It won’t be wrong to say that the era that we live in is characterised by an enormous trust deficit. In a company, the only reason a brand exists is to build a relationship of trust with its stakeholders. Recently, Trust Research Advisory (TRA), a research organisation dedicated to understanding and simplifying concepts related to ‘trust’, conducted a study titled ‘The Brand Trust Report, India Study, 2011’.
Compiled into a 116-page report, the study is the result of detailed research to understand ‘trust’ which included discussions with communication experts and behavioral scientists. On this basis, TRA created a proprietary trust matrix comprising 61 different components. With this, a syndicated primary research on brand trust was kicked-off across nine cities in India, covering 2,310 respondents. The study generated nearly 10,00,000 data points and 16,000 brand names were recalled by the respondents. The Indian Statistical Institute helped create a statistically robust Brand Trust Index which has been used to hierarchically rank India’s most trusted brands.
According to the results of the study, Finnish mobile handset brand Nokia stands out as India’s most trusted brand. The Tata brand comes second, with the Japanese electronics giant Sony taking the third spot. Korean brands LG and Samsung were at the fourth and the fifth positions, respectively. Reliance (both ADAG and RIL) comes at number six with ‘accepting responsibility’ as its most prominent composite. Maruti drives in at the seventh position, followed by the government backed Life Insurance Corporation of India (LIC). Airtel, India’s largest telecom services company, dials in at the ninth position and watch brand Titan stands at number ten.
N. Chandramouli, CEO of TRA, sees brand trust as the ‘soul of the primary bond of engagement’. “Over the years, the more evident connotations of trust like pedigree, size, and performance have changed, and more subtle forces are beginning to exert their influence on brand trust. Early on, we realised that brand trust along with other intangibles like happiness, cannot be achieved directly and instead must be derived from its myriad components, which are often elusive. Once such concepts of the