In recent years, the trust that customers had for companies has dropped dramatically. According to Ronn Torosian who is the public relations executive of 5W Public Relations (5WPR), confidence and trust in customers are at an all-time low. This scenario hurts many businesses and profits have dived. Some organizations are downsizing and preparing for a bad economic situation.
Public relations and marketing departments are often the first to be cut in budgetary efforts. It’s a mistake for many companies to spend less money on public relations. It’s not a good idea to be silent at a time of low customer trust or to invest less in communication channels.
Earned media as a third-party endorsement
Ronn Torosian believes that consumers will spend less money on non-essential goods during this difficult economic time. Also, they will avoid goods and services that they believe won’t last long. The success of any brand depends on mutual trust between the client and the company. Research has shown that the purchase decision is directly related to brand trust. If the first is low, the second is also true.
To rectify this issue, a new technique for building trust, earned media, was developed. This is an effective way to build trust between companies and their target audiences. Earned Media are now seen as third-party endorsements.
This approach is unbiased and impartial. Mainstream media has been around for some time and people still trust them. To grow your brand’s trust, it is always beneficial to embrace efforts.
Earned Media Versus Customer Loyalty
Most consumers are comfortable in their comfort zone. It is unlikely that this will change anytime soon, and the situation will only get worse in tough economic times. They will not be prepared to visit companies or brands they do not know.
The goal is to maximize every dollar spent. This will not be possible if you start experimenting with new products or services. They will therefore continue to do business with the same companies.
Customers may have previously dealt with the company in question or used their services, but as their trust in them begins to wane, they’ll eventually look for alternatives. If a customer begins to doubt the brand’s longevity on the market, they may change their loyalty.
Earned media is an excellent way to capture consumers who are looking for alternatives. It is not difficult to build your brand by having your story featured in media outlets.
Earned media is crucial to boosting brand awareness. Consumers are more likely to trust a brand if they have the backing of a credible media outlet or influencer. Most people have a mob mentality in difficult economic times. Positive media coverage is another way to build trust.Customers prefer businesses that others trust and that media outlets or influencer channels have positively reviewed, as it makes them feel more secure.
Earned media can help you build long-term loyalty to your brand. This is especially important in these hard economic times.
