Marketers have historically been faced with the task of building campaigns to sell product. Recently the tide has begun to shift. As trust fades in the image of a brand or an industry as a whole, marketers are now trying to restore that trust. In a recent survey by Edelman, a WOMMA governing member company, they found that since 2007, consumer trust in businesses fell from 58% to 44%. Even though this shift can most likely be attributed to several bad apples, many businesses are scrambling to reestablish their brand image. As the need from businesses shifts from product pushing to image building, the business of marketing is bound to change.
More on the trust of the marketplace at Business Week
Liz Gebhardt 12:24 pm on September 21, 2009 Permalink
This is an area I am passionate about and wrote at http://www.thinkingoutloud.com/eg_ventures/2009/07/this-year-its-all-about-trust.html
Trust comes organically from demonstrated Ability + Integrity + Benevolence. The need for trust is universal and arises from our human interdependence. We often rely on others (individuals, groups, brands or institutions) to help us obtain, or at least not to frustrate, the outcomes we value (and they depend back on us as well). Trust allows actions to occur that otherwise would not have been possible because of currently incomplete information or an unwillingness to give resources now for an unguaranteed result in the future.
William Anderson 11:50 am on September 22, 2009 Permalink
While it might get extra air time due to some of the “bad apples”, creating trust between your customers/partners/employees should always be a driving force in marketing practices.
Liz - Well said: “Trust allows actions to occur that otherwise would not have been possible because of currently incomplete information…”