Amidst all the lies and deceit, we yearn for the truth. Because our trust has eroded. And without trust, nothing else matters. It’s an intangible that overrides the importance of any product, service or experience. It’s the foundation and one of the most desired qualities in a relationship. Alas, truth is behind every great brand.
In fact, TRUST just might be the biggest differentiator, the most sustainable competitive advantage that companies can now secure. And the funny thing about telling the truth, about earning trust, is that it doesn’t require any significant expenditure. Yet the payback is enormous, and lasting.
Mountains of articles provide advice for weathering the downturn. Marketers are advised to seize new opportunities, focus their resources, integrate their marketing, stay close to their customers, exploit digital channels, become more social. But none of it matters if you don’t level with people.
So I would add another strategy to all these lists about pressing on through the downturn (as well as the good times): Tell The Truth. Because nothing else matters.
What do you think?
This is so very true. No matter what you say, market or promote, you better be forthright and ensure you TRULY deliver on the promise. The truth does go a long way in building trust–but trust must be earned (its not a given). Just had a recent negative experience with a prominent player in the communications industry and unfortunately their brand says one thing but delivers an entirely different experience. All the good money spent on advertising is forgotten when it comes to not delivering on what you say you will. In fact, I will tell everyone I know (in multiple ways these days) how unhappy I am and that they can’t be trusted. On the bright side, when you do SCREAM loud enough (email, twitter, phone…), sometimes someone DOES hear and attempts to rectify the situation (albeit after the fact and a wasted day of trying), as in my case. However, once you lie, it is hard to rebuild that trust that was really never earned in the first place. Oh well, guess I will just have to be more discerning with who and what I believe in the first place!
Hi Eric,
Certainly agree that trust is one of the most important qualities of a healthy brand, business and indeed human being.
We all know what happens when a person is no longer trusted. What I think was interesting about the ‘economic downturn’, was that it gave people a clear, and very dramatic view of what a deficit of trust does to business.
The freezing of the credit market was caused, in large part, by a deficit of trust amongst financial institutions. According to Prof. Zingales, from the University of Chicago, “trust is a vital element in financial decision-making…the deepening economic crisis tested that trust.”
From a brand perspective, trust is no less important. Thought you may appreciate some data from a recent study we completed on Brand Trust:
http://nickblackonblack.blogspot.com/2009/09/brand-trust-six-drivers-of-trust.html
Regards,
Nick Black