A view from Victoria Scott

Opinion: Most Trusted Brands

In this time of economic uncertainty there has been a great deal of speculation regarding the strength of brands, as consumers are forced to place greater emphasis on value over brand loyalty, writes Victoria Scott.

Take supermarkets as an example.Tesco has been the darling of the high street for many years and continues to be successful despite regular public criticism.

The supermarket giant has recently been named the most trusted food and petrol retailer by Reader's Digest in its annual Most Trusted Brand survey for the eighth year running. So in spite of posting huge profits and coming under fire for some of its "ethical" practices, shoppers appear not to be deterred.

Five years ago it was announced that consumer spending at Tesco accounted for £1 in every £7 spent. At the time Tesco was hailed as the leading supermarket brand that couldn't put a foot wrong but since then Tesco's ongoing success has made it a victim of the old adage "it's lonely at the top".

Competitors and lobbyists alike are continually raising issues with Tesco practices, and this carries on in whatever they do, be it offering cheap clothing or opening stores in America.

The point is that these campaigns often highlight important issues in retail in general but Tesco is often singled out because of its dominant position.

The fact that Tesco's standing in the Most Trusted Brand survey hasn't changed for almost a decade shows that there are two distinct views of Tesco --  the corporate view and that of the consumer.

Many would argue that they are of the same opinion as consumers are regularly made aware of corporate wranglings within large organisations. But, in reality, are we really affected by this when we are engaging with a brand on our weekly shop?

Tesco's success is based on its methodology of delivering value to customers and the brand promise of "every little helps" appears to have stuck firm. This has been demonstrated in the past week with Tesco making further price cuts to help shoppers manage their food bills during the credit crunch.

The point is that Tesco delivers what consumers want -- and it hasn't altered its strategy. What the Most Trusted Brands study shows is that consumer faith is hard to shift. So while consumers have less money to spend, ultimately Tesco will still have a greater market share than competitors because they are a brand that consistently delivers. You know what you are going to get with Tesco and, on the whole, people like what they see.

But there are now new players biting at their heels. Will the likes of Aldi and Lidl, be able to win the hearts, minds and pockets of UK consumers and retain their loyalty come next year's Trusted Brand survey? Or will we keep coming back to the brands we know of old and those that have served us well in the past?

One thing's for sure. Brands like Tesco are unlikely to rest on their laurels and will fight hard to retain customer trust.

Victoria Scott is the publisher of Reader's Digest.