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 Indeed the trust in banks generally that they will act responsibly has gone and now this has been replaced by 'Government Insurance' which we as tax payers and customers will have to pay for.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.