It’s depressing to see and hear about the businesses that are closing or downsizing in some way. As a human being, I feel for all of the employees that are directly impacted. As a consumer, the closures and downsizing make me even more cognizant of the old saying “consumer beware.”
In choosing a company for a product or service, I want to feel confident that the company will be around as needed and not get swept away by economic forces. If I purchase an item and I want to return or exchange it down the road, will I be able to do so? If I purchase a gift card for someone, will the recipient be able to use it? If I need service on a product, will the company be around to provide it?
The bottom line is that there is a lot of uncertainty these days. More than ever, businesses are faced with the burden of building consumer trust. As a consumer, I want some peace of mind that the businesses I choose will be there for me. I’m clearly not alone.
The cover article of the current (1/30/09) issue of Marketing News (“Right the Ship”) talks about rebuilding trust in this period of low consumer confidence. The Consumer Confidence Index hit a record low last October and is still far from reaching what would be considered a ‘good’ rating. According to this article, “A crucial step in restoring consumer confidence is restoring consumers’ trust that individual brands will remain strong and will continue to deliver on their brand promises.”
I recently had a CD that matured at what is now Wells Fargo. In deciding what to do with those funds, I researched my options. Ultimately, I chose to ‘reinvest’ my money with Wells Fargo. Not only was the rate competitive, but the Wells Fargo representative did an excellent job educating me about the recent merger and earning my trust in the stability and strength of Wells Fargo. This is what sealed the deal. Oh, and by the way, I also ended up referring my dad to them.
Contributed by Christine Parcenka, VP, Synovate
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