New York–With corporate scandals and bankruptcies rampant, it’s no wonder that customers’ trust in brands has dropped during the past year. And a loss of trust can be fatal to a brand, Tara Weiner, vice chairman/national managing partner, consumer business industries practice at financial advisory services provider Deloitte, told attendees of a Monday session of the National Retail Federation’s 94th Annual Convention and Expo.
When brand value represents 60% of a company’s stock market value, according to an Interbrand study, how can a company turn the tide and increase consumer trust again? By realizing that a brand is more than just product, Weiner said: “Products have a limited life cycle; brands can live for almost forever.”
Jim Beeman, Nike USA account marketing director, offered advice for maintaining strong brand awareness with consumers:
1. Begin with the end in mind. 2. Execution, execution, execution. 3. Capture the consumer’s heart with insight. 4. Be relevant to the consumer and the customer.