In today's hyperconnected world, where we share our personal data with dozens of applications and platforms, news travels at breakneck speed and brands compete for our fragmented attention, an intangible yet fundamental resource may be running out: social trust.
Social trust acts as the invisible lubricant that allows our interactions to run smoothly. It is the mechanism that allows us to board a plane without knowing the pilot, buy products without personally verifying their quality, or follow a doctor's recommendations without questioning every decision. In economic terms, it drastically reduces the 'transaction costs' that would otherwise render the complex network of exchanges sustaining our modern society unviable.
There are currently a number of studies providing us with data on 'trust' in various institutional and interpersonal areas. In all of these studies, we see data pointing towards growing mistrust.
The 2024 Edelman Trust Barometer tells us about trust in institutions. It shows that only 46% of the Spanish population currently trusts traditional institutions as a whole. The institutions that have been penalised the most in terms of trust are the media (40%) and the government (36%), while companies are the players that have obtained the highest levels of trust (56%).
This mistrust does not seem to be limited to the institutional sphere. According to the World Values Survey, the percentage of people who believe that "most people can be trusted" (what we would call interpersonal trust) has declined in recent decades in almost all Western democracies.
Some of the factors that may explain this erosion of trust are as follows:
- Information overload: The "infodemic" has led to fatigue and confusion, making it difficult to distinguish between what is true and what is false.
- Algorithmic polarisation: Digital recommendation systems trap us in echo chambers, reinforcing our beliefs while demonising opposing ones.
- Representation crisis: Many citizens do not feel represented by traditional institutions.
- Monetisation of attention: Business models based on capturing attention have encouraged sensationalist and divisive/polarising content.
What impact might this erosion have on marketing and branding??
Although companies are the institutions with the highest levels of trust, the loss of trust in other social actors (institutional and interpersonal trust) is causing brands/companies to face some significant challenges:
- Greater difficulty in conveying messages, mainly due to two reasons: increased scepticism (consumers are increasingly questioning advertising messages and brand promises) and fragmentation of communication (new sources of information such as influencers and online communities).
- Greater demands in terms of transparency: consumers are increasingly demanding comprehensive knowledge of companies. They want to know about the processes, ingredients and business practices behind brands.
Rebuilding trust is a matter of survival for brands, so the question is no longer whether they should invest in it, but how they can do so authentically. In this sense, the brands that are likely to lead in this new paradigm will be those that…:
- Practise radical transparency: sharing not only successes but also failures and challenges.
- Prioritise consistency: Aligning external messages with internal practices.
- Cultivate communities: Fostering authentic connections between consumers who share similar values.
- Humanise their interactions: Treating consumers as complex individuals, not just as conversion targets.
Carlos Claver
Account Manager
