Study from Vevo, MAGNA and Initiative explores impact of brand trust across verticals and inclusive cohorts
New York, NY, June 11, 2024 – When brand trust increases by just one point, the average consumer purchase intent increases by 33%, with Reliability, Respect, Ethical Business Practices, Authenticity, and Relatability top drivers of brand trust.
This is according to a new study released today by Vevo, MAGNA Media Trials and Initiative, which surveyed a nationally representative group of nearly 5,000 U.S. consumers to understand the components of brand trust and how they vary across verticals and inclusive cohorts. The findings highlight the importance of brand trust for marketers and how they can most effectively communicate their messages to maximize outcomes at scale.
Survey respondents stated that:
- Advertising is a key way for brands to create connections and build brand trust (76%). And 48% stated TV Ads as the preferred channel of engagement to communicate brand messages and build trust. Other preferred channels include social media ads (33%), brand websites, (25%), and product placements (25%).
- Responsible media practices are the most effective way to build trust (65%). Placing ads next to/in content that is “reputable and safe to watch”, “supports diverse communities and creators”, and “representative of the world around me” are top examples.
- Connection is table stakes. “No connection with me” is a key reason for brand distrust (38%), followed by “mishandled controversies,” “inauthentic” and “hard to find reviews” – highlighting how a perceived lack of effort breeds distrust.
Additionally, 32 brands across the Automotive, Fast Casual Dining, Finance, and OTC Medications verticals were tested on 10 dimensions of brand trust. Notably, when brand trust was increased by just one point, average purchase intent increased by 36% for OTC, 34% for Automotive, 30% for Finance, and 26% for Fast Casual Dining.
“It’s never been more critical for marketers to understand where, when, and how brand messages are reaching audiences across channels and demographics – and the findings of this study underpin the importance of brand trust in executing these messages in an effective and impactful way,” said Julie Triolo, SVP, Marketing & Research, Vevo. “From reliability and respect, to ethical business practices, authenticity, and media responsibility, it’s essential for marketers to understand the impact of brand trust as it relates to key performance indicators like purchase intent in order to drive long-lasting connections that benefit the bottom line. These are just some of the guiding principles that underscore the unique opportunity that Vevo delivers for brands, as a premium, brand-safe network where culture unfolds 52 weeks of the year. “
“Advancements within the digital advertising ecosystem have made performance marketing efforts both harder to execute and harder to measure – challenging brands to find ways to break through the crowded ecosystem and prove the value in their media spend across channels and environments,” said Kara Manatt, EVP, Intelligence Solutions, MAGNA. “With a thorough understanding of audiences and the ways in which to reach them, brands can effectively build brand trust through advertising – and we’re proud to provide marketers with the insights they need to drive meaningful outcomes.”
To read the full report, please visit here.
About Vevo
Vevo is the world’s leading music video network, connecting an ever-growing global audience to high quality music video content for more than a decade. Founded by Universal Music Group and Sony Music Entertainment in 2009, Vevo offers fans worldwide a vast array of premium content to choose from, showcasing official music videos alongside a constantly developing lineup of live performances and innovative original programming. From top superstars to rising new talents, Vevo brings incomparable cross-promotional support to artists across the musical spectrum, at every stage of their careers.
Vevo has consistently evolved over the past decade to lead within today’s ever-changing media landscape, embracing partnerships with a number of leading distribution platforms to deliver extraordinary content within ad-supported environments. With more than 25B views across television, desktop and mobile devices each month, Vevo brings music videos to the world – when, where, and how fans want them.
Vevo is available on YouTube, Samsung, Samsung TV Plus, Roku, Pluto TV, Amazon Fire TV, Amazon Echo Show, Amazon Freevee, Apple TV, Comcast (Xfinity X1 and Xfinity Flex), VIZIO, Sky (NowTV and SkyQ), Foxxum, XITE, NetRange, Virgin Media, Xumo, Telstra, Foxtel, Fetch, Rogers, Shaw, Local Now, Google TV, Android TV, Cox, ViX, Plex, Hulu Live, Sling Freestream, TCL, Telly, and Vewd.
About MAGNA
MAGNA is the leading global media investment and intelligence company, and part of the IPG Mediabrands network. Our trusted insights, proprietary trials offerings, industry-leading negotiation and unparalleled consultative solutions deliver an actionable marketplace advantage for our clients and subscribers. We are a team of experts driven by results, integrity, and inquisitiveness. We operate across five key competencies, supporting clients and cross-functional teams through partnership, education, accountability, connectivity, and enablement. For more information, please visit our website: https://magnaglobal.com/ and follow us on LinkedIn and Instagram.
About Initiative
Initiative unlocks business growth for the world’s most ambitious brands. We believe in the power of media to reshape our industry and orchestrate a brand’s entire consumer experience, by balancing both what unites people and what makes them different. When brands unite people in culture, they build Fame, and when brands connect individuals to their unique journeys, they build customer Flow. Initiative builds Fame & Flow for brands like Nike, Amazon, Merck, LEGO, and T-Mobile.
Media responsibility is at the forefront of everything we do, whether it’s creating media plans that reflect the diversity of our communities, promote brand safety, and foster sustainability. Our agency celebrates diversity in an inclusive environment where all of our 6,000+ strong talent across 90+ markets feel seen, heard, and valued. Our vision is to create not only a better media company, but also a better media industry, and maybe even a better world. Please visit https://initiative.com/ to learn more.
Media Contacts
Vevo
Evelyn Swiderski
[email protected]
MAGNA / IPG Mediabrands
Suzette Meade
[email protected]
