Opinion... Consumers are looking for brands they can trust

Some 100 years ago, banker JP Morgan told his staff: “People buy things for two reasons. The right reason, and the real reason.”

JP Morgan knew that his clients made the decision to entrust their hard-earned money with him and his company based on the superior performance his services had delivered to clients historically. Knowledge, talent, practices were all the right reason to choose JP Morgan.

But, ultimately, clients made the important decision to give their money to JP Morgan because they trusted the people who represented the company. The power of the relationship could be a deal-maker, or a deal-breaker. The decision was not about the functional benefits of the transaction, it was all about emotion - about the trust between two individuals, the customer and the banker.

Today the world economy is in a state of upheaval. All financial brands have lost the public’s trust. What financial brands will be able to reclaim the real reason again, both to retain their customers, and possibly to build their share anew?

Today the world is also watching the upcoming presidential election in the US with great interest and hope. In November, Americans will vote on who will be their next president. It is predicted they will vote in record numbers.

The candidates, senators Obama and McCain, have dramatically differing positions on critical issues, such as the economy, the war in Iraq and the environment. Given the current troubled US presidency, with a sitting Republican president enjoying abysmal approval ratings at home, how can this even be a race? Surely the Democrats will triumph handily. Right?

People do care about the candidate’s positions on the issues (for example, ‘bring the troops home’ versus ‘stay the course to victory’). But their choice on 4 November, at that moment of truth in the privacy of a voting booth, will be an overwhelmingly emotional one. This is true of all elections, none more so than now. The first black president, the first female vice-president, a war hero, a single father - these are personalities that live large in each American’s psyche. The outcome will be all about trust - the real reason to choose.

With the recent scandal in China (and beyond) regarding milk products tainted with melamine, what factors will help the consumer determine what brand of milk is right for their family?

It’s a vitally important decision now, and consumers will surely study the milk brands returning to the shelves. All brands will be reassuring customers with safety cues, endorsements and information on their packaging and in their advertising. Considerable and verifiable steps will have been taken by brand owners to ensure safety. The packaging, advertising and public announcements reinforcing this will all be the right reason to reconsider choosing each brand.

But the real reason will triumph yet again. The consumer will pick the brand that either earns or regains their trust. The brands that ultimately succeed will be those able both to communicate their brand story and re-establish an emotional connection in a few seconds, evoking trust in the supermarket aisle.

I can’t remember a time with so much global fear, uncertainty and doubt. Yet I also see amazing opportunity for visionary brands - be they product, service or country - to embrace change, make that emotional connection, and lead their consumers and constituents back into the light.



Craig Briggs, managing director of Asia Pacific, brandimage Descrippes & Laga
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