Reputation repair is vital, says Illuminas

Illuminas has explained how financial services companies can repair and rebuild their reputation after the damage caused by the credit crunch.

Mike Roderick, group director of Illuminas, revealed that a survey conducted in early 2008 identified that one-third of consumers trusted financial service providers less compared to 12 months ago, and said today that figure is likely to be much higher.

Here Roderick explains the difference between brand and corporate reputation and explains the importance of a strong brand in the current uncertain climate.

The question for many financial service providers is what makes up or defines their brand and therefore what their brand stands for in the minds of the customer.

Once the factors that make up a company's brand (or brand reputation as it is sometimes called) are identified through customer research, then the company can target the areas it needs to develop or rebuild to improve its brand and ultimately overall reputation.

Broadly speaking brand reputation consists of six core attributes: Values: what is it your customers and employees believe in? Stand for something, not everything.

Honesty: be genuine and authentic in everything you do and say.

Loyalty: engage with customers beyond expectation.

Relationship builds trust and confidence.

Differentiation: offer something unique from your competitors.

Vision: a company with vision enables customers to achieve their goals.

Diligence: deliver excellence - everything matters.

Financial service providers with the best brands will live according to most or all of these characteristics to varying degrees.

Keeping close to your customers is key.

By conducting research with customers, a company can understand its current brand image, how to improve it and keep abreast of changing customer needs; all of which are vital to maintaining and evolving the brand.

We have been working with financial service providers to go beyond understanding brand and evaluating the role of 'brand contribution' in the consumer decision-making process.

We are able to measure the extent and means by which brand influences choice and decision making; a key concern for marketers in today's climate and one where metrics can be generated to help marketers persuade boards of the value in investing in 'brand'.

In some markets, like luxury goods, it is clear it is an entirely 'branded' decision to purchase a designer item; whereas at the other end of the scale buying industrial chemicals is virtually an 'unbranded decision'.

Research has identified 'how much' and 'where' brand is impacting to commercial effect.

Knowing where your brand influences in the customer decision-making process enables marketers to target brand messages in a more effective way.

Those financial service providers, who differentiate their brand, remain top of mind and target brand messages effectively are most likely to succeed in the long term in rebuilding their brand and ultimately their corporate reputation.

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