The Playbook for Restoring Trust
With the precipitous drop in the nation’s markets – and the investment portfolios that fueled them – investors feel betrayed by what they didn’t see coming. Things are so bad, in fact, that today’s sophisticated consumer has become skeptical of company messages. And, in a desperate effort to restore a degree of trust, government has stepped in.
In a way, that’s like officials from Major League Baseball or Fédération Internationale de Football Association (FIFA) rushing onto the field during a particularly mean-spirited and unsportsmanlike game to reassure fans that the players aren’t cheating. It’s too little, too late. The damage has been done as investor trust has plummeted to all-time lows.
In this climate, the only teams that will do well are those that go out of their way to prove they play by the rules. For financial services companies, that means senior leadership must be visible and connect with key stakeholders. Just as sports teams build their reputations by what happens on and off the field, so too must companies work on reputations that go beyond quarterly performance.
But time is limited for companies that seek to survive this mess. In effect, it’s the final minutes of the fourth quarter of the conference championship. Winning this one – restoring faith among key audiences – leaves a company alive to play again. Losing means that the season is over.
