Endgame trust presentation march 2010 final with script
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This document discusses rebuilding trust after the global financial crisis. It examines the key ingredients of trust, including rational and emotional factors. Research identified four main groups of trust factors. Reliability is the most important factor for building trust. The document outlines five top strategies for rebuilding trust, including embracing stakeholder interests, advocating transparency, improving communications and customer service, engaging through listening, and using multiple information sources. Rebuilding trust is important because lack of trust impacts business outcomes like consumer purchasing decisions. Overall, the document analyzes how trust was damaged by the financial crisis and offers recommendations for regaining consumer trust.
Endgame trust presentation march 2010 final with script
- 1. The trust trapRebuilding trust in the aftermath of the GFCMarch/April 2010
- 3. A multi-pronged research approach underpins our findings3
- 4. IN THEIR OWN WORDS...4
- 6. Trust meImplicitReliance on another person or entity.Having faith in others and believing them.ExplicitA belief or confidence in the honesty, integrity, reliability of a product, service, brand or person6
- 7. We’re hardwired to trustPhysical touchWe trust people who are similar to usOxytocinTransitive trustIllusion of personal invulnerabilityUnrealistic optimism7
- 8. The 4 ingredients of trust combine head with heartRationalEmotional8
- 9. The most trusted brands in AustraliaFree from scandal • Reliable • Safe • Deliver on promises9Readers Digest Magazine 2009
- 10. Cluster analysis revealed four groups of trust factors10Investment Trends Pty. Ltd March 2010 Trust Mini Report
- 11. Open about fees, reliable, tenure and real people11Investment Trends Pty. Ltd March 2010 Trust Mini Report
- 12. Reliability is king12Investment Trends Pty. Ltd March 2010 Trust Mini Report
- 13. Those who cited “they understand my specific needs” as the main factor for trust generally had a higher income13Investment Trends Pty. Ltd March 2010 Trust Mini Report
- 14. Big v small14
- 15. Simplicity and transparency – the dominant trends driving consumption15
- 16. Who cares?16
- 17. Because it hits the bottom lineRefused to buy their products/servicesChose to buy their products/servicesCriticised them to a friend or colleagueRecommended them to a friend or colleaguePaid a premium for their products/servicesShared negative company opinions/experiences onlineShared positive company opinions/experiences online Sold sharesBought shares2010 Edelman Trust Barometer17
- 18. Because the world has changedU.S 2006U.S 20102010 Edelman Trust Barometer18
- 19. Because it’s out-pacing performance19Investment Trends 2009 Investor/Member Communications and Retention Report
- 20. Because it’s the new criteria for choiceInvestment Trends 2009 Advice and Limited Advice Report20
- 21. Because investors will leave21Investment Trends 2009 Investor/Member Communications and Retention Report
- 23. Financial services companies have a job do to232010 Edelman Trust Barometer
- 24. Let me check with the bartender before I invest24Readers Digest: Australia's Most Trusted People 2009
- 25. Trust has eroded further, despite market gains25Investment Trends 2009 Investor/Member Communications and Retention Report
- 26. The blame game haspolarised investorsAt the same time investors are taking a more active roleTaking responsibility to obtain information
- 27. Using advisers as sounding boards26Investment Trends 2009 Investor/Member Communications and Retention Report
- 28. Trust differs across generations27Investment Trends 2009 Investor/Member Communications and Retention Report
- 29. Younger people trust more...66% 53% 59% 40% 56% 33% 30% 39%28(Same for both age groups) 2010 Edelman Trust Barometer
- 30. ...and not just their Facebook friends29Investment Trends Pty. Ltd March 2010 Trust Mini Report
- 31. IN THEIR OWN WORDS...30
- 33. From big to more
- 36. Trust 101
- 37. But do people believe us?36Investment Trends Pty. Ltd March 2010 Trust Mini Report
- 40. Public responsibility as part of a company’s DNA39
- 41. Top 5 strategies to rebuild trust40
- 42. Top 5 strategies to rebuild trust41
- 43. 1. Embrace the new stakeholder worldNOWCreate companies that are economically, ethically and socially sustainableTHENCreate wealth for shareholders42Adapted from Harvard Business Review June 2009
- 44. 1. Embrace the new stakeholder world432010 Edelman Trust Barometer
- 45. 1. Embrace the new stakeholder world44
- 46. 2. Advocate a transparency culture45Adapted from Harvard Business Review June 2009
- 47. 3. Make communications and customer service count 462010 Edelman Trust Barometer
- 48. 2 way conversationAsking, listening and acting
- 49. Easy to contact you3. Make communications and customer service countSegmentationTailored communication
- 50. Personal experience through digital toolsProactive, current and immediateAccessible online, digital options
- 51. Email soon after eventsI’m in controlSubscription option, choice of mediums and frequency
- 52. Empowerment through education and toolsRealEmpathy
- 53. No spin or marketing fluff47
- 54. 4. Listen to engage48
- 55. 4. Listen to engage – the Bell Direct model49
- 56. 5. Use multiple information sourcesHow many times in general do you need to hear something about a specific company to believe that the information is likely to be true?7%6%5%16%6%25%60%35%502010 Edelman Trust Barometer
- 57. The wisdom OF brandING...51
- 58. The trust trapRebuilding trust in the aftermath of the GFCMarch/April 2010