Your brand has a lot at steak.
One day while out with some friends we came across this steakhouse and decided to treat ourselves to what we were hoping would be a delicious steak. This was something of a treat for me since I did not make a lot of money at the time. We went in were seated promptly and handed our menus. Upon opening the menu, I immediately gulped, when I saw the prices for the steaks, but was determined to treat myself this once. As I placed my order, a thought ran thru my head “This better be the best D@MN steak I have ever tasted.” The food was quickly brought out, and it blew my mind. It was flavorful and juicy, and even all these years later I still remember that steak.
Some years later I went to another restaurant hoping to have the same experience. I had just gotten married, and my wife and I treated ourselves to an expensive meal to celebrate. I opened the menu this time a little more prepared for the sticker shock, ordered my steak and waited eagerly. However this time the experience was a bit different, the waiter brought out this mangled, fatty, dry piece of chewed up meat. I was beyond disappointed to find that over half my steak was fat, and it tasted like an old shoe. Upon bringing this to the staff's attention, they responded ”Next time Sir I would suggest the filet mignon it is only $10 more”.
I never returned to that establishment and went away hugely disappointed. You see what each of these restaurants made a brand promise to its customers, that promise being “come to our steakhouse where you will get superior quality products, atmosphere, and service.” While both of the restaurants supplied a lovely environment to dine in, the second offered poor product and customer service; this inconsistency made it difficult for me to trust their word.
25 of the Largest food supply companies failed to forecast mounting consumer distrust of their products resulting in a 4.3% loss in combined market share - Ad Age
The Millennial Marketplace
Millennials are by far one of the most skeptical generations that we have seen, 42% of people saying they hold an active distrust of brands while 69% of those same people stated distrust of brand advertising and marketing, companies must go above and beyond to earn that trust for your brand. A gallop poll from 2015, reported that only 50% or customers believe that companies they do business with delivering on the promises they make and only 27% percent of employees thinking they deliver on brand promises.
This information combined with the shift in brand perceptions as it impacts brand loyalty and ambassadorship means that as companies both large and small we should be brand audits on the services they offer and promises that they are making to potential customers. No matter if these promises are verbalized or implied today's savvy educated customer is demanding companies to be more transparent in their service abilities and the quality of their product. If companies wish to maintain a competitive edge in the today's market environment, they must deliver on the promises to customers as the first line of marketing.
Additional articles about brand promises:
Gallop Poll - 2015: https://www.gallup.com/workplace/236597/companies-deliver-brand-promises-half-time.aspx
Forbes Article – Oct 2015: https://www.forbes.com/sites/onmarketing/2015/10/15/the-damage-brands-suffer-from-breaking-promises/#42aa17f163b1