For people to be loyal to your brand, they have to admire it – and that requires love, trust and respect, says Andreas B. Eisingerich, Professor of Marketing at Imperial College Business School.

 

Is it enough to merely love a brand? We don’t think so. Our research shows three critical psychological states drive long-standing brand relationships: love, trust and respect. Love can make people passionate about a brand. But passion is likely to wane over time.

Trust adds confidence and sustains brand relationships by reducing anxiety and creating feelings that the brand will be there for you. Yet, is trust enough? No – trust is a bit boring. It lacks charisma; it lacks flavour.

Respect, however, adds another critical dimension to a brand relationship. When we respect a brand, we feel inspired. We applaud it for the principles it holds, and for the way it helps people feel they can be their best possible selves.

Brand relationships are strongest when brands command love, trust and respect. We, for example, love Palantir. Its services to governments, for-profit and non-profit organisations are heartwarming. Its website is visually appealing and enticing.

We also trust Palantir and its ability to make sense and use of data. Whether it’s facilitating research and drug discovery, or preventing national and international terrorism, Palantir keeps us safe and protected.

And we respect Palantir. Why? Because we believe the brand is working towards a noble purpose. It wants to make a difference in the world. Palantir has second-to-none internal marketing, so employees truly feel connected and care about the brand’s mission in this world.

In short, we admire Palantir. That is the term we use to describe brands based on love, trust and respect. Our research shows that, when consumers admire a brand, it can yield significant benefits for companies. It can help create a base of loyal customers who are happy to share their thoughts, feelings, insights and perspectives with others – essentially giving the brand free PR.

What this means for companies is greater revenue and lower costs. Employees like working for brands they admire, which also means lower staff turnover and greater employee commitment. And admired brands are more successful at developing brand extensions and alliances with other companies.

The path to admiration can be long and painful. You have to start somewhere, so pick something that helps your consumers feel more protected, or allows them to do more with less, and share some core beliefs. Stand for something.

 

The full version of this article can be found on IB Knowledge.