Thursday, October 22, 2009 Trust Is The New Black
Excerpted from OnlineSpin article by Dave Morgan
Craig makes the point that news media has lost its way, having squandered the trust of its consumers and having done a poor job "curating" news. With respect to trust, here is what he said and how he used his new phrase: "Trust is the new black, as I like to say. The great opportunity for news organizations is to constructively demonstrate trustworthy reporting, and to visibly do so."
With the rise of social media, the possibilities for more relationships are growing fast and exponentially. This phenomenon is turning marketers' and advertisers' worlds absolutely upside-down.
When consumers have so many different kinds of relationships with so many different people and companies and products and services and ideas, how can any, or many, of them stand out? There is only one answer now: trust.
Trust is the new black. It is too hard for most people to truly distinguish the complex and too-subtle differences of so many tangible and intangible products and services. Consumers need something else. That something else is trust. Trust is finite. Trust is generally based on experience and time. Trust is quite personal. (emphasis mine) A person's trust is something that he or she controls. While it can be won and lost, it cannot be forced or taken or imposed by recipients.
Craig might call himself an amateur when it comes to news media punditry (he does), but he's certainly not. He's right. Trust is the new black.
My Take
"Word of mouth" is all about trust. Period. That's why it's always been the ultimate form of advertising.
Social media can cut through ad clutter by harnessing this trust. As consumers adopt social media based networks to find trusted businesses, other forms of media will rapidly become obsolete.
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