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BRANDS BUILDING TRUST

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On 20th May, Oystercatchers held their third Oystercatchers Club evening of 2014. The focus of the evening was on 'Brands Building Trust'. We brought together a top panel of speakers to debate the hot topic of how brands build and rebuild trust. The panel which Suki Thompson, CEO, Oystercatchers chaired was made up of: Alistair Macrow, S.V.P. Chief Marketing Officer, McDonald's Benny Higgins, CEO, Tesco Bank Steve Parish, Chairman, Crystal Palace Football Club Johnny Hornby, Founding Partner, CHI & Partners Here are the take outs from the evening...

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Oystercatchers Club Takeaway Brands Building Trust 20 May2014
Brands Building Trust Alistair Macrow S.V.P. CMO McDonald's Benny Higgins CEO Tesco Bank Johnny Hornby Founder The&Partnership Steve Parish Chairman Crystal Palace Football Club Suki Thompson CEO Oystercatchers Chair
Takeaway 1: Two components of trust • The last five years have seen an undermining of trust between customers and a wide range of businesses and institutions • For example, the impact of the 2008 crash on banking, the horsemeat scandal on food retailers and fuel price rises on energy suppliers • In a recent study by Tesco Bank it suggested that there are two core components of trust: Effective Trust and Transactional Trust • Effective Trust: Does this business put the customer’s interests before their own interest? • Transactional Trust: Does the customer get what they have been promised? • Tesco Bank score highly on Transactional trust, and less well on Effective Trust; while the reverse is true for the retailer
Takeaway 1: Two components of trust ‘The moment of truth is Transactional Trust- what happens at the moment we hand the burger over. The person behind the counter is paid a fair wage. The burgers are 100% British and Irish beef. The lettuce comes from Kent. But if the lettuce is falling out of the bun then all that is lost’ ’ Alistair Macrow ‘Terry Leahy said ‘What made Tesco act at its best was when we were prepared to put the customer before the P&L’ Benny Higgins ‘Trust in football is stripped bare if you are an owner’ Steve Parish ‘It’s not what you say, it’s what you do. ’ Johnny Hornby
Takeaway 2: What leads to a breakdown in trust? • Three issues were identified as leading to breakdowns in trust between customers and businesses; Culture, Leadership and Authenticity • Culture: The failure to develop a culture where there is a belief that trust is earned through what you/the company does, not through what it says it does • Leadership: The failure to provide the leadership to win effective trust • Authenticity: The failure to remain true to your origins, intentions and commitments
Takeaway 2: What leads to a breakdown in trust? ‘Being successful has a hypnotic influence on Chief Executives. It is important not to forget why we have succeeded’ Benny Higgins ‘In 1985 the world was a simple place. then all of the institutions began to let everyone down’ Johnny Hornby ‘Trust in football is stripped bare if you are an owner. The fans don’t trust the owner.. The fans have a huge sense of ownership’ of the club’ Steve Parish ‘When customers trust you they want to hear the good stuff about you. When they don’t trust you, they only want to hear the bad things’ Alistair Macrow ‘No one was remotely interested in what I had to say until I bought a loss making business in South London’ Steve Parish
Takeaway 3: The role of authenticity • The panel were unanimous in the belief that authenticity played a critical causal role in gaining trust • If the leaders in an organisation focus on being authentic and concern themselves with taking the long view, then the ‘rest takes care of itself’ • Customers quickly see through the business which tries to manufacture trust through media rather than building trust by being true to their values and commitments
Takeaway 4: What happens to trust when a crisis hits? ‘Everything has become much more personal in banking’ Benny Higgins ‘In a crisis, leadership gets tested’ Benny Higgins ‘Trying to make the right decision in that maelstrom is quite difficult’ Steve Parish ‘Being in the spotlight constantly (is tough), and some of the comments can be very abusive’ Steve Parish ‘The danger comes when someone wants to over fix the problem’ Johnny Hornby ‘The first thing you need to do is to behave in a trustworthy manner. You need radical transparency. ’ Johnny Hornby ‘Mistakes can be made quickly so the first point is to understand as much as possible’ Alistair Macrow
Benny Higgins’ Literary References – for those of you who wanted to know where they came from! “Somebody had blundered and the most expensive orgy in history was over” ‘Echoes of the Jazz Age’, 1931, F Scott Fitzgerald ‘The importance of rational detachment’ 'A Descent into the Maelstrom' 1841, Edgar Allen Poe ‘Be yourself; everyone else is already taken’ Oscar Wilde
About the Oystercatchers Club The Oystercatchers Club was created in response to Agency CEOs and Brand CMOs asking for an informal forum where senior people could meet to inspire, share knowledge and confidentially discuss industry trends and issues. The Club meets on a bi-monthly basis in central London and members select the topics for debate. At each Club evening, we welcome approximately 180 Marketing Directors, Chief Marketing Officers, Agency CEOs and Managing Directors. Four client and agency speakers are invited to debate a hot, and often contentious, topic. Each is allocated fifteen minutes to share their points of view and knowledge leading to lively audience discussion. We’d like to think that there is no other Club like this in the industry. Please click here for the 3 min edit of the evening and here for the full panel discussion
Who are Oystercatchers We are a leading management consultancy, expert in helping agencies and brand teams maximise their marketing performance with astute optimisation of creative, strategic and media partnerships. • We help brands achieve their Marketing objectives • We accelerate Marketing performance • We remove the interference to release your potential Our Services: Model We determine the most efficient model to drive client and agency effectiveness and performance. Pitch We work in collaboration with you to run the perfect pitch to find your long term agency partner. Evaluation We use Optimise™, our proprietary evaluation methodology to improve and retain your current agency partnerships. Process We deliver optimal ways of working through efficient process and financial rigour. People We transform people who work in marketing to become professional marketers, who work in a centre of marketing excellence. Also… We are proud to be the UK’s leading intermediary and accredited members of the Management Consultants Association.
Like to know more? If you would like to understand more about Oystercatchers and the Club, Suki would be delighted to speak to you: suki@theoystercatchers.com +44 7957 208 040 www.theoystercatchers.com
Thank you

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BRANDS BUILDING TRUST

  • 2. Brands Building Trust Alistair Macrow S.V.P. CMO McDonald's Benny Higgins CEO Tesco Bank Johnny Hornby Founder The&Partnership Steve Parish Chairman Crystal Palace Football Club Suki Thompson CEO Oystercatchers Chair
  • 3. Takeaway 1: Two components of trust • The last five years have seen an undermining of trust between customers and a wide range of businesses and institutions • For example, the impact of the 2008 crash on banking, the horsemeat scandal on food retailers and fuel price rises on energy suppliers • In a recent study by Tesco Bank it suggested that there are two core components of trust: Effective Trust and Transactional Trust • Effective Trust: Does this business put the customer’s interests before their own interest? • Transactional Trust: Does the customer get what they have been promised? • Tesco Bank score highly on Transactional trust, and less well on Effective Trust; while the reverse is true for the retailer
  • 4. Takeaway 1: Two components of trust ‘The moment of truth is Transactional Trust- what happens at the moment we hand the burger over. The person behind the counter is paid a fair wage. The burgers are 100% British and Irish beef. The lettuce comes from Kent. But if the lettuce is falling out of the bun then all that is lost’ ’ Alistair Macrow ‘Terry Leahy said ‘What made Tesco act at its best was when we were prepared to put the customer before the P&L’ Benny Higgins ‘Trust in football is stripped bare if you are an owner’ Steve Parish ‘It’s not what you say, it’s what you do. ’ Johnny Hornby
  • 5. Takeaway 2: What leads to a breakdown in trust? • Three issues were identified as leading to breakdowns in trust between customers and businesses; Culture, Leadership and Authenticity • Culture: The failure to develop a culture where there is a belief that trust is earned through what you/the company does, not through what it says it does • Leadership: The failure to provide the leadership to win effective trust • Authenticity: The failure to remain true to your origins, intentions and commitments
  • 6. Takeaway 2: What leads to a breakdown in trust? ‘Being successful has a hypnotic influence on Chief Executives. It is important not to forget why we have succeeded’ Benny Higgins ‘In 1985 the world was a simple place. then all of the institutions began to let everyone down’ Johnny Hornby ‘Trust in football is stripped bare if you are an owner. The fans don’t trust the owner.. The fans have a huge sense of ownership’ of the club’ Steve Parish ‘When customers trust you they want to hear the good stuff about you. When they don’t trust you, they only want to hear the bad things’ Alistair Macrow ‘No one was remotely interested in what I had to say until I bought a loss making business in South London’ Steve Parish
  • 7. Takeaway 3: The role of authenticity • The panel were unanimous in the belief that authenticity played a critical causal role in gaining trust • If the leaders in an organisation focus on being authentic and concern themselves with taking the long view, then the ‘rest takes care of itself’ • Customers quickly see through the business which tries to manufacture trust through media rather than building trust by being true to their values and commitments
  • 8. Takeaway 4: What happens to trust when a crisis hits? ‘Everything has become much more personal in banking’ Benny Higgins ‘In a crisis, leadership gets tested’ Benny Higgins ‘Trying to make the right decision in that maelstrom is quite difficult’ Steve Parish ‘Being in the spotlight constantly (is tough), and some of the comments can be very abusive’ Steve Parish ‘The danger comes when someone wants to over fix the problem’ Johnny Hornby ‘The first thing you need to do is to behave in a trustworthy manner. You need radical transparency. ’ Johnny Hornby ‘Mistakes can be made quickly so the first point is to understand as much as possible’ Alistair Macrow
  • 9. Benny Higgins’ Literary References – for those of you who wanted to know where they came from! “Somebody had blundered and the most expensive orgy in history was over” ‘Echoes of the Jazz Age’, 1931, F Scott Fitzgerald ‘The importance of rational detachment’ 'A Descent into the Maelstrom' 1841, Edgar Allen Poe ‘Be yourself; everyone else is already taken’ Oscar Wilde
  • 10. About the Oystercatchers Club The Oystercatchers Club was created in response to Agency CEOs and Brand CMOs asking for an informal forum where senior people could meet to inspire, share knowledge and confidentially discuss industry trends and issues. The Club meets on a bi-monthly basis in central London and members select the topics for debate. At each Club evening, we welcome approximately 180 Marketing Directors, Chief Marketing Officers, Agency CEOs and Managing Directors. Four client and agency speakers are invited to debate a hot, and often contentious, topic. Each is allocated fifteen minutes to share their points of view and knowledge leading to lively audience discussion. We’d like to think that there is no other Club like this in the industry. Please click here for the 3 min edit of the evening and here for the full panel discussion
  • 11. Who are Oystercatchers We are a leading management consultancy, expert in helping agencies and brand teams maximise their marketing performance with astute optimisation of creative, strategic and media partnerships. • We help brands achieve their Marketing objectives • We accelerate Marketing performance • We remove the interference to release your potential Our Services: Model We determine the most efficient model to drive client and agency effectiveness and performance. Pitch We work in collaboration with you to run the perfect pitch to find your long term agency partner. Evaluation We use Optimise™, our proprietary evaluation methodology to improve and retain your current agency partnerships. Process We deliver optimal ways of working through efficient process and financial rigour. People We transform people who work in marketing to become professional marketers, who work in a centre of marketing excellence. Also… We are proud to be the UK’s leading intermediary and accredited members of the Management Consultants Association.
  • 12. Like to know more? If you would like to understand more about Oystercatchers and the Club, Suki would be delighted to speak to you: suki@theoystercatchers.com +44 7957 208 040 www.theoystercatchers.com