Jebbit, a provider of a zero-party data platform, has released its annual Consumer Data Trust Index (CDTI), a report surveying consumer trust in 100 of the world’s leading companies.
This CDTI edition’s rankings reflect the largest shifts in brand trust rankings to date – Google fell from #4 most trusted brand to #89, Apple fell from #17 to #43, and Netflix went from #8 to #43. Tom Coburn, CEO and co-founder of Jebbit, says this indicates there’s room for brands to improve the education (and communication tactics) that they provide to their users regarding data privacy changes. He adds that the following are key points from the survey:
- Brands must be thoughtful and strategic with the data points they seek to capture as 30% of consumers said ‘asking for too much information,’ again ranked as the #1 factor that results in brand mistrust.
- Pandemic trends are here to stay with 63% of consumers surveyed saying their online shopping usage has increased since the start of the pandemic, and 40% say they’re seeing more irrelevant online ads than ever before – 46% agreed that irrelevant online ads from a business based on past purchase data decreased trust in that brand.
- D2C brand Bonobos jumped to #9 from #90, indicating that legacy brand awareness doesn’t guarantee a high trust index ranking – 43% trust brands in both D2C and traditional brand categories the same.
“As Google, Apple and federal legislative policies continue to shine a spotlight on data privacy issues, the stakes for consumer trust have never been higher for brands, and trust starts with consumer education and transparency,” Coburn says. “Brands stand to gain a better chance of gaining consumer trust by proactively communicating how they collect and use their data, and demonstrating they are using the information in a way that delivers value back to the customer.”
The survey methodology asks adult consumers in the United States to rate, on a scale of one to 10, their level of trust in brands to use their personal data in exchange for more relevant offers, goods and services, and elicits feedback on how much control consumers want over their data and how it is utilized.
The recurring study, first published in 2018, indicates consumers’ distrust in major brands continues to increase as many businesses that once held top spots on the consumer trust index have made major shifts down the ranks. You can download the Sixth Jebbit Consumer Data Trust Index here.
