DCA Trust Bubble: Actions For CMOs

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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. CMOs need …

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. CMOs need three actions to optimize the situation.

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  • 1. The Coming Trust Bubble 3 Actions for CMOs By Dean Crutchfield Associates Dean Crutchfield Associates
  • 2. People Are Scared About The FutureDean Crutchfield Associates
  • 3. If you simplify their decision-making process with authenticity,simplified learning and options toweigh in on, consumers think less about the decision and you canirrevocably demonstrate a way to win back consumer confidence and Share of Trust. Dean Crutchfield Associates
  • 4. Dean Crutchfield Associates Growth Advisors Dean Crutchfield Associates
  • 5. 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..Dean Crutchfield Associates
  • 6. 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.Dean Crutchfield Associates
  • 7. 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
  • 8. The First Driver Is Trust In The Information Not In The Brand Dean Crutchfield Associates
  • 9. 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.Dean Crutchfield Associates
  • 10. 1. Trust in InformationTrust is eroded and money is wasted by many brands whenthey fail to understand when their consumers are most opento influence on a topic and how you can interact with them atthose gateways.As the author Benjamin Graham, remarked: “You’re neither rightnor wrong because the crowd disagrees with you. You are rightbecause your data and reasoning are right.” Dean Crutchfield Associates
  • 11. 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.Dean Crutchfield Associates
  • 12. The Second Driver: The Medium Is The MessageConsumers’ Shared Access To Knowledge Is The Currency Of Contact With The Consumer Dean Crutchfield Associates
  • 13. 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 translatingDean Crutchfield Associates knowledge into action.
  • 14. The Vital Third DriverQuicker Decision-making By Providing Options For Action Dean Crutchfield Associates
  • 15. 3. Providing Options for ActionOptions 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 manyfor being a challenger of the rule and above all, shareable.Aside from “Hide Nothing, Tell All,” the prerequisites for this third driver are rampingup 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 consumersto isolate uncertainties, evaluate the options and share the stories, a criticalingredient in building trust and values. Dean Crutchfield Associates
  • 16. On The Front Foot People are scared about the future. If you simplify theirdecision-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 consumerscould irrevocably demonstrate a way to win back much vaunted consumer confidence and share of trust.
  • 17. 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    Dean Crutchfield Associates
  • 18. LET’SGROW Dean Crutchfield Associates
  • 19. Contact: Dean@deancrutchfield.com +1 917 239 3303333 East 34th Street, Suite 15A/B, New York, NY 10016 Dean Crutchfield Associates
  • 20. Dean Crutchfield Associates Growth Advisors Dean Crutchfield Associates