There was a time when the quality and characteristics of a product determined how well it was perceived by consumers. Consistent quality over a long period of time was enough to build consumer trust in the product, which then translated into brand loyalty. Today, consumers’ perceptions of product quality are influenced by various factors at each stage of the buying process.
Customer expectations with regards to brands have increased and today buyers are savvier about how a product is portrayed, where and how it’s marketed and, especially with the impact of digital media on our lives, spending choices and habits have changed drastically. According to recent studies, 3 out of 5 consumers trust influencers more than advertisers, and those consumers are more likely to make a purchase based on influencer recommendations. With online communities redefining how consumers interact with brands, make purchases and form opinions, it is more important for marketeers to analyse factors that influence consumers’ loyalty towards the brand.
As the marketplace gets crowded and competition fierce, brands have realised that what trust becomes a major differentiator that makes or breaks a brand. Marketers and brand custodians realise that brand’s ability to deliver on promises, create consumer experiences and provide value to its customers consistently through its product and services are factors make a brand stand out. And the 3rd edition of Most Trusted Brands of India 2023 will laud such brands that have successfully reigned supreme in the hearts and minds of consumers and in the process embodied the spirit of brand purpose.
After a resounding success of the first two editions of Most Trusted Brands which saw brands like the Pepsico, Bisleri, Avery Dennison, A.P. Moller – Maersk, Colgate – Palmolive, IDFC First Bank, IBM, LIC of India and Mahindra Automotive, third edition of this initiative will honour brands across industries that have, over the years earned consumer trust.