Trust as the new currency in 2024

We studied The RWS report (Unlocked 2023, Global Research At The Leading Edge Of Brand Communications), which explores consumer attitudes to language and localisations across established G7 economies, fast-growing emerging markets, and the frontier markets of tomorrow. We discovered 5 crucial trends in 2024 and beyond. 

It should be noted that almost half (47%) of global consumers are reported to have lost trust in (at least one) company or brand – a figure that rises to 66% in India and 64% in China. Among those consumers who have lost trust, almost half in Canada, Germany and the UK say they will never use the brand again, compared to 33% of Indians who continued to use the brand and 52% of Koreans who switched to a competitor brand. Such high figures indicate the fragility of trust in our globally connected markets. So, trust is a really new currency.

Then how can businesses build it?

• Brands with a physical in-market presence are more trustworthy than those without 77%.
• Brands with localised online experience are more trustworthy than those without 71%.
• Localised online experience offsets the absence of a physical presence = equally trusted 58%
• Multilingual communication across multiple channels is a must.
• Reputation also plays a key role, and it is increasingly related to a complex array of ESG (Environmental, Social, and Governance) factors. For example, the long-running RepTrack 100 (2022) research reveals that business conduct and citizenship are two of the most important factors in reputation today, with only product ranking higher. So, brand ESG performance is one of the leading trends.

To summarise, businesses must take these 5 steps to reach the top.

1. Localise online experiences
2. Use multiple channels to communicate in the local languages
3. Establish a physical presence if possible
4. Focus on ESG factors
5. Choose a reliable localisation partner like Translators Family to obtain the best personal content solutions.