Learn from the Top Brands

Small businesses can learn plenty from Interbrand's 2008 Best Global Brands report. Today’s important lesson:

Know Thyself and Build Trust in Others

Branding communicates a set of values and promises to customers. When a brand delivers on those promises, trust is created, and a relationship based on shared experience and loyalty ensues. That bond is vital to brands, particularly when the economic climate sours and consumers shift their spending habits.

As the 2008 Best Global Brands Executive Summary states, "The uncertainty of a downturn drives consumers to want more for their money and demand a more emotionally rewarding experience for their hard-earned and limited cash." In such times loyalty often competes with necessity. "It's no longer a choice between Nike or Adidas shoes. The question becomes, 'Do I buy shoes or an iPod?'" Not exactly Sophie's Choice, but a tough decision for any parent with kids in high school.

Brands that have and continue to consistently build trust with consumers are better off in tough times than brands that seek to capitalize on the latest trend or exploit the sincerity of the moment—for instance, going green. The article "Sustainability and its impact on brand value," by Paula Oliveira and Andrea Sullivan, concludes with the sentences, "A study published by TerraChoice, an environmental marketing firm, showed that 99% of the 1,018 consumer products surveyed were guilty of greenwashing. These companies risk not only their reputation, but also future earnings for the business." Why? Because consumers can see through the greenwashing malarkey. Consumers were raised by parents who called that sort of thing lying. Check out brandchannel's 2008 brandjunkie awards, where "None" was the number one answer to the question, "What brand do you think is truly (going) 'green'? Why?"

Brands who aren't true to who they say they are can be more susceptible to outside forces and peer pressure from changing markets and emerging trends. There is a difference between being thoughtful, engaged, and flexible, and simply being something you are not. Like trustworthy.

Want to discover how to build trust in others? Sign up today at www.boostyourbottomline.com/freebie for your free Jumpstart Coaching call.

© 2008 BoostYourBottomLine.com

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