The trust trap<br />Rebuilding trust in the <br />aftermath of the GFC<br />March/April 2010<br />
Escaping the trap<br />2<br />
A multi-pronged research approach underpins our findings<br />3<br />
IN THEIR OWN WORDS...<br />4<br />
Ingredients of trust<br />5<br />
Trust me<br />Implicit<br />Reliance on another <br />person or entity.<br />Having faith in others <br />and believing th...
We’re hardwired to trust<br />Physical touch<br />We trust people who <br />are similar to us<br />Oxytocin<br />Transitiv...
The 4 ingredients of trust combine head with heart<br />Rational<br />Emotional<br />8<br />
The most trusted brands in Australia<br />Free from scandal • Reliable • Safe • Deliver on promises<br />9<br />Readers Di...
Cluster analysis revealed four groups of trust factors<br />10<br />Investment Trends Pty. Ltd March 2010 Trust Mini Repor...
Open about fees, reliable, tenure and real people<br />11<br />Investment Trends Pty. Ltd March 2010 Trust Mini Report<br />
Reliability is king<br />12<br />Investment Trends Pty. Ltd March 2010 Trust Mini Report<br />
Those who cited “they understand my specific needs” as the main factor for trust generally had a higher income<br />13<br ...
Big v small<br />14<br />
Simplicity and transparency – the dominant trends driving consumption<br />15<br />
Who cares?<br />16<br />
Because it hits the bottom line<br />Refused to buy their products/services<br />Chose to buy their products/services<br /...
Because the world has changed<br />U.S 2006<br />U.S 2010<br />2010 Edelman Trust Barometer<br />18<br />
Because it’s out-pacing performance<br />19<br />Investment Trends 2009 Investor/Member Communications and Retention Repor...
Because it’s the new criteria for choice<br />Investment Trends 2009 Advice and Limited Advice Report<br />20<br />
Because investors will leave<br />21<br />Investment Trends 2009 Investor/Member Communications and Retention Report <br />
Our report card<br />22<br />
Financial services companies have a job do to<br />23<br />2010 Edelman Trust Barometer<br />
Let me check with the bartender before I invest<br />24<br />Readers Digest: Australia's Most Trusted People 2009<br />
Trust has eroded further, despite market gains<br />25<br />Investment Trends 2009 Investor/Member Communications and Rete...
The blame game haspolarised investors<br />At the same time investors are taking a more active role<br /><ul><li>Taking re...
 Using advisers as sounding boards</li></ul>26<br />Investment Trends 2009 Investor/Member Communications and Retention Re...
Trust differs across generations<br />27<br />Investment Trends 2009 Investor/Member Communications and Retention Report <...
Younger people trust more...<br />66%<br />         53%                    59%<br />         40%              56%<br />   ...
...and not just their Facebook friends<br />29<br />Investment Trends Pty. Ltd March 2010 Trust Mini Report<br />
IN THEIR OWN WORDS...<br />30<br />
Our trust campaigns<br />31<br />
From big to more <br />
Empowering and tenure<br />
Alignment of interests<br />
Trust 101<br />
But do people believe us?<br />36<br />Investment Trends Pty. Ltd March 2010 Trust Mini Report<br />
Lessons from mouthwash<br />37<br />
Confidence and speed<br />38<br />
Public responsibility as part of a company’s DNA<br />39<br />
Top 5 strategies to rebuild trust<br />40<br />
Top 5 strategies to rebuild trust<br />41<br />
1. Embrace the new stakeholder world<br />NOW<br />Create companies that are economically, ethically and socially sustaina...
1. Embrace the new stakeholder world<br />43<br />2010 Edelman Trust Barometer<br />
1. Embrace the new stakeholder world<br />44<br />
2. Advocate a transparency culture<br />45<br />Adapted from Harvard Business Review June 2009<br />
3. Make communications and customer service count <br />46<br />2010 Edelman Trust Barometer<br />
2 way conversation<br /><ul><li>Asking, listening and acting
Easy to contact you</li></ul>3. Make communications and customer service count<br />Segmentation<br /><ul><li>Tailored com...
Personal experience through digital tools</li></ul>Proactive, current and immediate<br /><ul><li>Accessible online, digita...
Email soon after events</li></ul>I’m in control<br /><ul><li>Subscription option, choice of mediums and frequency
Empowerment through education and tools</li></ul>Real<br /><ul><li>Empathy
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Endgame trust presentation march 2010 final with script

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Endgame trust presentation march 2010 final with script

  1. 1. The trust trap<br />Rebuilding trust in the <br />aftermath of the GFC<br />March/April 2010<br />
  2. 2. Escaping the trap<br />2<br />
  3. 3. A multi-pronged research approach underpins our findings<br />3<br />
  4. 4. IN THEIR OWN WORDS...<br />4<br />
  5. 5. Ingredients of trust<br />5<br />
  6. 6. Trust me<br />Implicit<br />Reliance on another <br />person or entity.<br />Having faith in others <br />and believing them.<br />Explicit<br />A belief or confidence in the <br />honesty, integrity, reliability of a <br />product, service, brand or person<br />6<br />
  7. 7. We’re hardwired to trust<br />Physical touch<br />We trust people who <br />are similar to us<br />Oxytocin<br />Transitive trust<br />Illusion of personal <br />invulnerability<br />Unrealistic optimism<br />7<br />
  8. 8. The 4 ingredients of trust combine head with heart<br />Rational<br />Emotional<br />8<br />
  9. 9. The most trusted brands in Australia<br />Free from scandal • Reliable • Safe • Deliver on promises<br />9<br />Readers Digest Magazine 2009<br />
  10. 10. Cluster analysis revealed four groups of trust factors<br />10<br />Investment Trends Pty. Ltd March 2010 Trust Mini Report<br />
  11. 11. Open about fees, reliable, tenure and real people<br />11<br />Investment Trends Pty. Ltd March 2010 Trust Mini Report<br />
  12. 12. Reliability is king<br />12<br />Investment Trends Pty. Ltd March 2010 Trust Mini Report<br />
  13. 13. Those who cited “they understand my specific needs” as the main factor for trust generally had a higher income<br />13<br />Investment Trends Pty. Ltd March 2010 Trust Mini Report<br />
  14. 14. Big v small<br />14<br />
  15. 15. Simplicity and transparency – the dominant trends driving consumption<br />15<br />
  16. 16. Who cares?<br />16<br />
  17. 17. Because it hits the bottom line<br />Refused to buy their products/services<br />Chose to buy their products/services<br />Criticised them to a friend or colleague<br />Recommended them to a friend or colleague<br />Paid a premium for their products/services<br />Shared negative company opinions/experiences online<br />Shared positive company opinions/experiences online <br />Sold shares<br />Bought shares<br />2010 Edelman Trust Barometer<br />17<br />
  18. 18. Because the world has changed<br />U.S 2006<br />U.S 2010<br />2010 Edelman Trust Barometer<br />18<br />
  19. 19. Because it’s out-pacing performance<br />19<br />Investment Trends 2009 Investor/Member Communications and Retention Report <br />
  20. 20. Because it’s the new criteria for choice<br />Investment Trends 2009 Advice and Limited Advice Report<br />20<br />
  21. 21. Because investors will leave<br />21<br />Investment Trends 2009 Investor/Member Communications and Retention Report <br />
  22. 22. Our report card<br />22<br />
  23. 23. Financial services companies have a job do to<br />23<br />2010 Edelman Trust Barometer<br />
  24. 24. Let me check with the bartender before I invest<br />24<br />Readers Digest: Australia's Most Trusted People 2009<br />
  25. 25. Trust has eroded further, despite market gains<br />25<br />Investment Trends 2009 Investor/Member Communications and Retention Report <br />
  26. 26. The blame game haspolarised investors<br />At the same time investors are taking a more active role<br /><ul><li>Taking responsibility to obtain information
  27. 27. Using advisers as sounding boards</li></ul>26<br />Investment Trends 2009 Investor/Member Communications and Retention Report <br />
  28. 28. Trust differs across generations<br />27<br />Investment Trends 2009 Investor/Member Communications and Retention Report <br />
  29. 29. Younger people trust more...<br />66%<br /> 53% 59%<br /> 40% 56%<br /> 33%<br /> 30% 39%<br />28<br />(Same for both age groups) <br />2010 Edelman Trust Barometer<br />
  30. 30. ...and not just their Facebook friends<br />29<br />Investment Trends Pty. Ltd March 2010 Trust Mini Report<br />
  31. 31. IN THEIR OWN WORDS...<br />30<br />
  32. 32. Our trust campaigns<br />31<br />
  33. 33. From big to more <br />
  34. 34. Empowering and tenure<br />
  35. 35. Alignment of interests<br />
  36. 36. Trust 101<br />
  37. 37. But do people believe us?<br />36<br />Investment Trends Pty. Ltd March 2010 Trust Mini Report<br />
  38. 38. Lessons from mouthwash<br />37<br />
  39. 39. Confidence and speed<br />38<br />
  40. 40. Public responsibility as part of a company’s DNA<br />39<br />
  41. 41. Top 5 strategies to rebuild trust<br />40<br />
  42. 42. Top 5 strategies to rebuild trust<br />41<br />
  43. 43. 1. Embrace the new stakeholder world<br />NOW<br />Create companies that are economically, ethically and socially sustainable<br />THEN<br />Create wealth for shareholders<br />42<br />Adapted from Harvard Business Review June 2009<br />
  44. 44. 1. Embrace the new stakeholder world<br />43<br />2010 Edelman Trust Barometer<br />
  45. 45. 1. Embrace the new stakeholder world<br />44<br />
  46. 46. 2. Advocate a transparency culture<br />45<br />Adapted from Harvard Business Review June 2009<br />
  47. 47. 3. Make communications and customer service count <br />46<br />2010 Edelman Trust Barometer<br />
  48. 48. 2 way conversation<br /><ul><li>Asking, listening and acting
  49. 49. Easy to contact you</li></ul>3. Make communications and customer service count<br />Segmentation<br /><ul><li>Tailored communication
  50. 50. Personal experience through digital tools</li></ul>Proactive, current and immediate<br /><ul><li>Accessible online, digital options
  51. 51. Email soon after events</li></ul>I’m in control<br /><ul><li>Subscription option, choice of mediums and frequency
  52. 52. Empowerment through education and tools</li></ul>Real<br /><ul><li>Empathy
  53. 53. No spin or marketing fluff</li></ul>47<br />
  54. 54. 4. Listen to engage<br />48<br />
  55. 55. 4. Listen to engage – the Bell Direct model<br />49<br />
  56. 56. 5. Use multiple information sources<br />How many times in general do you need to hear something about a specific company to believe that the information is likely to be true?<br />7%<br />6%<br />5%<br />16%<br />6%<br />25%<br />60%<br />35%<br />50<br />2010 Edelman Trust Barometer<br />
  57. 57. The wisdom OF brandING...<br />51<br />
  58. 58. The trust trap<br />Rebuilding trust in the <br />aftermath of the GFC<br />March/April 2010<br />

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