AdAsia 2011: Building brands in trust deficit world – WATCH VIDEO
Vikram Sakhuja, Michael Boneham, Sandeep Ghosh, Robin Wight and Deepa Prahalad discussed about building trust in brands in a trust deficit world. According to them, brands need to focus on psychological equity along with the fundamental market-place equity of price, distribution and media salience to achieve this.
The concluding session of Day Two at AdAsia 2011 stuck to its promise of navigating through the fog of distrust and emerge as a member of an ‘oligopoly of trusted brands’. Deepa Prahalad, Author & Business Strategist, who was also the moderator of the session, opened it with her thoughts on whether brand trust is dead? She stressed upon the different driving brand values that have changed overtime, one of the points being consumers do not look for perfection but decency and that building trust is a conscious decision that a product or brand takes.
Robin Wight, President, Engine and WCRS stated that the biological purpose of a brand is to enable consumers to make buying decisions with less brain effort and when there was trust crisis, the brain invented web to help them make the choice by consulting their community of friends. Financial services being a difficult category in terms of building trust, Sandeep Ghosh, CEO, Bharti AXA Life Insurance, talked about how they built trust for their brand by creating a brand campaign based on core consumer needs and feedback.
Subsequently, Michael Boneham, President & Managing Director, Ford India, elucidated on how Ford built trust for its brand in India, one of the points being that they now plan to bring products to India which are already present on the global platform, as it gives confidence to the consumer that those products are actually used and trusted across the world. Vikram Sakhuja raised the point that these days brand commitment levels were going down, but once they trusted a brand, they went all out. “Brands need to focus on psychological equity along with the fundamental market-place equity of price, distribution and media salience, in order to create that trust for themselves,” he stressed.
On the point of when engagement led to actual trust, Sandeep Ghosh mentioned that it was not just about the products and services, but also about the leadership and management team of the company and their responses during the moment of crisis that matter a lot.
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