After Price, Trust Is the Biggest Factor in Purchase Decisions
Published: Jun 30, 2020
In a new survey of more than 20,000 consumers by the global PR firm Edelman, trust emerged as the second most important factor in purchase decisions, surpassed only by price.
Consumers are looking for authenticity from brands, including taking stands on issues like racial injustice that many brands have shied away from in the past. The study reinforces that trust-building strategies must be rooted in PR initiatives, rather than advertising.
From the report:
Earned media is far more effective than advertising when it comes to earning trust. Nearly seven in 10 people say they avoid advertising: 78 percent of people aged 18-34 use one or more advertising avoidance strategies; 73 percent for people aged 35-54. Trust is won through personal experience (59 percent), earned media (44 percent) and peer conversation (39 percent). And consumers are more inclined to listen to an industry expert (60 percent), a person like yourself (59 percent) and a brand tech expert (49 percent).
Scott is founder and CEO of Idea Grove, one of the most forward-looking public relations agencies in the United States. Idea Grove focuses on helping technology companies reach media and buyers, with clients ranging from venture-backed startups to Fortune 100 companies.