Who’re You Going to Believe?
Monday, April 26th, 2010Headlines this week are filled with the SEC lawsuit against Goldman Sachs. Bank leader Lloyd Blankfein continues to assure anxious employees and shareholders that Goldman has done no wrong and they’re ready for the fight. In the meantime, the rumor mill is swirling and some are questioning whether the Goldman reputation for putting its customers first is fact or a mirage.
Who are you going to believe?
Andre Agassi once said in his campaign for Canon, “perception is everything.” With Madoff fresh in our minds and the once trustworthy Toyota apparently failing to disclose problems with some of its models in a timely fashion, we’d say “credibility is everything.” Now more than ever companies from corporate leadership to brand managers need to stand by their mission statements, deliver against brand promises and live up to their reputations. Talking the talk is not enough. Neither is walking the walk. Only walking the talk will suffice.
Nobody questions a company’s right to be successful, however success is defined. Healthy earnings often yield a whole lot of good for everyone. For pharmaceutical companies, profits allow for deeper investment in research and development. For health insurers, a bottom line firmly in the black supports partnerships with community organizations that provide easier access to important health information and services. Of course, corporate success and the resulting greater good are not exclusive to healthcare. If Nike wasn’t so successful, they wouldn’t be able to resurface playgrounds in inner cities or dedicate resources to children’s athletics.
It’s when success seems at the expense of others – investors, patients, consumers, you and me—due to a lack of candor or a sense of wrong-doing or not following through in some way that the tide turns. Public opinion matters and ignoring this simple truth comes at considerable risk.
Companies and marketers operating in industries are already mired in mistrust need to work even harder to walk the talk. It is the credibility that is built up over time, through actions, programs that not only sell a product but deliver against a higher cause, straight-talk by senior executives and transparency that earns the support needed in times of need.
People stand by those they believe and believe in. We do. Don’t you?