It’s a changing economy, folks, everyone recognizes that. The way we do work is changing, the way we interact, our view of “security” – all evolving toward something we’re just beginning to understand. In his new book “Linchpin” (awesome read by the way), Seth Godin explains, “We can’t get profitably more average. We can’t get more homogenized, more obedient, or cheaper. We can’t get faster, either.” Godin posits that those who rule this new playing field, the “Linchpins”, will do so by being more human, more authentic and more willing to share their unique gifts. I’ll add that Linchpins also need to communicate from this place. Clearly, simply and authentically.
It appears that consumers agree.
For all of you that need a little “proof” (or need proof for your clients) that authentic communication is critical and community partnerships or mutually beneficial marketing is essential, let’s take a look at Edelman’s 2010 Trust Barometer survey . It primarily asked consumers about corporations, but the findings reflect current consumer sentiment and may be relevant to any organization.
According to this survey, only 17 percent of consumers found corporate or product advertising to be credible. Think about THAT before you dump a whole ton of cash into your next advertising campaign. When asked about the credibility of corporate communications “such as press releases, reports, and emails as sources of information”, numbers rose to 32 percent, still lagging behind stock/industry analysts (49 percent) and articles in business magazines (44 percent).
So what can organizations (small business, entrepreneurs, non-profits organizations) do to increase their level of consumer trust (assuming they’re an organization that operates from a solid core purpose with solid products or services)? Although Edelman’s report is chock full of revealing information, we’ll focus in on two general areas: communication and strategic community partnerships.
1) Communicate frequently. Yeah, I know…duh. In terms of transparency and trust, this may well be one of the most important factors in the “trust” equation. When your clients and partners know what you’re up to on a regular basis, they don’t have to fill in the blanks. Not to mention that you have a better shot at remaining top of mind.
Seventy-five percent of consumers ranked “Communicate frequently” as a critical factor to corporate reputation. Edelman’s 2009 Trust Barometer Survey revealed, “…people need to hear something about a company three to five times to believe its veracity.” They appropriately mention the importance of a multi-platform approach (think: a strategy that includes HARO, a blog, Twitter, Facebook, website, video, etc.). With the tools available to all of us today, “multi-platform” no longer equals “expensive”. Do you take every opportunity possible to communicate with your stakeholders?
2) Partner up. Identifying a like-minded community partner is a fantastic way to leverage resources, pool ideas and get something truly remarkable done and done well. I personally like the term “Mutually Beneficial Marketing”, since it implies that everyone needs to get involved.
According to Edelman, about 56 percent of US respondents cite non-governmental organizations (NGOs) as trustworthy. What’s more, looking back to Edelman’s 2009 goodpurpose Report, a whopping 67 percent of Americans agreed that companies should “integrate good causes into their day-to-day business”. And not only do they expect good things from the companies with whom they interact, they’re willing to pitch in as well. Sixty-one percent of Americans said they’d “help a brand promote their products or services if there is a good cause behind them.” Ummm…cool!
So, non-profit organizations, grab this data and find a worthy local business. Businesses, grab this data and find a worthy local non-profit organization.
The days of companies barking down at the masses from on high are over. The good news for small to mid-sized organizations is that the playing field has never been more level, provided you’re clear on your purpose. Opportunities to make an impression…your impression…abound. And it turns out that old-fashioned values like honesty truly are the best policy.
This is excellent. I love how you take the statistics from the reports and push them into the reality it creates for business. My only wish is that local nonprofits WOULD cease their power in this conversation. Instead of just asking for a gift basket or a donation to an event they could build meaningful partnerships with their local community. I have found it is just hard for many of them to see past their most current need. Great blog – thank you for sharing.