It would be wrong to say that we live in a trust-deficit world where we buy from online stores which we have never visited, we give our personal details on an electronically generated call and we make business deals over a cup of coffee. Consumers have become more informed and successful brands have to sound authentic to establish an immediate connect. At the same time, the financial crisis has lead to the downfall of the companies who were ?too big to fail?, countries who were? lenders to the world? and personalities who were? larger than life.? This has eroded the trust of various stakeholders and tainted the image of corporate giants.
In this backdrop, The Brand Trust Report, India Study, 2012 (BTR 2012), which lists India?s 1000 most trusted brands makes for interesting reading and provides an insight into what evokes trust in a brand. The report, which was unveiled recently, evaluated the brands on the basis of 61 components of trust, and as N. Chandramouli, CEO, Trust Research Advisory, which carried out the study, says, ?The Brand Trust Report maps the brand topography of India on the universal metric of trust. The study is very subtle and distinctive regional preferences become visible depending on the cultural influences of the specific area.?
Handset brand Nokia comes up tops as India?s most trusted brand, according to the report, despite the challenges it faces globally and in India regarding its inability to produce differentiated products in the wake of strong competition. It maintains its lead by a significant 25% over the second most trusted brand, Tata. ?We are extremely happy to have been recognized as the most trusted brand by the Brand Trust Advisory, for the second consecutive year.
While on one hand, this recognition reiterates our team?s deep understanding of the Indian consumer which helps us create localized innovations and experiences relevant for them, on the other hand, it also highlights our continued efforts to grow in the market. Going forward, as a trusted leader in the sector, we will continue to create new experiences on the mobile platform, making the benefits of mobile telephony a reality for all,? says Viral Oza, director- marketing, Nokia India.
Korean brands LG at number three and Samsung at number four have edged past Japanese brand Sony (ranked fifth this year.) ?LG has designed the system in such a way so as to ensure continuous innovation, strong quality focus and to become the most admired brand. At LG, we believe in letting our products do the talking. LG has launched various innovative after sales service campaign to make the service experience a delightful one for the customer,? says L.K.Gupta, vice-president, marketing, LG India. Automobile brand Maruti ranked sixth, one place up from last year.
Another auto brand, Bajaj Auto, moved up from number 12 slot to the seventh rank this year. Life Insurance Corporation at eighth position and telecom brand Airtel at ninth, hold on to their positions of last year even as Reliance Group slips from sixth to the tenth rank and Titan slid to 12th rank from the tenth rank last year.
It is Anna Hazare who leads as India’s most trusted personality, according to the report. Trailing him is cricketer Sachin Tendulkar who ranks second. Bollywood actors Salman Khan, Amitabh Bachchan and Aamir Khan take the next three positions, respectively.
Commenting on the report, Anand Mahindra, vice-chairman and managing director, Mahindra Group, says, ?We believe that, in this age of internet and social media, major decisions on the brand are often a result of crowd sourcing, where external stakeholders contribute major insights.?
Brands have utilised the report in different ways. It has helped brands understand their own brands vis-?-vis competiton and the report has provided detailed analyses of stakeholders? perception. The listing has found its way into stock-market analysts? reports, which have used the listing as a strong endorsement of trust in a brand.
Says Chandramouli, ?We are planning to take up three more areas namely investor trust, consumer trust and employee trust. We may launch investor trust report this year and early next year, we are planning to conduct this study in one more country which has an English speaking audience.?
