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Brand Trust Study: Trust really matters

Posted by Scott, Volunteer Mentor @IndianaScott, Mon, Jun 24 10:04am

I came across this article today and found the statistics on trust interesting. Plus the critical 'three gates of trust' CEO mentions: "product, customer experience and impact on society.”

Here is the link: https://www.edelman.com/news-awards/only-one-third-of-consumers-trust-most-of-the-brands-they-buy

Thanks for sharing this article, @IndianaScott. Here is the information that resonated with me:

When brands build trust, consumers reward them. Consumers who trust a brand are more than twice as likely to be the first to buy the brand’s new products (53 percent versus 25 percent). They are more than twice as likely to stay loyal to a brand they trust, even in the face of disruption, such as a trendy or innovative competitor (62 percent versus 29 percent). They are more than twice as likely to advocate for a brand they trust (51 percent versus 24 percent), and almost twice as likely to defend it when things go wrong (43 percent versus 22 percent). And when a brand is trusted on product, customer service and societal impact, the percentage of consumers who will buy first, stay loyal to, advocate for and defend it (68 percent) is 21 points higher than consumers who buy on product trust only (47 percent).

How do you think this applies to health care?

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Personally, @DanHinmon I am happy I have trust in my car mechanic and the shops I buy from online, but having trust in my healthcare providers is of the highest level! I know in our very first visit to Mayo, back in 1974 if trust in their services hadn't been established we'd have sought later care elsewhere.

I know there are lots of sayings about trust and reputation and most of them are true! Plus so often with medical care it's one and done! If you lose that trust you are not inclined to give those medical professionals or organization a second chance.

Plus in this day and age of online reviews/comments/etc. having those loyal followers that much more likely to defend you is GOLD!

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I like how your personal experience confirms the results of this survey, @IndianaScott.IndianaScott. I notice another issue re: trust for this survey involved how organizations use and share the data they collect. We've been giving some thought to how Facebook revelations re: data sharing and use is affecting the trust of that platform, and whether we should even continue to use Facebook to engage with patients if the data is not safe. What are your thoughts on that?

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@DanHinmon

I like how your personal experience confirms the results of this survey, @IndianaScott.IndianaScott. I notice another issue re: trust for this survey involved how organizations use and share the data they collect. We've been giving some thought to how Facebook revelations re: data sharing and use is affecting the trust of that platform, and whether we should even continue to use Facebook to engage with patients if the data is not safe. What are your thoughts on that?

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I saw that you are going to have a debate about Facebook on this subject at the next Conference. I see both sides, but lean towards rethinking how much we can trust Facebook (mostly because of the issues around AI and truly informed consent). Where do you stand Dan?

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Nice reference Scott. I think one area which can be deeply fruitful is to what extent do we want to consider patients as “consumers” or “customers”. Although there is some benefit to this, it doesn’t take much to convert consumers to data packets, and I suspect within healthcare the issue of trust is effected by a devolution of patients from people to simply sources of data/data packets.

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As I think you're aware, @matthewrehrl, besides managing the Social Media Network I also manage Hive Strategies, a firm that provides expert advice to Facebook support groups. So I'm emotionally and professionally invested in Facebook as a platform. Even with that bias, however, I'm worried about the patient privacy issues that we have discovered in the past year. If Facebook can't get its act together, we may be forced to go elsewhere. The problem is, where is elsewhere? And can we even trust Facebook anymore? It's tough to leave such a huge audience behind. What are your thoughts?

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@DanHinmon

I like how your personal experience confirms the results of this survey, @IndianaScott.IndianaScott. I notice another issue re: trust for this survey involved how organizations use and share the data they collect. We've been giving some thought to how Facebook revelations re: data sharing and use is affecting the trust of that platform, and whether we should even continue to use Facebook to engage with patients if the data is not safe. What are your thoughts on that?

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Again, personally, I know I have curtailed much of my effort on Facebook as their data sharing issues have become more opaque and concerning. That said, when I try and drive readers to my website, I find Facebook consistently out performs other social media platforms by an average of about 4 to 1.

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@DanHinmon

As I think you're aware, @matthewrehrl, besides managing the Social Media Network I also manage Hive Strategies, a firm that provides expert advice to Facebook support groups. So I'm emotionally and professionally invested in Facebook as a platform. Even with that bias, however, I'm worried about the patient privacy issues that we have discovered in the past year. If Facebook can't get its act together, we may be forced to go elsewhere. The problem is, where is elsewhere? And can we even trust Facebook anymore? It's tough to leave such a huge audience behind. What are your thoughts?

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Simply put, if managed carefully with a clear understanding of it's relationship with mission, and recognizing that you are putting the interests of patients (plural) above those of the individual patient (singular), it can be positive for patients (plural) health. But, if it isn't managed as a something which always has significant downside ethical risk, then it will be a problem. Its like most AI tech ( and I see Facebook as an AI company) – lots of potential benefits, but perhaps even more actual downside risk.

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