It's All About Trust
As today's issue of F3 looks at how consumers feel about data and the security that surrounds payments, it is important to underscore that "trust" is not limited to money - it's at the core of everything we do from farm to table.
This year’s Consumer Goods Forum met in New York City for their annual summit. The focus was ‘Trust as a Foundation for Growth,’ and with delegates and speakers from the entire consumer goods world gathered, it proved to be one of the most successful forums they've had.
I recently caught up with Peter Freedman, managing director of the Consumer Goods Forum, to talk about the event and hear from him on what retailers need to focus on, starting with what he thinks the world’s most influential consumer and retail brands need to address for the coming year. Click here to watch the complete interview.
One comment that Freedman shared has stuck with me since we spoke. "Working with retailers at the CEO level, you very quickly realize that the very best retailers in the world are very humble people; humility helps you listen to what consumers need and want... Telling consumers the truth, being open about what you’re doing (is the key). Don’t expect consumers to trust you because of what you say -- expect consumers to trust you, hopefully, because of what you do".
As I think about this insight, it makes me wonder about the differences between the merchandisers and the data-ites at retail. We've often pointed to the CFO's personality being at odds with that of the CMO - and the struggles that ensue as a result. Perhaps a better connection with the shopper about data breaches could be made by heeding Freedman's words.