By Greg Harbin
How do you and your family make choices about what products you consume - whether it’s what you eat and drink, what you put on your body, or what you use in your home?
Will you stick with the brands that you’ve used for years, trusting that your consistently positive experiences will continue?
Do you try out alternatives because you trust the reviews of friends or family? Or are you tempted by ads in your social media feed, even if you’re unfamiliar with the brand?
Making decisions as a consumer today is more complex than ever before. So it’s no wonder that at the start of 2023, brands, manufacturers, and their suppliers continue to struggle to meet consumer expectations, stand out in crowded categories, and inspire brand loyalty.
What is the key to successfully achieving and sustaining these business-critical goals? At Veeva, we believe it all comes down to trust.
Trust is the intangible asset or currency that we trade on as a society to advance and improve the lives of consumers and communities. Trust is what keeps our economies moving forward.
Building Trust is Harder (and More Important) Than Ever Before
Across consumer product industries - from home and personal care to food & beverage, to consumer health and beyond - building trust is more challenging than ever before and increasingly critical.
In the global 2022 Adobe survey, a large majority of executives (75 percent) reported that since the pandemic began, they have had a more difficult time building and maintaining trust with their customers. The same survey found more than half (55%) of consumers say that once a company has violated their trust, they will never give it their business again.
But consumer trust is not the only relationship capital that consumer product companies have to invest in to be successful. In these turbulent times for both supply chains and workforces, leaders must invest in fostering trust in their relationships with employees and key suppliers. Eighty percent of respondents to Adobe’s Trust research suggested that the most important thing they must do to earn their employees' trust is practice what they preach. One important way that manifests in employees' day-to-day experiences is “having the right tech to do their best work” - 76 percent of employees said this “increases their trust in their employers.”
If we recognize that trust is business-critical for consumer products companies, you might wonder what today’s best practices are for succeeding amidst this complexity.
Outfitting Your Organization to Build and Maintain Trust
2023 will be an important year of transition and transformation for many companies in consumer product-related industries, increasing the stakes and importance of sustaining and growing trust with consumers, partners and employees.
That’s why I’m excited to preview a few of the resources we’ll be releasing this year to help companies across the consumer products value chain take a strategic approach to building and maintaining trust.
- Trust Research Report: Our team is developing an executive report that will identify the uber shifts in these industries and the challenges companies face in navigating change and offer actionable best practices to elevate trust as a currency.
- Executive Webinar Series: We’ll connect with industry leaders throughout the year to explore subtopics related to trust and share how their organizations approach these thorny challenges.
- Digital Transformation Roadmaps: Acknowledging the key role digital plays in trust in today’s business environment, we’re collaborating with digital transformation expert Dr. Venkat Venkatraman to develop digital transformation roadmaps. Tailored to the unique challenges and needs of the CPG and Food & Beverage industries, these resources will help organizations avoid the pitfalls of their peers and lay out clear pathways to achieve their digital transformation vision.
Partnering with Market Leaders to Bring Trusted Products to Market Faster
As General Manager for Veeva Consumer Products, my team and I have the privilege of working with market leaders representing the essential industry value chains that enable economic progress through manufacturing and delivering trusted products that consumers and customers rely on daily.
We know that trust is hard-earned and easily lost. It’s something we at Veeva take very seriously.
So my ask today is that you stay in touch. The actionable thought leadership we have planned for the coming year will help your organization harness digital disruption and bring trusted products to market faster, without compromising quality or compliance. Stay in the loop by subscribing to our blog today.