Winning trust: The crucial balance between technology and human emotion
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SurveyMonkey CEO Zander Lurie's Web Summit 2018 keynote presentation. Right now, we are at a fascinating crossroads. There’s great technology at companies’ fingertips to market/sell/listen to their customers better, and at the same time entire industries like tech may be facing a trust crisis with lots of vocal customers expressing their negative opinions via multiple platforms that were made available to them. SurveyMonkey’s research shows that most customers stop doing business with a brand following a bad personal experience. Our surveys also show that 63 percent of consumers think marketers are selling them things they don’t need, and new platforms meant to connect, sometimes backfire (say, customers we’ve surveyed about social media and AI say they are creeped out by many of the new AI and social advertising technologies). So, how did some of the major companies end up among the least-trusted while other brands are perceived as most caring by their customers? In the world where winning customer loyalty and trust is harder than ever, how can companies/brands find a delicate balance between technology and human emotion? Zander Lurie reveals SurveyMonkey’s new survey of over 3,000 consumers in the U.S., U.K, and Canada, as well as shares other SurveyMonkey data to show what it takes to earn—and keep—trust, and take your prospects, customers, and team, from happy to happier. Learn more: https://www.surveymonkey.com/
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Winning trust: The crucial balance between technology and human emotion
- 1. Winning trust The crucial balance between technology and human emotion @zlurie
- 2. 2 of consumers trust the new brand they are purchasing from for the first time at least a little* 89% It’s always been about trust
- 3. 3 2nd PURCHASE 1st PURCHASE 9% 67% There is a huge lift in trust between the 1st and 2nd purchase CONSUMERS WITH HIGH TRUST FOR THE BRAND
- 4. 4 Companies that listen build trust and grow quickly
- 5. 5 Companies that listen build trust and grow quickly
- 6. 6 Companies that listen build trust and grow quickly
- 7. 60% Most people believe marketing is selling what they don’t want or need
- 8. 8 Technology opens up new marketing opportunities But very often backfires
- 9. 9 91% of consumers notice ads “follow” them across social platforms FEEL WATCHED FEEL CREEPED OUT FEEL DISGUSTED 52% 36% 17% RESPONSE TO TARGETED SOCIAL ADS
- 10. 10 CREEPYCOOL Consumer verdict on AI voice assistants 56% 43%
- 11. 11 Businesses can scale faster than ever And fail faster than ever
- 12. 12 Entire industries are facing a trust crisis
- 13. 13 0% APPLE -6% GOOGLE -35% U.S. GOV’T -43% NEWS SITES YOU USE 58% YOUR BANK Who do you trust to keep your personal information safe? NET Trust – Don’t Trust
- 14. 14 SECURITY BREACHPOOR PRODUCT EXPERIENCE/ CUSTOMER SERVICE LEADERSHIP SCANDALOFFENSIVE AD What makes customers lose trust in your brand? 3,000+ consumers surveyed in USA, U.K. and Canada
- 15. 15 What would make you lose trust in a brand? 30% 44% 37% 71% 75% LEADERSHIP SCANDAL OFFENSIVE AD SECURITY BREACH POOR CUSTOMER SERVICE POOR PRODUCT EXPERIENCE
- 16. 16 POOR PRODUCT EXPERIENCE 71% 73% 81% CANADA USA UK 70% 65% 78% POOR CUSTOMER SERVICE 35% 30% 46% 28% 26% 36% 40% 44% 49% OFFENSIVE ADS LEADERSHIP SCANDAL SECURITY BREACH What would make you lose trust in a brand?
- 17. 17 CANADA USA UK LACK OF DIVERSITY IN ADVERTISING MILLENNIALS 18-34 AGE 35+ 15% 19% 10% 7% 9% 21% What would make you lose trust in a brand?
- 18. 18 82% trust your customers more than you Most trust a critical mass of 4-star reviews more than a few 5-star reviews
- 19. 19 For big purchases over a half of consumers prefer to do their own research
- 20. 20 Only 10% of consumers would consider buying financial services or medical care from a new brand. More would buy low-stake items. *SurveyMonkey Global Consumer Trust Study, October 2018
- 21. 21 Top Fortune 500 companies that care most about customers 1 2 3 4 5
- 22. 22 Top-rated customer service responds and solves problems quickly
- 23. 23 Brands that deliver on their promise
- 24. 24 Treat customer relationships like your personal relationships 1
- 25. 25 75% of consumers expect a response within hours or days on social media 2 Listen (at scale) with tech, but respond (fast) with humans.
- 26. 26 UK USA CANADA 26% 17% 16% 3 Be present online No website = no trust CONSUMERS THAT DON’T TRUST BRANDS WITHOUT A WEBSITE “AT ALL”
- 27. 27 People who had a negative experience may never purchase again, but most want a refund first 5% NEVER AGAIN 49% REFUND FIRST 4 If something went wrong, make it right
- 28. 28 5 Trust big insights Not just big data
Notes de l'éditeur
- It’s always been about trust. The difference today vs. 20 years ago is the amount of machinery involved in customer interactions (AI, chatbots, etc.), it’s higher than ever. But technology won’t supply human interaction. Trust is our default position as humans, and consumers come to you with at least a seed of trust when they make the first purchase (89%).
- Huge lift in trust b/w 1st and 2nd purchase: 9% of people in our studies said they highly trusted brands the first time they engaged with a purchase, but 67% rated their trust as high for the return purchase. So, to win your customers in the long run, you need to build the trust through human behaviors. Imagine a new relationship: you just met somebody, a new business partner or a friend. What’s a great way to build trust? Asking questions and listening. If you listen very carefully and act on what you hear, trust goes up.
- Chime. Recently launched a service called SpotMe - a new take on the expensive overdrafts fees that banks charge. In the US, if you make a payment from your checking account that draws your account balance negative, you're typically assessed a $40 overdraft fee. Collectively banks in the US generate over $30 Billion a year from these type of fees. With SpotMe, Chime members who set up payroll direct deposit to their account are trusted to draw their accounts negative (starting relatively small - $25, but increasing over time) but with no fee. Then, when the next paycheck hits their account, Chime pays itself back and suggests an optional tip. The company is relatively early in to their roll-out but early research has shown that not only do their members pay them back but trusting them makes them 2x more likely to refer their friends to Chime.
- Stitch Fix. Stitch Fix is a relatively new company that built success on listening to customers to deliver them a personalized experience that shows up on their doorstep. CEO and founder Katrina Lake often talks about how she built her fashion tech empire by surveying her customers to understand their preferences before delivering the exact garments they needed to their homes. Now, while technology continues to be the lifeblood of Stitch Fix’ business and makes it scalable and efficient, there is a crucial human element that helps create trust. Katrina says their clients often confide in their stylists about being pregnant before they even tell their parents. Now that is a trusting relationship!
- Uber: Uber ran tests on 1.6 million Uber riders who had a bad experience to understand what effect different apology email campaigns has on future business.
- What can break trust quickly is annoying marketing or other tactics you wouldn’t use with a friend or a business partner. The average consumer sees up to 5,000 ad messages per day, and the average email user receives almost 150 emails daily (most of them - marketing emails, and it’s growing). No wonder, people don’t find marketing trustworthy today.
- Technology opens up opportunities, but also backfires. There are ways to target customers that we wouldn’t use in our personal life. Like following people we've just met across all of their social media accounts and liking all of their pictures. Or calling them 20 times with offers. Or sending a chatbot to respond to their text message.
- People mostly hate it when they feel watched - not good for trust. Here’s how social targeting can backfire (people even say “disgusted” by social ads following them -- millennials more so than older adults).
- Consumers are creeped out by AI impersonating humans. The Information claims they have insights that only 2% of people with devices that use Amazon Alexa have made a purchase in 2018 using their voice. Could this be why?
- Businesses can scale faster than ever. And fail faster than ever. It’s easier than ever to start a business: launch a website on AWS, then use search & social advertising to drive customer acquisition. You’re up and running, but the low entry barrier means you have to run faster than ever to compete and thrive, and also - your customers have less patience/loyalty. If you have a misstep, they will let the world know. And you’re toast. Reviews/ratings/social anecdotes make or break. You get the customers to stay when there’s trust. Not only tech, but design, human customer service, curiosity, care, etc.
- Entire industries are facing a trust crisis as we speak. Lots of stories this year about airlines, financial industry continues to be in the spotlight with customers complaining. Now tech as well.
- For example, together with Fortune magazine we asked about trust that consumers have for U.S. government, vs. the bank vs. some big tech brands to keep their information safe. The NET trust on this slide is “Don’t Trust” Striking findings when we see some of the biggest tech brands lacking trust.
- What makes customers lose trust: we surveyed over 3,000+ consumers in the U.S., U.K. and Canada asking about parameters like poor product experience or customer service, a security breach, offensive ads, and more.
- - For all countries, the biggest breakers of trust are a poor product experience or a poor customer service experience. If these two factors don’t live up to the promise, there is a great impact on trust. - Fewer (44%) said a security breach would make them lose trust, 37% would react to an offensive ad (37%), 30% - to a leadership scandal. - For any global company important to know what impacts (and helps build) trust in certain territories, for various demographics.
- For example, American customers in our study were the most ‘sensitive’ on all metrics: Poor product experience: 81% for USA vs. 73% in the UK and 71% in Canada. Poor customer service: 78% for USA, 65% for UK, and 70% for Canada Offensive advertising: 46% for USA, 30% for UK, and 35% for Canada Leadership scandal: 36% for USA, 26% for UK and 28% for Canada Security breach, however, would make close to a half of consumers lose trust in a brand: 49% for USA, 44% for UK and 40% for Canada
- Millennials: if you are planning an ad campaign, for example, and your main customers are millennials, you better have diversity in advertising: millennials across the markets that we’ve surveyed cared a lot more about this category (saying the lack of it would make them lose trust) than consumers 35+. Say, in the U.S. and U.K. this matters to 1 in 5 of your millennial customers.
- So, trust plays a role for most consumers when they buy, and trusted friends and family, other customers/review influence this trust In the countries we’ve surveyed, The majority of consumers (65% of Americans, 64% of Canadians, and 52% in UK) have purchased something because of a friend/family member recommendation. In contrast, less than ten percent (8%) say they have ever purchased a product because of a celebrity endorsement, and only 13% have purchased because of an online influencer (millennials more so than older consumers!) Most people trust a critical mass of 4-star reviews more than a few 5-star reviews
- For big purchases consumers everywhere prefer to do their own research. 61% of Americans, 54% of UK residents and 51% of Canadians would consider themselves ‘researchers’. Less than two in ten seek recommendations from friends (19%, 16%, and 18%, respectively).
- The role trust plays in a purchasing decision also depends on the category: - Consumers are slightly more willing to purchase lower-stake items like consumer electronics from a startup brand (19% of Americans, 13% of Canadians, and 20% of UK consumers), and clothes/shoes (36% in US and UK, 29% in Canada). - But just about 10% would consider buying financial services and medical care. And the majority of consumers still prefer to purchase from well-established brands in all categories tested. - Interesting: trust can be transferred from a parent brand to a spinoff brand. The majority of consumers would trust a spinoff brand (75% of Americans, 82% of UK residents, and 73% of Canadians) about as much or more than the parent brand.
- We know from this study that poor customer service is one of the top trust breakers. There is a company that really excelled at building trust via its customer service and care (another important human trait for building trust) We asked Americans which of Fortune 500 companies care most: Amazon consistently comes up at the top.
- - In this study of 3,000+ consumers we asked: “Who has the best customer service?” we got Amazon as #1 too. In all of the 3 countries, top of mind. - Top reasons cited: solving problems to customers’ satisfaction and responding quickly. - Six in ten Americans (61%) also said that ‘acting like a human being’ was also important to good customer service, and nearly half of UK residents (48%) and Canadians (46%) agreed. - Story: Jeff Bezos still reads customer complaints himself that arrive to his jeff@amazon.com address, forwards to execs who are responsible for the area with a single character - question mark. Stands for him being concerned about something because a customer complained, asking them to look into it and why it’s happening.
- Among other Fortune 500, consumers are very consistent in naming these brands (top caring, most positive impact, etc.) – UPS, Fedex. - They excelled at building trust and delivering on their service promise, bringing “Christmas” home every day - But may also be benefiting from the so-called “Amazon Effect”. I just read a story about a 215-unit building in New York that’s now employing a team of 10 doormen and a mail clerk to receive at least 160 packages a day (or 300 during the holiday season) - they say “it’s out of control.” - New brands also grow quickly when deliver on their promise. Take StitchFix which is a really successful fashion tech company that’s recently IPO’d and a customer of ours– its founder Katrina Lake used surveys to track customers' preferences prior to personally delivering bags of garments to their homes with a small fee for styling.
- Treat customer relationships just like your personal relationships: we trust people who know us, know what we need, want. Trust can be earned through human behaviors like listening where people feel like their voices and opinions are heard.
- In all three countries, resolving problems to the customers’ satisfaction and responding quickly are tied or close to tied for the most important elements of customer service. - Listen & Respond - you need to use humans and tech to listen and respond. - Only way to do that at scale is technology. Only way to do it well, is with humans. - If you have social media accounts for your brands, it’s important to also keep in mind your customers’ expectations: 75% expect a response to their complaint on social media within a few days, but mostly think hours (Our SurveyMonkey social support team has a maximum of 24 hours to respond).
- Data from the 3 surveys shows that trust also has to do with online presence, but having a website is more important than social media. - A quarter of Americans (26%) have no trust at all in a brand that has no website (17% of UK residents and 16% of Canadians agreed). - Fewer people--12% of Americans, 6% of UK residents, and 10% of Canadians--have no trust in a brand with no social media, but this will likely keep growing. - Fascinating that when we recently surveyed small businesses in the U.S. together with CNBC, we saw almost a half of small businesses still don’t have a website.
- If something went wrong, make it right. From people who say they had a negative experience with a brand, 5% would “never” purchase from the brand again, but 49% say they want a refund first. - By finding a resolution that matches your customer expectations, there’s a chance to restore the trust - just like you would have this chance in a new relationship. - One thing to note though: how do you really know when a customer thinks their issue has been resolved to their satisfaction?
- I’ll tell you how. Just talked about it during an earlier panel on how big insights are different from big data Yes, you have a sea of data--streaming/operational data--from social, locations, behavior, etc.--on what’s happening But in addition to OBSERVATION with all this data, you need INSIGHTS INTO THE HUMAN MIND to make the right decision, resolve complaints to customers’ satisfaction, etc.-- as long as you are serving human customers, you’ll need to hear them out, include their opinions in the mix of decision-making factors. That story about Jeff/Amazon: he says he’s looking at tons of metrics every day--when you are shipping billions of packages a year, you need good data and metrics: Are you delivering on time? Delivering on time to every city? To apartment complexes? Etc.” But those customer complaints coming to his email give him front-line insights, and he listens. If all his data says one thing and a few customers say something else, he believes the customers. Remember – every customer is only human, and wants to be treated like one.
- If you have any questions, ask me on Twitter or LinkedIn, let’s continue this discussion.