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Building a Trustworthy Brand: The Importance of Values, Behavior, and Context

By Rob Docters author of Ethics and Hidden Greed

Building a trustworthy brand is crucial for any business to succeed in today’s competitive market. However, gaining customers’ trust is not built upon a list of attributes or a checklist but an outcome of ethical behavior and values.  In addition, social media allows businesses to gather information about people’s concerns and express themselves through better targeting the audience.

However, a company builds its brand through behavior, usually transmitted to potential buyers. The most successful companies instill their beliefs in every employee and don’t allow their salespeople to manipulate transactions to build a brand. Customers own brands, and they are not commodities. They want to know they are getting a quality product or service at a fair price.

Values, Behavior, and Trust

Knowing your values is crucial, not just for being suitable, which does not resonate with consumers, but for inspiring many decisions. For example, ExxonMobil aims to know where every gallon of gasoline is, from the well-head to the gas pump. You may say: “Oil is a commodity; it has no brand.” That would be wrong. Customers’ perception can easily alter the distinction between narrow and broad trust. If you are a product manager, then your goal is the value and price of a phone. If you are the company president, you had better think more broadly.

Pricing

The context for the pricing decision is what determines the price. For instance, Walmart gets a different price for Coke depending on where it’s displayed—its value changes when surrounded by Pepsi versus sporting goods.

It is crucial to understand customers and which of several categories of decision-making they go to. For example, a consumer bank had customers who hated banks and just wanted to “fly below the radar.” This segment was attracted to the bank, even if their intention did not sit well with the bank. At the same time, online-only consumers were not interested in guarantees and assurance regarding Internet banking and felt comfortable. They felt more adept than the bank, so the entire marketing pitch had to be flipped from safety to convenience, convenience, and convenience.

Building a trustworthy brand is an ongoing process that requires continuous effort and attention.Businesses can establish themselves as reliable and trustworthy brands that customers can rely on by taking a proactive approach to understanding their customers’ needs and concerns. Companies can better target their audience and deliver high-quality products and services that meet their customers’ expectations. Building a trustworthy brand is not just good for business; it’s essential for success in today’s marketplace.


ROB DOCTERS


ROB DOCTERS recently co-authored Ethics and Hidden Greed. Your Defense against Unethical Strategies and Violations of Trust. He is Partner at Abbey Road, LLP, leading their ethics practice. He formerly led BCG’s pricing practice in Asia/Pacific.

Building a trustworthy brand should be a high priority for almost any business to succeed in today’s competitive market. How to do this? Gaining customers’ trust is complex, not built upon a list of attributes or a checklist. Instead, it is the result of instilling ethical behaviors and values. These aspects have always been important, but today social media can make ethical issues rapidly grow to be significant.

However, a company builds its brand through behavior, usually transmitted to potential buyers. The most successful companies instill their beliefs in every employee and don’t allow their salespeople to manipulate transactions or customer care to be dismissive of building their brand. Its customers who ‘own’ your brand. They want to know, without checking, that they are getting a quality product or service at a fair price.

Values, Behavior, and Trust

Knowing your values is crucial for product development so that all activities resonate with consumers and inspire many decisions. That applies to almost all markets. For example, ExxonMobil’s profits lie in reaping the value of superior lubricants and oil. You may say: “Oil is a commodity; it has no brand.” That would not be true. Not only do lubricants vary in quality, but buyers get a cue about performance and value from how the company presents and markets these products.

Trust in a brand comes in two forms: narrow and broad, depending on the product. Narrow means evaluating each transaction. Broad means that customers form a view of the seller, and only if disproved does that perception evolve. Customers remember an experience, especially negative ones. If you are a product manager, then your goal might be narrowly the value and price in a specific sale. If you are the company president, think more broadly about the relationship.

Pricing

The context for the pricing decision is what determines the price. For instance: Walmart obtains a different price for Coke products depending on where it’s displayed—market price changes when surrounded by Pepsi versus sporting goods.

It is crucial to understand the decision criteria customers rely upon. For example, a consumer bank found that some customers, who “hated” banks, just wanted to “fly below the radar.” This segment was attractive to the bank, even if their views contradicted their aspirations. At the same time, online-only consumers were not interested in obtaining guarantees and assurance regarding Internet banking. They felt more adept than the bank, so the entire marketing pitch had to be flipped from safety to convenience, convenience, and convenience.

Building a trustworthy brand is an ongoing process that requires using the right levers. Unfortunately, many companies do not meet that requirement. Businesses can establish themselves as reliable and trustworthy brands that customers can rely on by taking a proactive approach to build ethical standards for all transactions—large and small (often taken as an indication of the overall relationship). Generally, this means employee behavior in customer interactions, ensuring their fidelity to values. Building a trustworthy brand is not just good for business; it’s essential for company success.

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Smart Passive Income is a Dangerous Myth: Why You Shouldn’t Fall for It

 

 

Introduction:

Are you tired of working hard for your money? Do you dream of living a life of luxury without lifting a finger? If so, you may have fallen for the myth of smart passive income. In this article, I will argue that the idea of passive income is not only misleading but also dangerous. Contrary to popular belief, there is no easy way to make money, and those who claim otherwise are either lying or ignorant. So, buckle up and get ready to have your world turned upside down.

 

The Fallacy of Passive Income: Why It’s Not Real

Smart passive income is a term that has been thrown around a lot in recent years. It suggests that you can make money without doing anything or very little work. The truth is, there is no such thing as passive income. Even if you’re making money from investments, you still need to put in the effort to make informed decisions, and even then, there are risks involved. If you want to make money, you need to put in the effort.

 

The Risks of Passive Income: Why It’s Dangerous

Not only is the idea of passive income misleading, but it’s also dangerous. Many people have fallen for the promise of easy money and ended up losing their life savings. Investing in stocks, real estate, or any other form of passive income carries significant risks. The idea that you can make money without doing anything is a fallacy, and those who believe it are setting themselves up for failure.

 

Passive Income Requires More Work Than You Think

Passive income is often sold as an easy way to make money, but the reality is much different. Whether it’s creating an online course, writing an e-book, or investing in stocks, all forms of passive income require a lot of hard work upfront. Even after you’ve put in the effort, there’s no guarantee of success. The idea that you can make money without doing any work is a fantasy.

 

 

The Reality of Passive Income: Why It’s a Myth

The idea of passive income is a myth perpetuated by those who want to sell you something. The truth is, there’s no easy way to make money. Whether it’s through investing, creating a business, or working a 9-5 job, all forms of income require effort. Those who claim otherwise are either lying or trying to sell you something. Don’t fall for the myth of passive income.

 

The Limits of Passive Income: Why It’s Not Sustainable

Even if you’re lucky enough to make money from passive income, it’s not sustainable in the long run. Markets change, investments fluctuate, and businesses fail. The idea that you can make money without putting in any effort is not only a fallacy but also a dangerous one. If you want to make money, you need to be willing to put in the effort.

 

The Importance of Active Income: Why It’s Necessary

In conclusion, there’s no easy way to make money. Unless you’re born from it…

The idea of passive income is a myth perpetuated by those who want to sell you something. If you want to make money, you need to be willing to put in the effort. Active income is the only real income.

Whether it’s through creating a business, investing in your education, or working a 9-5 job, all forms of income require effort. The key is to find something you’re passionate about and work hard to achieve your goals. Don’t fall for the myth of smart passive income. It’s a dangerous and misleading idea that will only lead to disappointment and failure.

 

Conclusion:

The idea of smart passive income is a dangerous myth that should be debunked. While it’s tempting to believe that you can make money without doing anything, the reality is much different. Making money requires effort, hard work, and sometimes a little bit of luck. There’s no shortcut to success, and those who claim otherwise are either lying or ignorant. If you want to make money, you need to be willing to put in the effort.

Active income is the only real income, and it’s the key to achieving financial freedom and success. So, don’t fall for the myth of smart passive income. Instead, focus on finding something you’re passionate about and work hard to achieve your goals.

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