Brands are all about trust. That trust is built in drops and lost in buckets.
Interpretation
Building trust in a brand takes time and effort, but losing it can happen quickly and easily.
This quote by Kevin Plank emphasizes the critical nature of trust in branding. It suggests that while establishing trust with customers takes consistent effort and small, incremental actions, it can be dismantled swiftly by significant failures or missteps, highlighting the delicate balance brands must maintain in their relationships with consumers.
In practice
In a business meeting when discussing brand strategy.
When we first started our internet company, 'China Pages', in 1995, and we were just making home pages for a lot of Chinese companies. We went to the big owners, the big companies, and they didn't want to do it. We go to state-owned companies, and they didn't want to do it. Only the small and medium companies really want to do it.
Most of what we know about sales comes from a world of information asymmetry, where for a very long time sellers had more information than buyers. That meant sellers could hoodwink buyers, especially if buyers did not have a lot of choices or a way to talk back.
I find it fascinating that a lot of business books that do well are from people who've never made any money in business.
Power is winning the battle over who owns the customer: the brand or the retailer.
There is one and only one social responsibility of business - to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.
Investors are always biased to invest in things they themselves understand. So venture capitalists like Uber because they like driving in black town cars. They don't like Airbnb because they like staying in five-star hotels, not sleeping on people's couches.
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