Pathfinders of Trust
Intention is the Key
November 2, 2017
As part of our Pathfinders of Trust video series, Frank Cooper spoke to us about his belief that for brands to be successful they need to connect with customers beyond their products or services.
Indeed, according to Frank, the first question brands should be asking themselves is, “what do we believe in?” He states that “the foundation of trust is the intention of the brand.”
No purpose, no value
This is crucial for financial brands who, according to the 2017 Edelman Trust Barometer are still rating low on trust in the wake of the global financial crisis. It used to be enough to simply state your brand purpose aloud. Not anymore.
“There’s no time lag between people hearing what you say and seeing what you do. Brands have to live their purpose, every single day. If you can master that, you may hold the key to customer relationships of lasting value” adds Frank.
To address this, perhaps we need to take trust to a new place? Generally, consumers are ‘value maximizers’ in most transactions. They see most brands as delivering nothing beyond the product or service, so they seek out the lowest price point. This makes sense.
However, Frank says his experience across multiple industries has taught him “that there is value in extending trust beyond your product itself”. I find this fascinating. He goes on to say that perhaps the source of added trust can be linked back to the higher purpose of the brand.
Context is close to being king
Frank also believes that we have to consider whether context matters in building trust. I believe we are seeing more of this approach across our platform.
To hear more from Frank Cooper on the importance for brands of having a clear set of intentions, behaving consistently according to those principles and how critical it is to listen to your customers, please visit his Pathfinder video today.
And for more insight on trust from other marketers and sector specialists as well as the tools you need to start creating an authentic and authoritative relationship with your customers in a post-truth world visit our Currency of Trust hub now.