Richard Edelman, a leading expert in public relations and marketing, recently gave a speech at the University of Notre Dame addressing the crisis in consumer trust. His firm, Edelman, is a long-standing chronicler of consumer trust in institutions including business and government (we’ve covered past Edelman Trust Barometer results on our blog). In 2017, their global survey found that “trust is in crisis around the world” with trust in media and government reaching record lows since before the Great Recession of 2008.
The results for 2018 offer little hope for rebounding from the previous year. The most recent Trust Barometer “reveals a world of seemingly stagnant distrust” as “people’s trust in business, government, NGOs and media remained largely unchanged from 2017.” What the survey does offer, alongside Edelman’s recent remarks, is a potential way forward for those companies seeking to re-earn and re-establish the goodwill of their consumer base. Continue Reading
Early each year, leading global communications and marketing firm Edelman releases the results of their Trust Barometer survey. The Edelman Trust Barometer is the culmination of a global study of consumer trust in four key institutions – business, government, NGOs, and media. The newest iteration, conducted in 28 countries and encompassing more than 33,000 respondents, places a finger on the pulse of consumers across the world.
Would you be surprised to hear that in 2017 Edelman finds that “trust is in crisis around the world”? For the first time since they began tracking these metrics, “the majority of respondents now lack full belief that the overall system is working for them.” What might be at the root of this global decline in trust in our key institutions? How can we begin to rebuild consumer trust in an authentic and sustainable manner? Continue Reading
We've now spent a few posts discussing the results of the 2016 Edelmen Trust Barometer and the global consequences associated with its findings. By now, it should be evident that the ever-growing trust disparity that exists between the “informed” and “mass” populations is responsible for a variety of effects on the government, media and, most substantially, the business sectors. Edelman explains his findings:
“…in the U.S., 70 percent of the elite population express trust in business, in contrast to 51 percent of the general population, a 19-point difference. This skepticism is clearly manifested in the perception of specific industries… as CEOs are substantially more trusted by the elite population…”
If nearly half of the general population in the United States is expressing some form of skepticism toward the business sector, leaders of businesses can benefit their companies by taking deliberate steps to establish trust. This week, let's take a look at a few ways business leaders can work to build that trust.