Is Your Brand Trusted? The science of building a trusted brand Dr Brent Coker
DO YOU TRUST THE FINANCIAL SERVICES INDUSTRY? Yes 46% No Source: Mintel/Ipsos 2018; N = 1600
DO YOU TRUST THE FINANCIAL SERVICES INDUSTRY? 19% Yes No N = 838; Source: Mintel/Lightspeed, July 2019
DO YOU TRUST THE FINANCIAL SERVICES INDUSTRY? Yes 59% No Source: Mintel/Ipsos 2018; N = 1100
I’M WELL INFORMED ABOUT MY FINANCIAL SITUATION Yes 53% No Source: Statista 2019; N = 1047
I COULD SAVE A LOT OF MONEY IF I USED A FINANCE EXPERT 20% Yes No Source: Statista 2019; N = 1047
I AM WORRIED ABOUT MY FINANCIAL FUTURE 40% Yes No Source: Statista 2019; N = 1047
= No more can brands hide behind a carefully crafted wall of words & storytelling.
• Glibness/superficial charm; • Grandiose sense of self-worth; • Conning/manipulative behaviour; • Lack of remorse or guilt; • Lack of empathy
Value Innovation Relationship The Trusted Brand Social Competency Responsibility
VALUE = BENEFITS - COSTS NO PROBLEM VALUE ISSUES • Ease of Account Opening • Transparency of exit fees • Customer Service • Level of fees/charges • Ease of Managing Account • Choice of investment options
MARKET ORIENTED BUSINESS Customers believe that organizations should understand them and be motivated to help them.
WHY DO YOU NOT CURRENTLY HOLD ANY INVESTMENTS? N = 1500; Source: Lightspeed/Mintel, 2019
RBS REACHES OUT TO FIRST-TIME INVESTORS WITH ONLINE PLATFORM Minimum investment: £50
SWIPE, CLICK AND SCROLL personalisation privacy
THE ‘GRETA’ EFFECT DO YOU MAKE BUYING DECISIONS BASED ON A BRAND’S STAND ON SOCIAL ISSUES? Yes 33% No Source: Edelman 2019; N = 5000
THE ‘GRETA’ EFFECT DO YOU THINK BRANDS CAN DO MORE TO SOLVE SOCIAL ILLS THAN GOVERNMENTS? Yes 53% No Source: Edelman 2019; N = 5000
THE ‘GRETA’ EFFECT IT’S IMPORTANT THAT FINANCIAL SERVICE PROVIDERS SHARE MY ETHICS AND BELIEFS Yes No 45% Don't know N = 2000; Source: Lightspeed/Mintel, November 2018
THE ‘GRETA’ EFFECT These designer paper bags cost £405
COST SEVERIT Y REACH RELEVA NCE
Must be a perceived cost to the brand
COST SEVERIT Y REACH RELEVA NCE
INTENSE RELEVANCY
Instead of telling everyone how brilliant its finance is… Mini told everyone how boring and embarrassing it is. Result: 2,870 test drives and 4,275 confirmed sales leads.
1. Don’t be a psychopathic brand 2.Now is the time to Build trust through social responsibility 3.Focus on Affinity in your comms
THANK YOU!
• In January 2020 , Lloyds Banking Group announced plans to halve the carbon emissions financed by its personal and business lending by 2030. • In the same month, they announced the launch of an app to help its commercial banking clients to “ identify and make energy-efficient investments in their buildings ”.
The world’s oceans accumulate 8 million tonnes of trash a year
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