As most trusted brand.
For the second survey in a row, Aldi is Australia’s most trusted brand, with Bunnings ranked number two, according to the latest Roy Morgan Net Trust survey.
The findings, conducted in July this year, revealed that Aldi, Bunnings and Qantas have remained in the top five most trusted brands across all surveys since October 2017.
Bendigo Bank is the only bank brand to defy the fallout from the Financial Services Royal Commission and remains in the top ten brands with a positive Net Trust Score (NTS) across the five surveys to date.
On the flipside, AMP has moved from nowhere in the benchmark survey to feature prominently in the two most recent surveys of Australian brands with a negative NTS.
According to Roy Morgan CEO, Michele Levine, AMP provides a good insight into how distrust can have a material effect on brand value and sustainable growth.
“The banks were already deeply distrusted so any material impact on their market value is up and down, but AMP has never been so distrusted,” she said. “Seventeen years ago, AMP shares were worth more than $14, today they’re worth less than $3.50, a drop of 72%.
“AMP’s skyrocketing level of distrust has cost the household brand billions of dollars and according to financial analysts, more than $4 billion has been wiped off the company’s value as a direct consequence of revelations during the Royal Commission,” Levine said.
Facebook is another example of how skyrocketing distrust has a material effect on brand value.
“Facebook was accused of being a platform for fake news, international political interference, and was attacked over the Cambridge Analytica data privacy scandal. Facebook’s distrust score catapulted it into the number oneranking on the Roy Morgan top 10 most distrusted media brands, and into the top 10 most distrusted brands in Australia. Facebook’s earnings dropped and its share price plummeted, wiping $US145 billion off its market value,” she said.