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Archive for the ‘Brand Trust’ Category

marketing researchWe found a great piece in the the Harvard Business Review by the ever-brilliant John Quelch, and knew that it was worthy of reprint here on Synergyblog.

Dr. Quelch outlines seven steps for CMOs to take during the recession to mitigate the reduction in consumer spending.

It’s a great article, and as marketing research practitioners, we at Synergy Marketing Strategy & Research, Inc. are pleased to see an increase in spending with some of our clients.

We believe companies who listen well to consumers, employees, and stakeholders, execute often on fulfilling their brand promise, and continue to produce excellent goods and services without compromise of quality and value will exceed during this recession.  Enjoy. Thrive. Trust and be Trusted!

Recession-challenged consumers are buying less, looking for deals, or switching to different brands, product categories, or stores. Some are even changing long-held attitudes toward consumption. To many folks, filling the home with more stuff or keeping up with the Joneses is no longer appealing.

As a result, the degree of uncertainty in business and consumer markets has soared. Yet, to conserve cash, most firms are reducing spending on the market research that would help manage that uncertainty. In the U.S., spending on market research has dipped for four consecutive quarters, and chief marketing officers don’t expect the situation to turn around soon. Most big consumer marketers are seeking to shave 10 to 20% off of research budgets.

In flush times, a rising tide of consumption can compensate for less than optimal branding, positioning, pricing, or segmentation. That is certainly not the case now. At the same time that marketers must pare down research expenditures, they face added pressure to secure high-quality data and insights. (more…)

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business relationships

SynergyBlog has found a great post regarding the importance of corporate reputation – how to earn it and how to maintain it.

Referencing the demise of many corporate reputations, according Edleman Trust Barometer, a number of Britain’s most admired leaders sat down to discuss the maintenance of a good name…

The full transcript of the panel can be found in Management Today. Enjoy the post!

A recent trust survey confirmed that management has lost public respect. It’s not just individual businesses in the firing line, but business itself. MT brought together Most Admired leaders and other practitioners to debate the issue of how to hang onto your good name…

MATTHEW GWYTHER – Where better to start on a discussion of reputation than with Shakespeare? Iago may be a thoroughly disreputable character, but he has some sound words (Othello, III.3) on the value of character:

Good name in man and woman, dear my lord,

Is the immediate jewel of their souls:
Who steals my purse steals trash; ’tis something, nothing;
‘Twas mine, ’tis his, and has been slave to thousands;
But he that filches from me my good name
Robs me of that which not enriches him
And makes me poor indeed.

The concept of reputation or honour was around for thousands of years before Fred Goodwin. But nowadays it has moved from the individual to the corporate realm, to the point where it is one of the most important things that faces business organisations.

We’re interested in corporate reputation today – not only of individual businesses but of business generally and how this may have been affected by the downturn. Certainly, inasmuch as it is aligned to the subject of trust in business, it has taken a battering – as a recent Edelman Barometer of Trust survey confirmed. (more…)

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TRUSTThis is a piece from the Academy Leadership that SynergyBlog feels they could have written themselves. It’s that good.

We’ll not pontificate. Please read, and in doing so, may your organizations and relationships thrive.

Enjoy. Trust… and be Trusted!

From the Academy Leadership: In its simplest form, trust can be described as the belief that those on whom we depend will meet our positive expectations of them. While this may sound the same as confidence, they are different. Trust is not always rooted in past experience with others, whereas confidence generally results from specific experiences with people and is built on reason and fact. In contrast, trust is based in part on faith. We sometimes give our trust in spite of evidence that suggests we should feel some caution, if not outright suspicion, about relying on another.

Business realities now require that more power be given to those with close contacts with very discriminating consumers. No longer can the few powerful people at the top make all decisions and take all actions. Most companies now realize that they must provide people at lower levels increasing latitude in order to react promptly to demanding market forces and to progress and prosper. Thus, they must trust people to do the right thing. To do otherwise could well spell disaster for the future. Leaders can lead only to the extent that they are allowed to lead by their followers. When people believe that they are not trusted, or lack trust in their leaders, they will actively or passively resist what the team is trying to accomplish. Thus, a leader’s options are limited by excessive and ongoing mistrust among employees. (more…)

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SynergyBlog has found a guest blog post from our friends at MarketingProfs that we think is extremely valuable for corporations and nonprofits interested in building trusted brands. The key is to remain as close to your consumer as possible. To engage in interactive and intelligent dialogue that moves both the organization and the consumer forward.

Len Kendal does a terrific job of sharing what corporations can learn from President Obama. We think he’s right…

by Len Kendall

Depending on how you look at it, the U.S. Government is one of the largest companies in the world. On March 24th, the “CEO” of this “company” utilized a Digg-Like voting system to address the most common questions that American’s had on their minds.

More than 13,000 different questions were submitted and 400,000 votes were cast to help filter the most pressing to the top. Clearly, there was no shortage of opportunity. By implementing this system, Obama used the will of the crowd to:

1) Shape the topics of discussion when addressing the nation
2) Show the crowd that the oval office is acknowledging their importance in driving the country’s success.
3) Illustrate transparency and democratization of modern government (more…)

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giving backSynergy is very proud to have been honored in March 2009 Launch Notes as an exemplar of “Women Giving Back.”

 Synergy will be featured among women-owned corporations who value both excellence in their products and service, and corporate social responsibility.

 

Thank you, Launch Notes, for the honor! Listen here for full interview.

 

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wall_street_2Today SynergyBlog learns that despite the economic woes that many American’s feel, the executives of AIG have decided that they deserve $165 million in bonuses.

This behavior is alarming, outrageous, and it’s the reason my dissertation will seek to understand the drivers of trust and distrust in brands and corporate leaders – and how to restore that trust once it is broken.

The executives at AIG should do a little research of their own. They should look into the lives of average Americans and think about whether they deserve one more cent (in addition to the $170 billion bailout money they’ve already recieved) of our hard-earned money.

According to CBS News American International Group is paying out millions of dollars in executive bonuses to meet a Sunday deadline. But the troubled insurance giant has agreed to administration demands to restrain future payments.

The Treasury Department determined that the government did not have the legal authority to block the current payments by the company that has already received more than $170 billion in U.S. support.

AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.

Treasury Secretary Timothy Geithner has asked that the company scale back future bonus payments where legally possible, an administration official said Saturday.

This official, who spoke on condition of anonymity because of the sensitivity of the issue, said Saturday that Geithner had called AIG Chairman Edward Liddy on Wednesday to ask that Liddy renegotiate AIG’s current bonus structure. See full story here.

Is this ethical behavior? SynergyBlog is disgusted. How about you?

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State-of-OhioToday SynergyBlog celebrates the companies in the State of Ohio who are most admired in their respective industries for being the best.

Companies are evaluated for leadership in people management,  innovation, corporate social responsibility, diversity, and financial management.

Congratulations. And thank you for all you do!
Company City
Goodyear Tire & Rubber
Akron
Chiquita Brands International Cincinnati
Cintas Cincinnati
Convergys
Cincinnati
Kroger Cincinnati
Procter & Gamble Cincinnati
Eaton Cleveland
American Electric Power Columbus
Limited Brands Columbus
Cardinal Health Dublin
Owens Corning Toledo

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