One of the largest market research companies in the world, IPSOS released its Trust Track report on the most trusted corporations and institutions in Malaysia.
The report is derived from 4000 face to face interviews between June and November with representatives throughout the country, analysing over 100 brands. Below are some of the key highlights from the Trust Track:
The report shows that trust in corporations have slightly increased from 46 in 2019 to 50 in 2020. According to the report, this could be attributed to corporations’ position to better weather the pandemic economy combined with a more effective communications and Corporate Social Responsibility (CSR) strategy.
Unsurprisingly, the report states that “organizations that take actions which are authentic, credible, and effective are the most likely to see reputation gains, while at the same time have the greatest impact on the community.”
Whereas speaking out on certain issues risks creating a divisive situation unless it genuinely reflects social purpose and values of the organisation and is backed is quantifiable evidence of action.
In terms of industry specific data, government regulators and Government Linked Companies (GLCs) see the highest increase in trust, in light of increasing unemployment rates and questions on job stability. The report adds that this could also be seen as a vote of confidence to the government for its methods of handling the first wave of the pandemic.
While trust in the financial and media industry remains stable, there’s been a dip when it comes to telecommunications.
Among GLC’s, companies that are synonymous with their service and have historically displayed positive growth such as Perodua, Petronas, KWSP, Maybank and POS Malaysia have emerged as the most trusted.
“Consumers are more likely to believe advertising and try products from organizations that are trusted, the report states. “Building trust means that organizations have to spend less money on advertising and marketing because they have established a baseline of credibility.”
Organisations that do not contradict their identity and image with the reality of their business behavior and capabilities are seen to earn the most trust, as it increases when the promise matches or exceeds the reality.
Overall, the report found that Malaysians tend to keep their trust close to home across all sectors except for FMCG in which Colgate Palmolive is seen as most trusted in the sector.
When it comes to media companies, Astro leads in trust, while Maxis leads in the telecom category.
At the end of the report, Managing Director of IPSOS Malaysia, Arun Menon states, “general public and consumers are clearly expecting corporations and institutions to contribute to the pandemic recovery and many entities have indeed taken the right steps.”