WEBVTT - Evolving a Brand’s Purpose in a Recession

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Tim Stenovic on Bloomberg Radio. Tim, I want to get

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<v Speaker 1>to our next guest. Because her company has teams in

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<v Speaker 1>over twenty one countries. They see a lot in terms

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<v Speaker 1>of what's going on with brands and companies around the globe,

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<v Speaker 1>working with who's who up brands including Apple, Walmart, BP, Lego,

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<v Speaker 1>Kellogg's and Microsoft and many more, helping them with strategy

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<v Speaker 1>development experience. So a great voice, as I said, to

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<v Speaker 1>talk about really the challenges in the environment facing global

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<v Speaker 1>companies today. Very pleased to have with us. Jane Garritty,

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<v Speaker 1>the CEO at Lander and Fitch, joining us via Zoom

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<v Speaker 1>from London. Jane, good to have you with us. How

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<v Speaker 1>are you this evening. I'm very well. Thank you for

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<v Speaker 1>having me. I'm excited to be here. Happy New Year.

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<v Speaker 1>If it's not too late, it's not too late, we'll

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<v Speaker 1>take it. Happy New Year Year as well. Hey, I

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<v Speaker 1>want to talk about brands and the and the way

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<v Speaker 1>that people are thinking about brands in twenty three and

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<v Speaker 1>just the currency that brands have. Carol mentioned a few

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<v Speaker 1>big brands including Apple, Walmart, BP, Lego, certainly who's who

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<v Speaker 1>of them? Um, when it comes to brands, give us

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<v Speaker 1>an idea of what it takes to build and maintain loyalty. Well,

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<v Speaker 1>I mean, I think the the equities that are that

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<v Speaker 1>are important for brands success are undoubtedly changing. UM. I

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<v Speaker 1>think we've all had so much to experience in these

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<v Speaker 1>recent years, with the pandemic, with the impact of technology,

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<v Speaker 1>with you know, so many troubling trends surrounding us, UM,

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<v Speaker 1>And what we're seeing from a brand perspective is that

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<v Speaker 1>equities like trust, authenticity, empathy, all of these kinds of

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<v Speaker 1>traits are coming to the four. So I suppose if

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<v Speaker 1>I think back to five years ago, brands would always

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<v Speaker 1>be putting their best foot forward and showcasing their best equities.

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<v Speaker 1>I think what we're seeing is in today's times, brands

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<v Speaker 1>that are embracing vulnerability and showing a much more rounded

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<v Speaker 1>perspective on their personality. They're the brands that are going

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<v Speaker 1>to win out. So brands that are both showing strength

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<v Speaker 1>but also addressing challenges and weaknesses. Hey, you know, Jane,

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<v Speaker 1>one thing I am curious about. Happy New Year to

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<v Speaker 1>you as well. UM. You know, companies it's easy for

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<v Speaker 1>them to embrace the softer side of our world and

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<v Speaker 1>to show that they are thinking about sustainability or E

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<v Speaker 1>s G issues or diversity um, which I felt like

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<v Speaker 1>all companies were like, yes, yes, number one coming off

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<v Speaker 1>of UH certainly the killing of George Floyd and where

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<v Speaker 1>we were in the pandemic um, so many issues coming

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<v Speaker 1>at us in a tougher economic environment where there might

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<v Speaker 1>be some uncertainty or even a recession. Do company still

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<v Speaker 1>say yep, we've got to keep that as a priority

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<v Speaker 1>or does that kind of fade to the background. Well,

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<v Speaker 1>I think what we're seeing is that consumers are demanding

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<v Speaker 1>that brands actually show up and demonstrate commitment. So I

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<v Speaker 1>feel as though what used to be seen as a

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<v Speaker 1>sort of a tick box exercise or an obligation, there

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<v Speaker 1>is now real value in continuing to strive for a

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<v Speaker 1>more equal world. Consumers are rejecting brands that are making

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<v Speaker 1>empty promises. UM. So I do think is is the

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<v Speaker 1>economic times get tougher, the brands that continue to to

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<v Speaker 1>push their social agenda will be the ones that succeed

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<v Speaker 1>because consumers are demanding that we like, what do you take? Like?

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<v Speaker 1>You guys have worked with Apple and we've a news

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<v Speaker 1>on Apple today and we're like saying, this is going

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<v Speaker 1>to be a company to watch because they're just so

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<v Speaker 1>all in. Having said that, you know, still doing a

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<v Speaker 1>lot of manufacturing in China, and there can be a

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<v Speaker 1>lot of questions about China in terms of how it

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<v Speaker 1>treats its people. Um, and certainly in terms of privacy

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<v Speaker 1>issues and so on. Like how like, what's your advice

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<v Speaker 1>to a company like that? Well, I think, as I say,

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<v Speaker 1>you know, a lot of the issues that we face

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<v Speaker 1>a complex that into related and I think provided um

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<v Speaker 1>companies and brands are committed to doing better and transparent

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<v Speaker 1>about how they are trying to do better. Um, I

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<v Speaker 1>think that people are they recognize the complexity of the

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<v Speaker 1>challenges that we all face to succeed in business today.

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<v Speaker 1>So I think that the trick is about transparency and

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<v Speaker 1>a commitment to program us. It's so it's it's hard

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<v Speaker 1>to think about brands in the context of the way

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<v Speaker 1>that we kind of grew up with them because they

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<v Speaker 1>are so much more involved in the political conversation. How

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<v Speaker 1>do you advise brands about when to weigh in when

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<v Speaker 1>not to weigh in, Because it seems like each and

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<v Speaker 1>every day there's some mistake that some companies making. They're

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<v Speaker 1>really stepping in it. Sometimes we're talking about Disney a

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<v Speaker 1>lot because there's some headlines. But look at the you know,

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<v Speaker 1>problem that they found themselves, and then the prior CEO,

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<v Speaker 1>Bob Speck, when they weighed in politically under pressure from

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<v Speaker 1>their own employee base. I mean, I think it comes

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<v Speaker 1>down to the way that we advise our clients is

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<v Speaker 1>there has to be a genuine commitment and an authentic

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<v Speaker 1>commitment to whatever the social agenda might be. You know,

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<v Speaker 1>you have to be truthful. I think consumers have seen

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<v Speaker 1>through um, you jumping on the bandwagon for self serving purposes.

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<v Speaker 1>You you really do have to step up and have

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<v Speaker 1>enduring commitment to a social issue in order for for

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<v Speaker 1>for you to be relevant in the discussion. Well, I'm

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<v Speaker 1>going to say before you go, we are curious because

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<v Speaker 1>you do talk to companies and leaders every day around

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<v Speaker 1>the globe. Um, how would you describe most of their

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<v Speaker 1>moods and thoughts on the global outlook right now? Do

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<v Speaker 1>you know? It's I mean, that's a fascinating question, and

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<v Speaker 1>I think it's you know, it's it's really variable by category.

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<v Speaker 1>I mean, there are certain categories that are expecting tough

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<v Speaker 1>economic times to to serve them very well, and others

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<v Speaker 1>that are obviously expecting things to be tougher going forward. UM.

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<v Speaker 1>I do think though, that in times of uns certainty,

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<v Speaker 1>innovation and creativity typically flourish. UM. And I think the

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<v Speaker 1>advances in technology opportunities through connected experiences. I mean, we've

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<v Speaker 1>all learned finally how to use a QR code. Took

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<v Speaker 1>COVID to do that. I know it took a pandemic

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<v Speaker 1>for us to work it out, but there are so

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<v Speaker 1>many new opportunities that I think are exciting to the

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<v Speaker 1>brand owners that we work with. UM that really I

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<v Speaker 1>think that that they're kind of that The mood is

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<v Speaker 1>more about making the right choices UM during these you know,

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<v Speaker 1>these uncertain times, so placing big bets on those opportunities

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<v Speaker 1>that are likely to pay back, presenting themselves vulnerability. Jane,

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<v Speaker 1>we unfortunately have to leave it there. Really appreciate you

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<v Speaker 1>joining us this afternoon. It's Jane Garritty, the CEO at

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<v Speaker 1>Lander and Fitch, joining us this afternoon from London. You're

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<v Speaker 1>listening and watching Bloomberg Business Week.