Edelman’s recently released their results from the 10th annual Trust Barometer Survey. In the US, public trust in business has dropped by twenty percent and in Canada by four percent.
While we may think that Canada is optimistic compared to the US, a four percent drop is still significant. It demonstrates that companies need to be mindful that in this digital age, you can no longer be entirely in control of your brand by simply putting out messages (even if they are truthful) and expect them to be consumed as they are. If you want to be believed and taken seriously, you have to live and breathe the messages you want to convey, and you have to be willing to leave them up to public scrutiny. This isn’t new thinking, but it is becoming more understood as we start to see the effect social media and online dialogue is having on corporate brands.
Another interesting point to note; when asked about trustworthy news sources, Canadians ranked the following as most trustworthy: industry analyst reports (52%), articles in business magazines (50%), conversations with friends and peers (42%) and conversations with company employees (41%). Corporate communications initiatives fared much worse with press releases, company websites, product advertising and social networking sites ranking the lowest on the list.
I find the last point about social networks surprising, because when I am conversing on Facebook, Twitter or Linked in, these conversations are with trusted friends – how does that differ from the 42% of people who trust conversations with friends and peers?