For business, trust is a form of currency, underpins the perceived value a brand enjoys. If a product doesn't deliver what it promises, or what it has done on previous occasions, then there are many alternative products waiting to lure away its customers. But when a brand does deliver, consumers feel a sense of trust and are more likely to support it – and to continue buying it in the future.
Once trust is established, it becomes an instinctive response – the consumer buys the brand without so much as a second thought because it is "their" brand.
Trust, the difference between succeeding and building the legacy of a company. Much like any kind of relationship, something that is not so easily achieved, yet has become invaluable in today's rapidly changing landscape.
For consumers, a trusted brand makes their lives easier and gives them peace of mind, hence they are even willing to pay a bit more for the products they trust.
For business, this is the ultimate vote of confidence. While reputation is based on past experiences, trust is a forward-facing measure, and is imbued with expectation, promise and satisfaction. Once gained, it is its own reward.
Consumers have high expectations. A trusted brand must be genuine, reliable and consistent. A trusted brand enjoys international appeal, yet at the same time upholds a strong local connection. It has individual relevance for all its consumers, just about anywhere and in any culture.
Consumers take a lot of things into account such as cost, quality and desirability. But the survey also revealed that staying true to its promise is just as important. Trends give rise to a lot of new brands that quickly capture our attention, but only those who stay true to their core principles are the ones that win over consumer trust.
Now on its 16th year, Reader’s Digest Asia again conducts its Trusted Brands Survey approaching ordinary consumers to seek their opinions about the brands of products and services are important to them.
The grand awarding ceremony was held on June 4, 2014, at the CROWNE PLAZA MANILA, with Readers Digest Asia editor in chief Sue Carney and Readers Digest Group Advertising Director for Asia Pacific, Sheron White handing out the awards to the top executives of the winning brands.
Backed with years of experienced research, Reader’s Digest confidently dissects what features a trusted brand must possess in order to maintain relevance and purpose for Philippine consumers.
Being ranked on the Trusted Brand list is a great achievement, but maintaining this ranking involves a genuine commitment to protect and fulfil the promises made to the consumer. It means ensuring the quality doesn't drop. It means that great taste stays the same. And it definitely means delivering the same value and consumer satisfaction year in and year out, while always remaining open to innovation and reinvention – a task easier said than done.
Together with leading global market research company Ipsos, the Reader’s Digest Trusted Brands surveyed five thousand individuals from across five of Asia’s Key Markets including the Philippines, Singapore, Hong Kong, Malaysia and Taiwan.
The respondents included Reader’s Digest subscribers as well as selected individuals to reflect the demographics of the general population. Each respondent was required to complete a questionnaire or participate in a mail or online survey. Ipsos asked each participant to tell us the name of their most trusted brands and then rate those brands listed on the following attributes: trustworthiness and credibility, quality, value understanding of consumer needs innovation and social responsibility.
Gold Trusted Brand Awards are given to brands that scored significantly higher than their rivals while brands that performed exceptionally, winning their category with a score that vastly outpolled their nearest competitor receive the Platinum Trusted Brand Award.
Asia’s Trusted Brand Award, meanwhile are given to brands that win the Reader’s Digest Trusted Brand award in the same category for at least three countries surveyed.
The results present a captivating and transparent analysis of consumer confidence in brands driving the Philippines economy as well as the other economies surveyed.