Who would have thought that taking a stand against neo-nazis would spark an outcry in 2017 America? But it did. After repeated refusal from Donald Trump to outright condemn the beliefs of the White Nationalists (aka Nazis) who gathered in Charlottesville, Virginia, numerous CEOs who belonged to Trump’s Strategic and Policy Forum decided to disband the group.
In a statement from Jamie Dimon, Chase Chairman and CEO, he explained how Trump’s reaction to events do not fit with his values or the values of his company. As he stated, “There is no room for equivocation here: the evil on display by these perpetrators of hate should be condemned and has no place in a country that draws strength from our diversity and humanity.”
As someone working for an organization that has worked closely with Chase for more than a decade, I say, “Hell yes.” But it begs the question, why did so many companies and CEOs respond to Trumps call in the first place? CEOs like Elon Musk (who would eventually decide to stop advising the President after Trump backed out of the Paris Climate Accord) said he joined the Presidential Advisory Forum “…to provide feedback on issues that I think are important for our country and the world.” Being the voice of reason became a driving force for many of those who joined the effort.
The cynic might say it was just “good business?” After all, Trump won half the country’s vote. You don’t want to turn your back on half of America if you own a business. But it would seem now that “good business” is taking a backseat to “good.”
Only time will tell if this will affect their businesses. However, if one were to listen to the “loud” voices on social media, you would think it would be the latter. After 30 minutes of Chase posting Jamie Dimon’s statement on Facebook, 80% of comments were negative against Jamie Dimon and Chase. That’s right, 80%. But the “like” response tells a different story from the comments. 95% of the clicks were likes and loves. Only 5% hate.
This is the world that CEOs are facing today. Ambiguity is the norm. And what should be a simple decision has become more complicated for business owners. Some businesses, like Nordstrom, who took hardline stances against the Alt Right from the beginning, saw increases in sales. However, sites like grabyourwallet.org who list companies who they believe you should boycott due to their anti-trump views are surprisingly popular. In February of 2017, this site had more than one million visitors.
So, you would think what Jamie Dimon and other business leaders did today would be easy. It was not. It was brave. It was just. And it could very well affect their business in the near future. The great thing is that ultimately they didn’t care. The hope is that, in the long run, choosing to support all people will lead to more customers choosing to do business with you.
Brand affinity is the most enduring and valuable level of customer relationship and is based on the mutual belief that the customer and the company share common values. It breeds unshakable trust in the relationship the brand and the consumer share. It is at its strongest level when a customer believes that your brand champions the values they both share. Consumers who demonstrate affinity for a brand buy more, buy more often, and complain less than all other types of consumers. And the surest way to build brand affinity is to tap into the deep, culture truths your consumers hold. As an example, let’s talk about that most iconic of American driving, the pickup truck.
The pickup truck has become an essential part of Western culture. Trucks are the symbolic embodiment of the hard-working American spirit. Even though trucks are needed and valued for their usefulness in farming, ranching and blue collar occupations, many, if not most, truck owners do precious little in the way of physical labor – spend a few hours driving through the pricier suburbs of Houston or Denver and it becomes abundantly clear that the truck is as much a cultural statement as it is a tool. According to a study conducted by Hedges & Company, truck owners spend a considerable amount of money on customizing their trucks, with 45 percent spending at least $1,000 and 17 percent spending at least $3,000 making alterations and refinements. The most common components customized are wheels and tires (36 percent), audio and video (29 percent), exterior trim (29 percent) and exhaust systems (19 percent). The high value that pickup truck owners place on their trucks and the amount of money that they spend in aftermarket products makes sense when you consider the fact that 64 percent consider their truck as an extension of their personalities.
Seems like a pretty straightforward discussion so far, but pause for a moment and try to picture the typical pickup owner. Visions of a guy in his 20s or 30s immediately come to mind. And while that’s clearly the target audience, it also represents a marketing plateau – there’s simply a cap on how many of these people exist. So where might other opportunities lie? What potential market is being overlooked. Well, let’s try women. When I was doing fieldwork with women who owned trucks, only one of the 30 participants owned a truck as a function of her occupation. Several used it as a means of establishing a sense of identity that said to the world, “I’m not a girlie girl.” Still more used it as a way of asserting a sense of strength on the highway. Some used it as a way of maintaining a connection with their past rural (or semi-rural) lives. The point is that the truck became an extension of themselves and utility played a minor role in the underlying reasons they chose it over a car or an SUV. And interestingly, the brands they chose most often were Toyota and Ford. They were seen as either more accepting of diversity because they weren’t part of the traditional American pickup market (Toyota) or because they harkened back to a simpler time (Ford). Dodge, on the other hand, was seen as embodying masculinity to the point of misogyny and Chevy, as one consumer put it, was “a truck for boys”. Toyota and Ford pickups fit easily into their cultural identity, Dodge and Chevy did not. The result is that the women who own Toyota and Ford pickups express extreme loyalty to the brands and say they are significantly more inclined to advocate for them. Considering the economic power of women, that’s a great place to be in.
So why does it matter? It matters because it speaks to the fact that the products we own and use, whether they are thought of by their manufacturers and retailers as utilitarian or extravagances, are reinterpreted and redefined by their owners and that is a huge opportunity for marketers. The truck is a fashion piece. It’s a toy. It is a way of stating you’re part of a tribe. And just as trucks have a range of unexpected meanings, so to do laptops, beer brands, eye glasses, etc. Regardless of your product or service, understanding the cultural elements of a brand gives build stronger connection to your consumers.