Building Brand Trust, Fast vs. Slow Thinking

In this episode, Steve van Riel, Senior Strategy Director and EMEA Head of Trust Development at Edelman UK, discusses his journey from UK politics to consumer trust research. Reflecting on the 2015 UK general election, Steve explains how trust influenced the outcomes. Labour wasn't trusted to manage finances effectively, while the Conservatives weren't trusted to do so compassionately, leading to an inconclusive result. This experience highlighted the importance of trust in high-stakes elections.

Steve's academic research, influenced by Daniel Kahneman's "Thinking Fast and Slow," examines how System One (fast, intuitive thinking) and System Two (slow, deliberate thinking) processes affect trust decisions. He applies this framework to consumer trust, explaining that low-stakes decisions often rely on fast thinking, where simple rules of thumb and heuristics guide choices. In contrast, high-stakes decisions require slow, deliberate thinking, where individuals weigh the evidence and consider potential risks more carefully.

He explains the concept of trust games, which provide a more nuanced, risk-based measure of consumer trust compared to traditional surveys. These games, involving real money, offer insights into consumer behavior towards brands, demonstrating how people use different cognitive processes when trust is at stake. For example, participants might make quick, intuitive decisions in familiar, low-risk scenarios, while they engage in more deliberate, thoughtful decision-making in high-stakes situations.

Steve also discusses the practical implications for businesses. For quick, intuitive decisions, companies can leverage simplicity and familiarity to build trust, using elements like simple logos, straightforward messaging, and user-friendly websites. For more deliberate decisions, businesses need to provide detailed, reassuring information and emphasize their reliability and regulatory compliance. He explains that in high-stakes scenarios, consumers are more likely to trust companies that demonstrate transparency and accountability.

He addresses the challenge boards face in turning abstract trust concerns into actionable strategies. He advocates for a unified framework across all business units to ensure trust is an integral part of business strategy and evaluation. He shares examples of successful implementations, such as Tesco's approach to pricing and McDonald's efforts to rebuild trust over decades.

Steve concludes by highlighting the ongoing challenge of maintaining precision and discipline in trust research. He stresses the need for practical applications of academic insights to solve real-world problems, using the example of how Boeing could apply trust research to rebuild its reputation after a series of accidents.