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Is Your Brand Trusted?
The science of building a trusted brand Dr Brent Coker
DO YOU TRUST THE FINANCIAL SERVICES INDUSTRY?
Yes No
46%
Source: Mintel/Ipsos 2018; N = 1600
Is Your Brand Trusted? The science of building a trusted brand Dr - - PowerPoint PPT Presentation
Is Your Brand Trusted? The science of building a trusted brand Dr - - PowerPoint PPT Presentation
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;
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DO YOU TRUST THE FINANCIAL SERVICES INDUSTRY?
Yes No
19%
N = 838; Source: Mintel/Lightspeed, July 2019
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DO YOU TRUST THE FINANCIAL SERVICES INDUSTRY?
Yes No
59%
Source: Mintel/Ipsos 2018; N = 1100
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I’M WELL INFORMED ABOUT MY FINANCIAL SITUATION
Yes No
53%
Source: Statista 2019; N = 1047
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I COULD SAVE A LOT OF MONEY IF I USED A FINANCE EXPERT
Yes No
20%
Source: Statista 2019; N = 1047
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I AM WORRIED ABOUT MY FINANCIAL FUTURE
Yes No
40%
Source: Statista 2019; N = 1047
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= No more can brands hide behind a carefully crafted wall of words & storytelling.
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- Glibness/superficial charm;
- Grandiose sense of self-worth;
- Conning/manipulative behaviour;
- Lack of remorse or guilt;
- Lack of empathy
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The Trusted Brand
Value Relationship Competency Social Responsibility Innovation
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- Ease of Account Opening
- Customer Service
- Ease of Managing Account
NO PROBLEM VALUE = BENEFITS - COSTS
- Transparency of exit fees
- Level of fees/charges
- Choice of investment options
VALUE ISSUES
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Customers believe that organizations should understand them and be motivated to help them.
MARKET ORIENTED BUSINESS
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WHY DO YOU NOT CURRENTLY HOLD ANY INVESTMENTS?
N = 1500; Source: Lightspeed/Mintel, 2019
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RBS REACHES OUT TO FIRST-TIME INVESTORS WITH ONLINE PLATFORM
Minimum investment: £50
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SWIPE, CLICK AND SCROLL
personalisation privacy
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THE ‘GRETA’ EFFECT
Yes No DO YOU MAKE BUYING DECISIONS BASED ON A BRAND’S STAND ON SOCIAL ISSUES?
Source: Edelman 2019; N = 5000
33%
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THE ‘GRETA’ EFFECT
Yes No DO YOU THINK BRANDS CAN DO MORE TO SOLVE SOCIAL ILLS THAN GOVERNMENTS?
Source: Edelman 2019; N = 5000
53%
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THE ‘GRETA’ EFFECT
Yes No Don't know IT’S IMPORTANT THAT FINANCIAL SERVICE PROVIDERS SHARE MY ETHICS AND BELIEFS
N = 2000; Source: Lightspeed/Mintel, November 2018
45%
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THE ‘GRETA’ EFFECT
These designer paper bags cost £405
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COST SEVERIT Y REACH RELEVA NCE
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Must be a perceived cost to the brand
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COST SEVERIT Y REACH RELEVA NCE
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INTENSE RELEVANCY
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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.
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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
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THANK YOU!
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- 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”.
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The world’s
- ceans
accumulate 8 million tonnes
- f trash a year