During the conference, John also says that this time around more and more brands are getting innovative with their approach. For eg, McDonalds has this website called http://www.unsnobbycoffee.com/ where you can send a letter to your friend and stop him/her from paying for over-priced coffee. On the other hand, Starbucks has their Gold Card Program for people who really love Starbucks. These are just one of many promotional or branding ideas, one of which I had mentioned in a previous post of mine where I had maintained that "Quality Matters". Cause' it does. McDonald's can never ever get my coffee right whereas Starbucks does it everytime! But again, that's just my opinion.
Innovation. Competition. Both spell heaven for the consumer. Also, the economic meltdown has given us a chance to look at ourselves and re-think our choices. Our regulatory bodies have a lot to learn. So do we and the brands we promote or purchase.
John also said that "Trust in brands has declined by 50%" while according to Brand Asset Valuator (BAV), "Trust is the second-most desirable attribute for a brand, right after high quality". It is interesting to note here that "sensuous" is the least desirable attribute.