rebuilding trust after a crisis
DESCRIPTION
No matter where you look today, another "big" brand is falling victim to crisis, which is only amplified by today's global connectivity. Whether it's Target and its latest consumer data breech, Paula Deen 's brand under attack for failing to have a cohesive crisis communications strategy in place, Toyota announcing another recall or General Mills' making a controversial decision to go GMO-Free, one thing is for certain: the public will tell you what they think via social media. And brands better be willing to listen. Join Noah Krusell, Director of Analytics & innovation at evolve24, and David Johnson, CEO of Strategic Vision, LLC, as they discuss the importance of building brand equity before a crisis to improve their ability to rebuild trust after a crisis hits.TRANSCRIPT
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What is Brand Trust
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TRUST is a mutual confidence between two or more parties
• Trust is the most critical component in building and maintaining a strong, emotionally driven and enduring brand.
• Brand trust bond is based wholly on strong emotional connections as a result of the perceived shared values between the brand and the customer.
• Honesty, integrity, sincerity are the essential attributes that contribute and reinforce customer trust. This involves not only the amount and accuracy of information that is shared with customers, but also how sincerely and appropriately it is communicated.
• Trusted brands have empathy, never fail customers and are transparent.
price premiums
retains
attracts increases demand
improves relations
creates barriers
increases valuation
allows forgiveness
Why Trust Matters
evolve24.com | #evolve24TRUST | strategicvision.biz
evolve24.com | #evolve24TRUST | strategicvision.biz
Not getting out in front of the story
• Paula Deen, Target
Failing to apologize or seem sincere in the apology
• Paula Deen, SeaWorld, Target, Toyota
Not getting all the information out at once
• Target, Toyota
Forgetting audiences
• Paula Deen, Target, Toyota
Attacking critics or victims
• Paula Deen, SeaWorld
Lack of social media strategy
• Paula Deen, Target, SeaWorld
Common Mistakes Brands Make When Crisis Hits
Paula Deen – Racial Slur
evolve24.com | #evolve24TRUST | strategicvision.biz
evolve24.com | #evolve24TRUST | strategicvision.biz
TARGET – Security Breach
SeaWorld – Employee Death
evolve24.com | #evolve24TRUST | strategicvision.biz
evolve24.com | #evolve24TRUST | strategicvision.biz
Toyota – Recall
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What Causes Greatest Damage During the Crisis
A poor crisis response becomes the narrative rather than the actual crisis. A response that goes against the public’s perception of the brand. Ignoring the crisis entirely.
It causes consumers,
employees, and investors to lose
confidence in the brand’s
competence.
• Evaluate how the brand performed its crisis comms strategy
• Analyze media coverage during and immediately after the crisis
• Analyze social media/blog mentions of the brand during and after the crisis
• Implement a lessons learned strategy from the crisis into communications strategies
• Conduct market research on the brand two weeks, a month and three months after
• Implement new communications and outreach strategies
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Post-Crisis Evaluation
Benchmark where you stand—before a crisis hits Monitor trust conversations and drivers over time Investigate the mechanics of a discussion, i.e. who’s speaking, where, and with what intent Engage credible third parties who can project trust onto your brand
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Thank You
QUESTIONS?
David Johnson CEO & Co-Founder
Noah Krusell Dir, Analytics & Innovation