The Startup’s Guide to Building a Trusted Brand with OneTrust's Chief Ethics & Compliance Officer, Asha Palmer
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40%: That’s the number of people who say they love a brand, but won’t purchase it because they don’t trust the company. 59%: that’s how many people left their companies because they did not align to corporate values. 80%: That’s the percentage of institutional banks that are making sustainability-driven investments. The data is clear: trust can make or break a brand. Hear key ways you as a startup can start building trust today among your customers, employees, and the community.
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The Startup’s Guide to Building a Trusted Brand with OneTrust's Chief Ethics & Compliance Officer, Asha Palmer
- 1. The Startup’s Guide to Building a Trusted Brand Asha Palmer Chief Ethics & Compliance Officer OneTrust
- 3. REPUTATION TRANSPERENCY CORPORATE CITIZENSHIP RELIABILITY ETHICS LAWFULNESS ENVIRONMENTAL IMPACT DATA PROTECTION PRIVACY EMPLOYMENT POLICIES SECURITY VENDORS PARTNERS CONSISTENCY
- 4. TRUST IS DOING what you say you will do, when you say you will do it, how you say you are going to do it, consistently.
- 5. BRANDS ARE BUILT OR BROKEN BY TRUST
- 6. Trust is Driving the Next Decade of Growth & Differentiation PRICE QUALITY 2000s EXPERIENCE ENGAGEMENT PRICE QUALITY 2010s TRUST TRANSPARENCY EXPERIENCE ENGAGEMENT PRICE QUALITY 2020s Sustainability Human Diversity Data Privacy Transformation HOW BOARDS ARE RESPONDING: DE&I MARKET DIFFERENTIATION
- 7. STAKEHOLDER CAPITALISM Building value beyond stockholders by benefitting all stakeholders and society at large
- 9. Your customers 40% There are brands I love but no longer buy from because I don’t trust them. Source: 2021 Edelman Trust Barometer: Trust, the New Brand Equity
- 10. Your people Of the 1 in 4 Americans who left their job in the last six months or plan to leave in the next 6 months, 59% Are leaving because new company fit values. 31% While far less are leaving for better pay and career advancement. Source: 2021 Edelman Trust Barometer: Belief-Driven Employee
- 11. Your community INVESTORS SUPPLY CHAIN REGULATORS GOVERNMENT ACTIVISTS INDUSTRY GROUPS ENVIRONMENT CITY/STATE/COUNTRY UNIVERSITIES CHARITIES RATINGS AGENCIES
- 13. YOUR CUSTOMERS
- 15. What Can You Do as a Startup?
- 16. Take a lesson from CPG.
- 18. YOUR PEOPLE
- 19. “My Employer” is now most trusted institution Source: 2021 Edelman Trust Barometer: Belief-Driven Employee
- 20. And Employees are most critical stakeholder Source: 2021 Edelman Trust Barometer: Belief-Driven Employee
- 21. Case Study OPEN GOALS Source: Medium OPEN FEEDBACK LOOPS OPEN DECISION MAKING
- 22. What Can You Do as a Startup? DEFINE CULTURE PRIORITIZE PEOPLE ENABLE AGENCY
- 23. YOUR COMMUNITY
- 24. Your community INVESTORS SUPPLY CHAIN REGULATORS GOVERNMENT ACTIVISTS INDUSTRY GROUPS ENVIRONMENT CITY/STATE/COUNTRY UNIVERSITIES CHARITIES RATINGS AGENCIES
- 25. Your community 80% of institutional asset owners integrate ESG considerations into their investment process Source: Morgan Stanley, “Sustainable Signals: Asset Owners See Sustainability as Core to the Future of Investing,” 2020
- 27. What Can You Do as a Startup? DEFINE YOUR COMMUNITY BE AUTHENTIC & DELIVER CREATE YOUR PURPOSE
- 28. The big 3 takeaways to building trust today. ● Create your “transparent product packaging” ● Build trust and transparency into your culture ● Elevate community activations that makes sense for your brand
- 29. THANK YOU Asha Palmer Chief Ethics & Compliance Officer OneTrust
Editor's Notes
- SETTING THE STAGE Introduction Asha introduces herself to the audience Outlines what the audience will hear today I will share with you the data behind trust. How this shapes your brand, strengthens your culture, draws people and investors to you, and utlimately impacts whether you will win or fall as a company. You’ll take away some actionable steps you can do today to start building a trusted company and brand that draws people in--a company that companies want to do business with, people want to work for, and is a proud staple of the community and stakeholders you serve.
- What is trust To get started, we have to define what is trust Two types of trust First is inherent trust. Inherent trust is trust built over time through repeated, consistent actions. Let’s say I work with a colleague on my team, and she and I have built a friendship over the years. I inherently trust her, and if she speaks up against my ideas in a meeting or we have a disagreement, this bond of trust is not impacted. Our foundation is strong, and disagreements don’t have a sustained impact. The second is earned trust. This is where you as a startup sit as you work to win customers, attract talent, and build status in your community. This costs a lot to build, and can be destroyed really quickly. If you have great earned trust, your brand can more quickly rebound from mistakes. If you don’t earn that trust to begin with, an outage, a data breach, an executive-level scandal, this can all be detrimental to your business because ppl don’t believe you will do what you say you can do
- So how do you build earned trust? This is a combination of Reputation Transparency Corporate citizenship Reliability Lawfulness Ethics Environmental Impact Data protection and privacy Security How you treat your employees Who you work with [vendors] Who you align your brand to [partners] The people that work for you And on and on and on
- To put it simply you have to Do what you say you’re going to do, over and over and over again Do what you say you are going to, when you say you are going to do it and how you say you are going to do it....and be consisent in doing it
- When we look about what defines a brand, we’ve seen substantial change in each decade
- The 2000s were about price and quality – am I getting what I expect at a reasonable rate? In the 2010s, price and product remained important, added in experience and engagement, thanks to the rise of social media. Like all great innovations, however, social media has led to unintended consequences of mistrust and disinformation, meaning in the 2020s, trust and transparency will drive the next decade of growth and differentiation. Stakeholders want to know more about HOW you run your business not just the business you run.
- In 2019, just before the turn of the decade. The Business Roundtable took what at the time seemed like a radical move: The purpose of a corporation is not just to serve the stockholders, it’s to serve promote an economy that serves all Americans They cemented the concept of stakeholder capitalism. They identified a key trend that was already in the works: people – average people like your employees, your consumers, the community at large – have a voice that change and impact your business. Little did we know that a few months after this “radical” statement, COVID would shut down the economy, racial unrest would reignite businesses role in social justice, and transform.
- Let’s look at the data. One critical place to look when you’re evaluating trust’s impact on business is the Edelman Trust Barometer. Now in its 20th year, the 2021 report surveyed 33,000 people across 28 countries to evaluate if and how they trust brands, their employers, governments, NGOs, and the media. This research shows us that there are three critical areas you should focus on when building trust: Your customers Your employees, and Your community
- First, your customers. One of the special reports out of the trust barometer this year is literally titled “Trust, the New Brand Equity”. Out of a jarring number of statistics from this report, the one that jumped out the most to me is: customers are making purchase decisions based on who they trust. 40% of respondents said there are brands they love but no longer buy from because they don’t trust them. That goes up to 50% when you look at the highest income earners. Think about that – they love a brand but don’t trust that brand – and are no longer customers.
- Why? 59% to fit their values Compared to only 31% for compensation or career advancement This means the reason they are leaving are VALUE based, not SALARY based.
- EVERYONE ELSE ASIDE FROM YOUR CUSTOMERS AND EMPLOYEES, not just charitable work THIS MATTERS. For many companies, ESG strategies are a critical part of their purpose-driven strategy...NOW, a huge evolution from … [Can we find a note about what it was 5 years ago] 80% of investors consider ESG when making investment decisions, up from XX% just five years ago Pre IPO startups, this could be specifically fruitful as many investors consider ESG in investment decisions Who defines community is expanding as well ... Now it’s not just about what people expect from you. A lot of this is what the government requires of you There are privacy laws that require you to be transparent about how data is collected and used. And if a customer wants to be deleted from your system, you have to have the systems in place to do that. There are security laws that require you to report data breaches without undue delay. There are environmental laws that vary by industry. There are whistleblowing requirements. There are diversity metrics transparency rules And on, and on, and on. Meaning trust is not just a brand perspective issue. It’s a legal one, too.
- Conclusion /transition The data shows. It’s simple. Brands are built or broken by trust. The trends show that governments and regulators aren’t just expecting businesses to do this by good will. They are enshrining these as requirements into law. But it’s critical to not focus on compliance. You need to focus on outcome. And the outcome is trust. And when you build trust, you can win more deals – be that customers, great employees, or benefits in the communities you live, work, and serve. So what do you do? What do you as a startup do to build trust, and win deals? Win customers Win employees, and Win in your community? Lets dive into each of these areas, talk about what you can implement this year to put yourself on the journey to trust.
- CUSTOMERS THAT TRUST YOU Why Your customers care about trust. They want to do business with people who align with their values They want to support products and brands that care about the causes that they care about Companies are a reflection of the vendors they do business with If you’re trying to sell to a company that is carbon neutral, but you’re not carbon neutral, you’re impacting them If you’re trying to sell to a company that has their ISO certifications, but you don’t have yours, you’re a risk to them
- Let’s look at Peloton . Background Peloton broke out from the fitness stack to build a devoted fan community who connect and engage on the platform and follow the instructors they love. After a 2019 IPO that was at the time described as a “dud”, Peloton was one of those brands whose equity rose during the pandemic. Treadmill Then, in 2020, the Consumer Product Safety Commission recommended a recall of its Treadmills, and initially Peloton resisted the recall. It wasn’t until several weeks later that Peloton agreed to the recall and refund. Their stock plummeted. Response But this is where the trust they’ve built in their customers and community showed brand elasticity. The CEO admitted they made a mistake. They recalled the treadmills. It worked. Their earned trust helped rebuild their brand. Their stock rebounded. Their community is more active and engaged than ever. I just went on their website. The Treadmill is listed. And it ships in 6 weeks, meaning their not even able to meet the demand. .
- What you can do today as a startup Start with the basics: walk the walk. Be what your buyers expect you to be. If you’re a security SaaS company, you need to have great security. Be transparent. You may not have a product label, but you have a website. Cut the legalese and tell people what you’re doing, and how you do it. Have a strategy for how you are going to earn the trust of your customers, hold yourself accoutnable to that strategy
- Take a lesson from CPG’s transparent packaging trend I know I have purchased a product that is up front about their ingredients and sustainability efforts How can we translate that into SaaS?
- ●SaaS Examples ○Buffer – is transparent on everything from stock holdings to salaries. But look at this price breakdown for the customer, showing exactly how every $10 is spent. Note the nearly 10% that goes right to culture – more on that and the employee’s impact in the next section. ○Kickstarter – shares their mission and values – in detail – on their website.
- People’s currency is their time, and the data shows us that more than ever they are spending their time working for companies that they feel align with their personal values. Especially in the pandemic, where work creates many people’s primary social interaction in a day, feeling a sense of belonging and camaraderie is more critical than ever.
- ●You are your employee’s most trusted institution. The Edelman Trust Barometer shows that – by a 15-point factor, people trust their employer more than any other institution out there.
- And employees are now, post-pandemic, employer’s most critical stakeholder There is a natural marriage here Especially work from homers – most often in our SaaS startup economy - work is their primary social interaction in a day How can you build upon this and make employees radical brand fans through trust?
- https://collinmathilde.medium.com/more-than-a-buzzword-how-we-practice-transparency-at-front-d415b94fd8a4 GOALS: All company OKRs are available to all employees with real-time dashboard updates. OPEN: Post-mortems after issues, customer NPS feedback, and board decks are shared with all employees. ACCESS: Calendars are public, inboxes are shareable, and strategic decision notes are made available LESSON TRANSPERENCY ON BUSINESS ISSUES, TRANSPERENCY ON PEOPLE ISSUES
- What you can do today as a startup Create a culture code Your brand’s mission should align with your people values Evangelize these Hire, recruit, and retain on these Prioritize your people Your #1 priority as a CEO should be your people. Without your team, you have no business. No profits. No growth. Treat your people like your customers – or even better, treat them better than your customers. Too many startups treat their customers better. Be transparent and open with them about how the business is doing, and how you see their future success Don’t hide away from the hard times. Lead them through it. Enable employee stakeholder capitalism and agency Create channels for feedback – even if they are anonymous Enable the creation of groups – like employee resource groups, so people can connect, learn, and engage Meaningful feedback Critical for what we’ll talk about next
- We’ve talked about customers, and employees, and third is our communities. Which also brings in our customers and employees as they are most likely a part of the communities you work, live, and serve.
- Reminder – your community is more than just charity. It is all the functions you interact with beyond your customers and employees.
- We've talked about people, we've talked about customers, community is who are are your other stakeholder.s first you have to define those, then you have to develop a strategy to build trust within those stakeholders. I What’s the result? Trust. And trust can even mean dollars. Consider this stat from Morgan Stanley, 80% of institutional asset owners integrate ESG considerations into their investment process. That is up from XX% just five years ago. This is the epitome of ESG. They are looking for corporation to be responsible corporate citizens and have consistent ethical practices across everything they do. We bring this home here. You satisfy your community when you're intentional and authentic about the causes and investments you make in this space.
- One key way to accomplish this is to find a cause that your brand is uniquely qualified to talk about. What issues are your customers fighting? It must be done with authenticity so you can follow through with it, day after day, year after year. No empty brand promises. If your employees want you to comment on something that you don’t feel like you can follow through with, give them the channels to create that response (like we talked about with employees)
- What you can do today as a startup You can’t respond to everything Figure out the issues that you and your brand are uniquely positioned to serve and make a difference Educate your employees and your customers on why this matters to you, to further build trust Deliver. Practice what you preach.
- KEY TAKEAWAYS/CLOSING Overview Trust is critical Trust can make or break a brand Trust is something you can inject into the nucleus of your growing company What to do today For your customers Employees Community Close & thanks