This post originally ran in Mediapost’s Marketing Daily on 2/18/2009
As a business owner or someone who works at a big company, you may think to yourself, “What does it really matter if my customers trust me? Obviously, it would be better if they did but what’s the real harm? At the end of the day, they will end up turning their back on me for someone that can provide my same product or service ‘faster, better and cheaper.'”
While this may be true, it’s where many companies have lost their competitive edge. Where’s my proof?
I’ll start with Best Buy, a company you are likely familiar with. Not only is Best Buy listed as the second most valuable brand according to Interbrand Design Forum’s latest rankings. It’s also listed as number 24 in Vitrue’s list of top 100 most social brands. Granted, “social” isn’t the sole driver of their more important ranking of “most valuable” brand, but it does plays a key role behind the prestigious “most valuable brand” ranking.
The reason I chose Best Buy as the example to illustrate my point is that it is the epitome of a company that understands the importance of authenticity, and it comes from the top. From its well-documented employee community, Blue Shirt Nation, to its management team which is best exemplified by CMO Barry Judge, this is a company that conducts its business openly and honestly.
During a recent voluntary separation package offer that Best Buy made available to its employees to try and stave off having to do what so many other big and small businesses are doing, Judge openly discussed on his blog the pain that he felt about losing a large number of co-workers.
The comments on Judge’s blog exude empathy and compassion in spite of the fact that Best Buy is a huge company and it needed to reduce headcount, which is not unique in the current economy. But on his blog, Judge’s authentic and honest tone makes him, and his brand, human. And people have a much easier time trusting a human, especially one they can empathize with, instead of a cold and unfeeling corporation.
Additionally, Best Buys’ current ad campaign features real store employees recounting stories of helping customers and the reward it provides to them personally and professionally. Taking this a step further, Judge has also openly discussed the genesis and evolution of this ad campaign on his blog, going so far as to welcome public feedback and asking for input on which creative executions are the right ones to put on air.
In this example, Judge and Best Buy are not only trying to put an “authentic” face on their brand by letting their employees do the talking, they are involving their customers in the process to ensure that they get it right. In doing so, they are garnering trust — something the Enron’s and the leaders of many of the large financial institutions have stolen from us over the last several years.
These examples of what Best Buy is doing demonstrate some of the essential qualities that are increasingly becoming competitive differentiators between brands like:
- Blogging from the heart — even if if feels a little too open and honest
- Using customer feedback to drive upcoming marketing and advertising campaigns
- Responding to customer comments in a human voice
After all, who would you rather do business with? A company that you know and trust? Or a company that offers the lowest price? Yes, price will always be important but in a highly commoditized world, it’s things like authenticity that lead to trust that will truly make one company different from another.
How authentic is your company? If the answer is “not very,” it may be time for a change. Just ask Best Buy. The results speak for themselves.