Confidence.
One of the central (and indispensable) elements in the life of a company.
In fact, losing the trust of one's customers, users, and employees can mean Losing valuable ground on a path to growth. This results in a loss of revenue, for example.
And certainly in no small part, but with a major impact on a reality's chances of survival.
According to a survey PWC, for example, the 71% of consumers are unlikely to proceed with a purchase should they lose confidence in a company.
Not only that. We also find the same percentage (71%) -- again referring to the same research -- in the figure regarding employees who say they would move away from the company they work for if they lose trust in that organization.
A brand, therefore, cannot help but pay close attention to this sphere, because its growth will be decisively connected to the bond of trust it can build with clients and collaborators.
For this reason, words such as (real) authenticity, transparency, soundness of values, and strong reputation must be placed at the highest end of attention for those involved in marketing and communication within a business.
[As reported in the content "A CMO's Guide to Brand Storytelling - Storytelling for business success and growth" by Deloitte: "The CMO Survey: Special edition report found that marketers predict customers will place the highest priority on trusting relationships. By integrating the customer into the business dialogue, consumers develop a stronger connection to the brand, building trust."]
Simplifying, then, can we say that increased trust from customers and potential customers corresponds to increased growth? Yes, simplifying, yes.
How to build (and nurture) a foundation of trust?
And there are definitely numerous (and, more importantly, everyday) actions that a business (or personal brand) can design and develop to build and maintain the trust of customers and employees.
One of these-which we deal with in Disclosers, vertically-is precisely the activity of PR and Media Relations.
Media relations, in fact, has the task of generating a media coverage - of value-for a brand (or for a personal brand, as in the case of entrepreneurs or managers, for example).
Articles, interviews, journalistic insights in newspapers (online and print), magazines (online and offline), radio, TV channels, podcasts represent pieces of a complex architecture, which brands need to "equip" themselves with in order to build, improve or maintain the its own reputation and positioning.
A company geared toward taking care of its reputation cannot do without it, at any level: from the small startup to the SME, from the micro-business to the structured company, setting up a constant and focused workflow regarding media relations is a must.
[And Media Relations will have to try to be increasingly focused on trying to convey the voice of key figures in companies (e.g., CEOs), because as pointed out within the study "2023 Edelman Trust Barometer", 55% of people trust the words of those at the helm of the enterprise in which they work. In addition, according to the report State of Journalism 2023 (by Muck Rack), the 62% of journalists consider those in the role of CEO as a very credible source]
Why does media coverage help generate trust in a company?
According to some studies, for example, and in particular according to a'analysis reported by Statista, 59% of people trust the traditional media (e.g., newspapers).
For a brand, then, having media coverage means creating and placing a series of "building blocks" that build a real trusted structure.
Trust that customers, potential customers, investors, partners, employees feel toward the brand.
For it to be effective, however, we must keep in mind that it must be a flow ongoing, because as reported by the "2023 Edelman Trust Barometer Special Report: The Collapse of the Purchase Funnel.", 58% of people do more and more in-depth research before making a purchase, and it is essential to have a media presence and presidium that is not only valuable, but also constant and current.
(In addition, media coverage-let's not forget it-can also prove extremely useful in protecting brand reputation.)
Public relations, trust, growth: an ever-stronger connection
Summing up, based on data reported in various reports, we can therefore say that public relations and, in particular, the building blocks (articles, interviews, in-depth reports) that are the result of media relations (here we recounted 5 steps to improve strategy and operations in this area), contribute to building a foundation of trust Towards a company.
And trust, as reported in many analyses, is one of the essential elements involved, for example, in the decision-making process of purchasing a product or service (but not only).
Trust is also vital for building an important relationship with one's employees, attracting the attention of potential investors (or solidifying the relationship with current ones), and maintaining a bond with current customers.
To learn more about the world of PR:
- Book "PR and Media Relations for Small and Medium Enterprises" (Franco Angeli)
Contact us to understand how we can help your brand or personal brand.
