Covey’s Speed of Trust 19: Wave 4—Market Trust

This continues our series reviewing Stephen M. R. Covey’s book The Speed of Trust

Covey says “Market Trust is all about brand or reputation. It’s about the feeling you have that makes you want to buy products or services or invest your money or time—and/or recommend such actions to others. This is the level where most people clearly see the relationship between trust, speed, and cost.” He highlights using trademarks (like the ones at the left) and our reaction and feelings about certain organizations when we see their trademarks. Look at the trademarks and ask how you feel about them. What do you perceive as their reputation or brand?

Branding and Reputations at All Levels

Covey highlights that reputations and brands apply to a variety of entities in various markets:

• “Obviously corporate brand is important to companies with products and services to sell”
• “Cities have reputations which are reflected in published lists of best places to visit or best places to live…which translate into tax dollars, tourist dollars, businesses attracted, and home value appreciation.”
• “On a more micro level, the reputations of a particular team or division within an organization has significant impact on factors such as resource allocation and budget planning”
• “On the most micro level, every individual has his or her own brand or reputation, and that reputation affects trust, speed, and cost…Your personal brand also determines whether or not you are given the benefit of the doubt.”

How to Build Your Brand

Covey continues “So how do you build your brand? And how do you avoid destroying it? By now, I’m sure you won’t be surprised by my answer: ‘The 4 Cores and the 13 Behaviors,’ applied at the organizational levels.”

“But you may be surprised by this: I strongly contend that if your organization (however you define it) strengthens its 4 Cores and demonstrates the 13 Behaviors with its stakeholders, you will be able to measurably increase the value of your organizations brand:”

Read the book to know more. Study the examples he gives about various corporations.

Wednesday we review how contribution affects Wave 5—Societal Trust