DUO:Design and Marketing

A matter of trust

If business and a growing economy is about 'confidence' then effective branding, whether personal brands or company brands, is about TRUST. When this diminishes, either by neglect or by a lack of integrity, then brands decline and are then very difficult to resurrect. A few months ago the intangible 'goodwill' value of HBOS and Northern Rock would have been worth billions. Now they stink. People feel let down by the arrogance and lack of due care of these organisations. The trust that was there has disappeared. Indeed the trust in banks generally that they will act responsibly has gone and now this has been replaced by 'Government Insurance' which we as tax payers and customers will have to pay for.

If a lack of trust is a big issue for businesses how can trust be built in these difficult and challenging times? Here are some thoughts from Jeffrey Gitomer, who wrote the book 'The Little Teal Book of Trust'. He gave ten suggestions for building personal trust which are relevant to business as well:

• Tell the truth. This is the number one element of trust and
relationships.

• Do what you say you will do. This is a test of being
trustworthy and reliable.

• Communicate in a timely manner. This shows you are
responsible, on top of it, and that you care.

• Bring value beyond your product or service. What you do to
help others be more successful is a true reflection of your
character.

• Be on time. Being on time shows you respect the other
person’s time.

• Be friendly. Smiling people are the gateway to open
communication.

• Be sincere. This can only come from belief in what you do,
loving what you do, and caring for others.

• Show and say genuine thanks. Be grateful for the
opportunity to be of service.

• Be consistent. I believe this element of trust is the most
difficult to master because it combines all the other elements.

• Give trust. You become trustworthy by giving trust.

Taking this last point, I wonder if the banks trusted their people and their customers more with the background to their complex financial arrangements, when they started out, whether the same risks would have been taken.

10 pointers to make the most of these challenging times

It’s a time of change. A time to focus on business survival but also a time of opportunity.

Here’s my 10 point plan for this challenging period:

1/ Don’t despair. Face the reality of the situation. Pretending it isn’t happening will not support the change that WILL be required.

2/ Cash is king but there has to be a sustainable profit at the end of it. Be very aware of your margin and break-even. Customers want value but good customers will appreciate you have to make a profit to survive. Remember reducing prices is easier than increasing them so act with caution.

3/ Think relationship not transaction. Treat every ‘profitable’ customer as if he/she is your last. Treat every new customer with sincerity and gratitude. Encourage people to talk about your business. Create surprise but keep it ‘real’. Communicate integrity and passion every chance you get.

4/ If your ‘old’ markets are shrinking then think ‘new’ markets.

5/ If you spend money on advertising or marketing and you cannot measure or see the ROI then stop what you are doing and think again. If you cannot see the value then your customers may not either.

6/ If your marketing spend is focused primarily on one-way ‘Interruptive’ techniques (i.e my ad is bigger and more frequent than yours) then you need to re-think. If your target market gives you ‘Permission’ to create a dialogue with them then the door is open to create a stronger relationship. Consider conversational marketing techniques such as social media to really engage with your customers.

7/ Give something back to your community (customers and employees) so that they see that you have a purpose beyond profit. This is where the future lies.

8/ Look after your people (after all, they embody your brand) and be as open and honest as you can be (share your dilemmas and challenges as they will have some great ideas).

9/ Innovate – understand your customers and create products and services that empathise with their needs. Remember these needs have changed in the last 6 months.

10/ Network – drive your personal brand. Make new friends as you can never have enough connections. Collaborate - Join Groups, discussions and blogs .