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In today's times where many industries are falling apart and consumers are rapidly changing their media consumption patterns, advertisers must continuously focus on building and maintaining trust. Trust needs to be developed with many constituencies - customers, employees, partners, media, etc. - but it was interesting to hear this stat: It takes 12-14 weeks to establish effective empathy on a personal level!
Three companies at Advertising Week's Trust Forum shared how they are building trusted brands. While they are all in different business, they do share a common approach of being very transparent and using social media technology to monitor & respond to consumers.
Blake Mycoskie, Chief Shoe Giver, Tom's Shoes:
Meredith Verdone, Bank of America
Steve Pacheco, Federal Express
My favorite quote from this session is: "To a corporation, there are lots of brand positions. To a consumer, there are only two."
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Sounds like an interesting and topical forum.
Thought you may appreciate a recent North American study by Concerto Marketing and Research Now on brand trust. We found that when people trust a brand: 83% will recommend it to other people, 78% will give its new products and services a chance, and 50% will pay more for its products and services.
We also managed to uncover six psychological drivers of trust in brands, all of which are equally correlated with overall brand trust. If brands want to build trust - then these six drivers hold the key.
Here is a link to the study: nickblackonblack.blogspot.com/2009/09/brand-trust-six-drivers-of-trust.html">nickblackonblack.blogspot.com/.../brand-trust-six-drivers-of-trust.html
Vice President - Strategic Insight
Great research! Thanks for sharing, Nick.
It re-iterates the importance of the whole organization working on and building the brand, not just advertising or marketing. In fact, someone said once that the greatest challenge in marketing is working with product, engineering, service, operations, etc team on developing a joint understanding of brand values. If marketers win the internal hearts and minds, the external job becomes easier.
Pleasure, glad you liked it Rimma. Wish I'd heard about this forum earlier, it would have been great to attend.