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Yvonne Kiely, EY -Seren : Trust As A Key Feature of Reputation and Brand 

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Yvonne Kiely, EY -Seren : Trust As A Key Feature of Reputation and Brand at DMX Dublin 2019

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Yvonne Kiely, EY -Seren : Trust As A Key Feature of Reputation and Brand 

  1. 1. DMX 2019: Trust as a key feature of reputation and brand in a continually disruptive era Yvonne Kiely
  2. 2. 3EY-SEREN EXPERIENCE MATTERS Brand and reputation can be damaged in the space of seconds Oh Snap! Kylie Jenner’s tweet sees Snapchat shares fall Facebook's value slides by $36bn as data breach rocks shares - as it happened Revolut CFO resigns as company grapples with money laundering concerns
  3. 3. 4EY-SEREN EXPERIENCE MATTERS The Veracity Index (2018) shows varying levels of trust by profession Source: IPSOS MORI
  4. 4. 5EY-SEREN EXPERIENCE MATTERS But what is trust? ….. firm belief in the reliability, truth, or ability of someone or something
  5. 5. 6EY-SEREN EXPERIENCE MATTERS How do we build trust? 1. Know yourself and your intentions 2. Make your actions match your words 3. Be sincere about your reactions 4. Be open to feedback 5. Accept different needs and wants, know your partner
  6. 6. 7EY-SEREN EXPERIENCE MATTERS Trust is founded on 4 key factors VALUES INTEGRITY MUTUALITY COMMITMENT
  7. 7. 8EY-SEREN EXPERIENCE MATTERS Disruption by its nature … causes disturbance which interrupts an event, activity, or process … challenges trust and expectation management across the organisation, from both employees and customers like
  8. 8. 9EY-SEREN EXPERIENCE MATTERS So with lots of digital disruption comes feelings of anxiety about… 1. How our data is being used; 2. Whether the reviews we’re reading are fake; 3. How far we’re willing to give up control to save time and effort buying things; and 4. What the outcome will be
  9. 9. 10EY-SEREN EXPERIENCE MATTERS Disruption requires a broader, but more focused, point of view React to disruption from changes to the competitive landscape, in addition to political events and climate change Need to prioritise and emphasise the most important challenges in an ever-expanding universe of potentially disruptive trends. A broader view A narrow focus VS.
  10. 10. 11EY-SEREN EXPERIENCE MATTERS The upside of disruption: Disruption is not just a potential threat, it’s also a latent opportunity •  Is every industry now your industry? •  As others converge on your industry, what new ecosystems will emerge? •  How does competition change when your rivals become your collaborators? •  How do customers react to these changes? Industries Redefined Super Consumer •  Determining the right mix of technology •  Re-engineer business processes and operations to achieve a holistic view of the consumer across the entire brand journey to meet rising customer expectations •  Where does customer and business value converge? Behavioral Design •  The relationship between design and behaviour has never been more important than in the era of human augmentation •  The importance of responsive resilience embedded in the organisation is key to realisation of value 3 Megatrends 2018 posing opportunities in Customer Experience
  11. 11. 12EY-SEREN EXPERIENCE MATTERS Customer Experience is the key capability in aligning your organisation across all stakeholders and realising trust in each interaction
  12. 12. 13EY-SEREN EXPERIENCE MATTERS We know “bad" experiences push customers away :( 82% of consumers stop using a service due to a poor experience 79% tell others about their bad experience
  13. 13. 14EY-SEREN EXPERIENCE MATTERS Good experiences grab customers :) 40% of consumers have been swayed by a competitor brand because of it’s reputation for better customer service 55% of consumers will recommend a brand based on a good experience, more so than product or price 85% Would pay up to 25% more to ensure a superior experience
  14. 14. 15EY-SEREN EXPERIENCE MATTERS Customer experience is the most powerful tool you have Increase Advocacy Find operational efficiencies Boost Loyalty Lift ARPU Experience- driven businesses grew revenue 1.4x faster and increased customer lifetime value 1.6x more than other companies in the past year. (2018) 69% of customers said a bad experience would have a strong impact on their decision to leave Increase in operating margin for companies with engaged employees, due to CX creating a unifying mission for employees to get behind 2.7x of customers say a better experience from a competitor would have a strong impact on their decision to leave 67% $3.56 Annual incremental RPU for 1 point increase in CX index score for TV providers and 46% of consumers said they would be willing to pay more for a better experience 67% of customers who have a good experience are likely to recommend the product/service Increase Acquisition
  15. 15. 16EY-SEREN EXPERIENCE MATTERS Values matter to your customers Customer experience Brand’s clear purpose Good Treatment to staff 86% 82% 78% Impacts on shopping habits
  16. 16. 17EY-SEREN EXPERIENCE MATTERS Word of mouth still leads…no matter the intent each interaction is an opportunity to impress or disappoint and aren’t mutually exclusive, every contact is a reference point for trust 84% 73% 47% Consumers influenced by word of mouth from peers 35% Online reviews Traditional Media Social Media Vs. Vs. Vs.
  17. 17. 18EY-SEREN EXPERIENCE MATTERS No brand is immune from the need for trust, and the implications of disregarding are significant 80% of consumers agree that if a brand in any industry acts improperly, it will affect their decision to continue purchasing it. 83% of consumers say that favouring a company encourages them to purchase other products from it. 62% of consumers will act as advocates for brands whose values they support. 74% of consumers would boycott a retailer that they do not trust. 86% of consumers would alter their buying decisions based on whether a brand treats its customers well; 78% feel the same about a brand’s treatment of its employees. 76% of consumers are influenced by the nature of a brand’s supply chain. Yet, 74% say making supply chains more transparent would not encourage them to pay more for a brand’s products. 67% of consumers would stop buying a brand if it were bought by a company that had suffered negative publicity Improper behaviour Customer loyalty Advocacy Boycotting Treatment of customers and employees Supply chains Corporate acquisitions
  18. 18. 19EY-SEREN EXPERIENCE MATTERS In an era of constant change and internal and external competition there are five key steps to sustain and grow brand value within your organisation Understand your key stakeholders Deliver and protect the outcomes that matter Communicate the outcomes Establish an assurance framework Align, align, align! 1. 2. 3. 4. 5.
  19. 19. 20EY-SEREN EXPERIENCE MATTERS Empathy Page 21
  20. 20. 21EY-SEREN EXPERIENCE MATTERS Customers help deliver better experiences, organisations that understand the importance of how each and every interaction builds trust and therefore brands who keep this as core will win VALUES INTEGRITY MUTUALITY COMMITMENT

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