbes, trust has become the “new marketing currency.” Consumers who trust a brand are more likely to do business with that brand. Brand trust is all about consumer confidence. And it is gained when your brand delivers on your promises and stays true to its values. Building brand trust is not for the faint of heart. It takes servant leadership, active listening, a willingness to go the extra mile, customer loyalty benchmarking, and an acceptance of failure when things do not go as planned.
Below are eight proven strategies to elevate brand trust:
- Find ways to demonstrate and get feedback on your corporate values every day. Distinguished brands are built on a set of values.
- Be present and available. Engagement builds credibility leading to trust.
- Over-deliver on every promise. Exceeding expectations fosters brand trust.
- Design and deliver a customer-centric experience built on processes, not products.
- Teach your clients things that they do not know. And deliver an unanticipated solution.
- Be an active listener. It shows the other person you care and are interested in what they have to say.
- Make it a habit to discover the other person’s goals, passions, and struggles. Relational GPS is a game changer.
- Demonstrate authenticity. Be genuine!