Google talks about this ” Consumer Confidence Gap”
“In today’s increasingly uncertain environment, for consumers, the confidence gap can feel wider than ever.
That is, the space between wondering and knowing that they’ve made a confident purchase decision.
Our latest research has identified six heuristics – or signals – to help consumers cross the gap
And underpinning these signals is the importance of the information’s source – a trusted platform. “
An interview on AdNews with Google Ads Research APAC head Rachael Powell revealed:
“The ‘confidence gap’ is the place between what you think you know, and what you need to know in order to make a decision,” Powell said.
“People are feeling quite uncertain about decision making right now and to overcome that uncertainty and feel more confident, they’re searching for more information.
“What is interesting is consumers are still willing to spend quite a lot of time in that ‘confidence gap’. That’s because right now, it feels like the cost of making a bad decision or an unwise purchase is just too high.”
Powell said that Google’s research shows that people are wanting to do more due diligence and make sure they’re doing enough research to make that right decision. 60% of consumers in Australia surveyed by Google said in the last three months, they’re researching more for things like the right price points or the right deals to get the best value.
“One of the most prevalent behaviours we’re seeing is that they’re deciding which brands to engage with,” she said…..
Powell said there’s one other important thing that underpins all of this, however, and that is the platform on which these signals appear, because people infer trust from the source they inquire their information from.
HOW does a business and brand build Trust and Consumer Confidence?
And so remove obstacles from people buying from you?
A lot of this is going to seem “obvious” but consumers are quick to point out any time the “basics” of a brand, quality or customer service are not up top par nowadays
Forbes has a Top 10 Methods to Increase Consumer Confidence and Grow Your Business:
1. Provide Personalized Support
2. Request Feedback
3. Address Concerns Promptly
4. Offer Guarantees
5. Provide Value-Added Services
6. Highlight Social Proof
7. Develop A Strong Brand
8. Offer Flexible Payment Options
9. Provide Transparency
10. Foster A Community
Think it’s all Doom & Gloom? Think again
In Australia, there has been some good news!
Reuters reported on the latest trend
“Australian consumer sentiment rebounded to a 20-month high in February (2024) as a slowdown in inflation fuelled hopes interest rates had finally peaked and boosted spending intentions, a survey showed on Tuesday. The Westpac-Melbourne Institute index of consumer sentiment jumped 6.2% in February, from January when it fell 1.3%”
Does your business need help to get brand Confidence & Trust up – and be found in all the right channels online? No Problem!
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MarketingWeek asks How can marketers avoid the temptation of short-term tactics and make more confident, data-led investment decisions that fuel effectiveness?
A data-led media investment strategy can help marketers to maximise ROI by scaling back wasteful investments in less impactful touchpoints, and instead shift budgets towards the touchpoints that are proven to deliver more impact for the brand.