Marketing

Why the 'Trust Economy' should drive pizza brand marketing strategy

Pizza marketers need to take heed of the so-called "Trust Economy" because it has important connotations for marketing strategy in the year ahead, if not longer.

Photo: iStock

October 28, 2020 by Richard Jones

For pizza restaurateurs, 2020 is bringing changes in marketing strategy to the forefront of many conversations. Specifically, social media.

Restaurants traditionally rely on social media platforms, like Facebook or Instagram, for marketing efforts since these platforms can show images of a brand's locations and food, and share information like hours and website details. However, increasing conversation around the topics of social media, data privacy and "fake news," has prompted a number of brands to pull back from these channels to some degree, including some larger pizza chains.

These moves are indicative of a fundamental shift in consumer behavior that's here to stay.

Consumers expect more from brands now. In June, a survey from Kantar revealed more than half of consumers expect brands to take an active role in social conversations. What we are seeing is the rise of the "trust economy."

The trust economy is marked by the desires of consumers for brands to demonstrate social responsibility, while also actively listening and taking data privacy seriously. Restaurant marketers must place this trust economy at the forefront of their strategies and here are just some of the reasons why.

The social media quagmire

It is clear with social media at the center of many conversations around necessary changes lately, social media habits are changing. According to a recent Forrester report, 41% of Gen Z and millennials already spend less time on social media compared to the past.

Much of this is driven by what some research indicates is a substantial portion of U.S. adults who feel overall, social media does more harm than good. Marketers should view this point then as an opportunity to step back and listen.

Now is the time for restaurants to show their customers they have their best interests in mind. By stepping away from social media and listening to customers, pizza shops can lay a necessary foundation of trust with their patrons and potential patrons.

The protection of data

A quick Google search of "pizza chain data breach" will bring up numerous articles about brands that have faced or are now facing privacy scandals. Because data breaches are more commonplace than ever, consumers are also more protective of their own data.

Brands must put the right privacy policies in place that allow for the responsible management of customer data and request consent for data usage.

Once customers are interested in what a pizza brand is offering digitally, zero-party data can be collected. This is done by offering value in exchange for data, such as preferences, interests or intent.

In a 2020 survey, nearly 90% of consumers said they would be willing to share their data with a brand in exchange for discounts, coupons, loyalty points or rewards. With this data in hand, personalized content can be created for customers that will help build connections that result in lifelong loyalty.

For example, by collecting zero-party data, a pizzeria can better capture information about customer demographics or purchase intent. Is the customer a 35-year-old man with a child at home? Then, a coupon for 15% off a pizza plus a kids meal would probably get some pickup. It's all about knowing the customer.

The desire for connection

It's been shown that 40% of consumers can be labeled as purpose-driven, meaning they want to purchase from brands that align with their values. The pandemic has only increased this predilection.

Forrester, for instance, found more than a third of U.S. consumers are spending more time thinking about their roles in their local and global communities. Consumers want to find a connection and purpose in the brands they purchase from, so restaurant brands and their leadership must find ways to make meaningful societal contributions.

Whether this be by offering free pizza to a local hospital, ramping-up a brand's sustainability practices or taking a stand against social injustice, brands that align with their customers' values create an emotional connection which again, creates lifelong loyalty.

The world is full of change right now, but that's not necessarily a bad thing. This atmosphere of change is also an opportunity for pizza brands to invest in building relationships directly with their customers.

The foundation of a relationship with a loyal customer is trust and keeping the trust economy at the strategic forefront, strong and reliable bonds are built with customers that help pave a more profitable path to the future.

About Richard Jones

---