The loss of consumer trust is a huge threat to brands. As our economy undergoes digital transformation in all industries, brands are getting swept up in a massive shift in trust. According to the most recent Edelman Trust Barometer, the US saw a drastic decrease in trust in the last 12 months for both businesses and the media, a 10- and five-point drop respectively from 2017, putting brand trust at an all-time low. How can we reverse this dangerous trend?
As brands implement GDPR, they face a critical choice. One option is to check the compliance box and continue business as usual. A more difficult, but ultimately more rewarding path, is to engage in meaningful conversations with consumers in an open and transparent way. In time, those conversations restore consumer trust, and as trust grows, brands benefit.