dca trust bubble: actions for cmos

Dean Crutchfield Associates

The Coming Trust Bubble 3 Actions for CMOs

By Dean Crutchfield Associates

People Are Scared About The Future


If you simplify their decision-

making process with authenticity, simplified learning and options to weigh in on, consumers think less

about the decision and you can irrevocably demonstrate a way to

win back consumer confidence and Share of Trust.


Dean Crutchfield Associates Growth Advisors


The Trust Bubble The Euro zone crisis, a cracked BRIC, a

U.S. fiscal cliff that even 100% tax on Americans would not cover, coupled

with invidious behavior of a phalanx of the world’s admired corporations,

threatens a trust bubble. “The cult of equity is dying,” according

to Bill Gross, founder of Pimco.

If the trust bubble bursts it would wreak havoc on the intangible value of the

world’s brands. In deference to former U.S. Treasury Dept. watchdog Neil

Barofsky’s book “Bailout,” in which he argues, “The public should lose faith in

their Government” – the real threat is the public is losing faith in brands..


CMOs Pivotal Role CMOs have a pivotal role to play as

consumer spending and confidence recede, and it’s not just about

making the quarter in which they are well vested: Brand value

represented nearly $4 trillion of the S&P alone.

While Uncle Sam props up the

markets and maintains low interest rates, brands’ greater engagement

with consumers, along with a readiness to respond to

emergencies, forms a central role.


Drivers to Consumer Decision Making

The Corporate Executive Board undertook a substantial study on

how people make decisions using a whopping sample of 7,000

consumers and corporate buyers.

The study uncovered a veritable gallery of insights, among them

three key drivers that lead people to make quicker decisions. These

drivers combined represent an actionable framework for CMOs to win back the customers’ vote

of trust. Dean Crutchfield Associates

The First Driver Is Trust In The Information Not In The Brand


1. Trust in Information Adhesion to brand strategy can often

cripple the need for the brand to interact in a leaner, smarter manner as we have witnessed with the tsunami of bad news

and behavior of big brands over recent months. Retaining trust requires

knowing what the “brand” means to the category, knowing who are the game

changers and developing communication approaches that break the frame (not

the law).

Providing accurate, timely advice and actionable insights via recommendations

by experts, consumer advisors, ratings and reviews, using conventional

marketing, social media and brand building that is quickly deployable with

high intensity, works.


1. Trust in Information Trust is eroded and money is wasted by many brands when they fail to understand when their consumers are most open to influence on a topic and how you can interact with them at those gateways. As the author Benjamin Graham, remarked: “You’re neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.”


1. Trust in Information In a new era of cash-flow constraints,

brand rationalization and no-risk methods to regain trust, what are the

best methods for protecting it? It’s not just the venality of big brand misdeeds

that fuels discontent: Consumers have a simple wish for a better life.

Any great brand is built on a belief, not

just on seeing what hurdles there are to overcome, but on envisioning what isn’t

there.

This is accomplished by thoroughly understanding the scope of options, the

consumer, what communication channels are priorities and how to

leverage resources for maximum impact with minimum effort.


The Second Driver: The Medium Is The Message Consumers’ Shared Access To Knowledge Is The

Currency Of Contact With The Consumer


2. Knowledge is the currency of contact

It’s not just by sharing links, pics, videos and PDFs that we make sense of the world; wired

in our heads is a place where our trust is all about narrative – it’s about sharing stories. As Big Think’s Jason Gots said, “Narrative

helps us to navigate the world, it tells us where to place our trust and why.”

Storytelling is the secret weapon for

encouraging consumer learning and is optimized by simplifying the research

process. This includes providing valid and relevant information, enabling transparent

engagement, and building the capacity of supporters with the integrity and ambition

behind the brand rather than picking over its entrails. If brand narrative can convert life

into a meaningful experience, using stories is the most effective way of translating

knowledge into action.


The Vital Third Driver Quicker Decision-making By Providing Options For Action


3. Providing Options for Action Options for consumers to confidently weigh up realistic alternative scenarios. To best serve today’s agitated consumers, CMOs’ actions need to be different, heroic, with principles that make their brand known for being remarkable, followed by many for being a challenger of the rule and above all, shareable. Aside from “Hide Nothing, Tell All,” the prerequisites for this third driver are ramping up mobile and online presence, encouraging more consumer feedback with choices, guides, and “dressed” empirical information. The study revealed that ironically, alternatives are essential for quick decisions, enabling consumers to isolate uncertainties, evaluate the options and share the stories, a critical ingredient in building trust and values.


On The Front Foot People are scared about the future. If you simplify their

decision-making process with authenticity, simplified learning and options to weigh in on, consumers think less about the

decision.

While no panacea to illegitimate behavior, such practical and forthright actions to provide and present timely, relevant and

valid knowledge with options to bail-out weary consumers could irrevocably demonstrate a way to win back much vaunted

consumer confidence and share of trust. ,

Our Mission Achieving growth

For ambitious leaders who are driven to grow fast

Creating new business Orchestrating and activating accelerated outreach programs

Building efficiencies

Rapidly sourcing the best talent for the business

Improving margins

Rallying teams behind the brand and go-to-market strategy

Boosting win rates

Delivering your best case and winning face forward


LET’S GROW


Contact: [email protected] +1 917 239 3303 333 East 34th Street, Suite 15A/B, New York, NY 10016


Dean Crutchfield Associates Growth Advisors
