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A Crisis in Consumer Trust – An Unintended Opportunity?

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Incidents and accidents will happen. Consider BP, Malaysia Airlines, Primark and most Banks! Building Trust ‘generators' into your business planning is the best way to avoid a crisis of Trust, but, the next best thing is to prove Trustworthiness through the decisions that are made in the glare of the ensuing publicity. 

In this article the -  http://bit.ly/1nQcUsY  -  the potential benefits (or lack of them) of re-branding are explored. Rightly, the conclusion is that sweeping mistrust under the carpet with a re-brand and re-launch is not the best way to prove trustworthiness and consumer confidence!   

Ironically, a Crisis is an unintended opportunity. The publicity is created and the spotlight is on. The common media pattern is to first focus on human tragedy, second on any response from emergency services and Government and then turn, fairly quickly, to blame and look for breaches of Trust and Confidence.  A great leader will be helpful, but most Chief Executives are not selected for their tested ability to shine in a crisis and this is why they often fail to impress. This is now less about individual leadership but about Business Values and Plans already in place being acted upon by leaders.

So, how is the avoidance of crisis (or uninterrupted success) and the crisis response planned for? The answer is in understanding the expectations of those that will be making those Trust and Confidence judgements – consumers and shareholders. 

BP, Malaysia Airlines, Primark and some Banks are overcoming their moments of crisis but could their recovery have been/be better? We’d love to know your thoughts on this. Let us know by tweeting us at @LivUniCPD

For information on CPD programmes from the University of Liverpool, visit http://www.liverpool.ac.uk/cpd/

Image Credit: Artem Popov

 

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