Old brands weren’t built for trust

Americans Trust

This chart has me wondering if the nature of what makes a good brand has changed. Nowadays consumers want authentic brands that they trust have their back. Younger and tech savvy brands like Paypal, Amazon, Google and Apple have the culture and the understanding to give consumers what they want, whilst older brands like the banks shown above find it much more difficult.

We see a similar phenomenon in UK politics where followers of newer parties like the SNP and UKiP trust their politicians and are seemingly more loyal than followers of the Conservative and Labour parties.

Going back 30-40 years or more brands were built by buying media and controlling the airwaves, but the social media revolution has revealed the brittleness of this approach. The billion dollar question now is whether these old brands can adapt to live in the new world. Change like that is tricky, especially in regulated industries.

In politics I hope that the old brands can adapt. In business I hope not.