Consumer Trust Key To Building Brands

By Author: sherry roberts
Total Articles: 99
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Abstract
This article discusses the need for hospitality organizations to develop trust capital. According to the article, the perception of brand value among hospitality consumers has changed significantly. Today, brand value has extended beyond price issues as consumers have evolved their understanding of brand value. Modern hospitality consumers evaluate brand value using complex value equations. Brand value increases when consumers have confidence in the credibility, leadership, integrity and responsibility of organizations. The article attributes the change in consumers’ evaluation of brand value to changes in the demographic landscape of hospitality consumers. The consumer landscape of the hospitality industry, which was initially dominated by the baby boomer generation, is now dominated by the millennial generation. The millennial generation prefers close and experiential relationships with brands rather than cheap prices. They demand personalized services.
Industry Implications
This article suggests that modern hospitality organizations must adopt a trust agenda so as to remain competitive. Building ...
... consumer trust in the company’s brand is the most effective ways for hospitality companies to gain sustainable growth and competitiveness. This implies that hospitality organizations need to invest in research and business analytic functions. Investing in research and analytic function will enable organizations to collect data relating to their consumer and convert this data into intelligence that will aid them to build customer trust. It also implies that hospitality organization must also make significant investments in communication and customer relationship management programs. Communication and relationship management are among the business functions that have a momentous effect on customer trust. For this reason, hospitality establishments need to pay greater attention to these functions.

Reference
Perkins, C., (2015). Consumer trust key to building brands.

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