TRUST. Five letters that spell the difference between succeeding and building the legacy of a company. Much like any kind of relationship, trust is something that is not so easily achieved, yet has become invaluable in today's rapidly changing landscape. In business, trust is also a form of currency. Brands would have value if people accepts and delivers what it promised. As a consumer, trust in one brand is important for me because that's what makes me continue to support it over the years.
Once trust is established, it becomes an instinctive response – the consumer buys the brand without so much as a second thought because it is "their" brand.
For consumers, a trusted brand makes their lives easier and gives them peace of mind, hence they are even willing to pay a bit more for the products they trust. For business, this is the ultimate vote of confidence. While reputation is based on past experiences, trust is a forward-facing measure, and is imbued with expectation, promise and satisfaction. Once gained, it is its own reward.
With so many brands in this country, consumers in the Philippines now has high expectations. I would know because working in Customer Care, you'd hear the words "excellent service", "you should have" and "improve". A trusted brand must be reliable and consistent. It should have international appeal yet connects with the local market. It should be diverse enough to tailor fit your needs.
Consumers take a lot of things into account such as cost, quality and desirability. But the survey also revealed that staying true to its promise is just as important. Trends give rise to a lot of new brands that quickly capture our attention, but only those who stay true to their core principles are the ones that win over consumer trust.
Now on its 16th year, Reader’s Digest Asia again conducts its Trusted Brands Survey approaching ordinary consumers to seek their opinions about the brands of products and services are important to them.
The grand awarding ceremony was held on June 4, 2014, at the Crowne Manila Plaza, with Readers Digest Asia editor in chief Sue Carney and Readers Digest Group Advertising Director for Asia Pacific, Sheron White handing out the awards to the top executives of the winning brands.
Backed with years of experienced research, Reader’s Digest confidently dissects what features a trusted brand must possess in order to maintain relevance and purpose for Philippine consumers.
Being ranked on the Trusted Brand list is a great achievement, but maintaining this ranking involves a genuine commitment to protect and fulfill the promises made to the consumer. It means ensuring the quality doesn't drop. It means that great taste stays the same. And it definitely means delivering the same value and consumer satisfaction year in and year out, while always remaining open to innovation and reinvention – a task easier said than done.
Together with leading global market research company Ipsos, the Reader’s Digest Trusted Brands surveyed five thousand individuals from across five of Asia’s Key Markets including the Philippines, Singapore, Hong Kong, Malaysia and Taiwan.
The respondents included Reader’s Digest subscribers as well as selected individuals to reflect the demographics of the general population. Each respondent was required to complete a questionnaire or participate in a mail or online survey. Ipsos asked each participant to tell us the name of their most trusted brands and then rate those brands listed on the following attributes: trustworthiness and credibility, quality, value understanding of consumer needs innovation and social responsibility.
Gold Trusted Brand Awards are given to brands that scored significantly higher than their rivals while brands that performed exceptionally, winning their category with a score that vastly outpolled their nearest competitor receive the Platinum Trusted Brand Award.
Asia’s Trusted Brand Award, meanwhile are given to brands that win the Reader’s Digest Trusted Brand award in the same category for at least three countries surveyed.
The results present a captivating and transparent analysis of consumer confidence in brands driving the Philippines economy as well as the other economies surveyed.
Here are the awardees of the Readers Digest Trusted Brands 2014 Survey:
Congratulations to the Trusted Brands! It's quite appealing to know that most of the awardees are also my trusted brands.