The trust that customers have placed in companies has declined significantly over the past few years. Ronn Torossian is a public relations executive from 5W Public Relations (5WPR). He says that customer trust and confidence are at an all-time low. This is affecting the business environment of many companies and causing profits to plummet. Many organizations are making preparations for the worst, and some are downsizing to prepare for a difficult economic time.
Public relations and marketing departments are the first to be cut in budget efforts of many companies. Companies would prefer to spend less on PR, which is a huge mistake. It’s not a good idea to be silent or invest less in communication channels when customers are distrusting you.
Earned media as a Third Party Endorsement
Ronn Torossian believes that consumers will be less likely to spend on non-essential goods during difficult economic times. They will also avoid services and goods that they don’t think will last. Because trust is essential for any brand’s success, customers and companies must have mutual trust. Research has shown that brand trust directly correlates with purchase decisions. The former scenario is more likely than the latter.
To address the problem, earned media has been developed as a trust-building tool. This is a better way to build trust between businesses, and the target audience. Earned Media can now be viewed as third-party endorsement.
This approach is objective and builds brands in an impartial way. Mainstream media is trusted by many and has existed for some time. To increase brand trust, embrace earned Media.
Earned Media Versus Loyalty
Consumers love staying in their comfort zones. This will not change anytime soon, and it will only get worse in difficult economic times. Customers won’t be able to prepare for brands or companies they don’t know.
They want to get the most out of every dollar they spend. This is a situation they believe is impossible if they diverge and look for new products or services. They will continue to do business with the same companies that they have done business with in the past.
Although they may have worked with the company before, if trust begins to erode, customers will look for alternatives. It is possible for a customer to lose their loyalty if they have doubts about the longevity of a brand.
It’s great to use earned media to reach customers. Simple things like having your company’s story featured in a media outlet can help build trust and attract new customers.
Earned Media is a key component in increasing brand awareness. Trusting a credible media outlet or influencer can inspire a lot confidence in consumers. People tend to be prone to mob psychology in difficult economic times. It is important to encourage trust by promoting a business’s positive media coverage. Customers feel more secure dealing with businesses they trust, and those that are well-respected in the media or via influencers channels. Earned media can be a great way to build long-lasting loyalties, especially during difficult economic times.