Image: New York Stock Exchange

Corporate Challenge: Scandal threatens a “too big to fail” bank’s reputation.
 
Ironbound Strategy: Powerful brands are able to minimize reputational risks by continuously generating value for their employees, customers, and society. In the wake of a scandal, top management needs to ensure and communicate that positive value is being created for all stakeholders.
 
Ironbound Action: A recent J.D. Power report shows that Wells Fargo improved their customer satisfaction rating following the massive fake accounts revelation in the fall of 2016. A key finding from this report was digital banking continues to rise.  By creating value for both digital and in branch customer demographics, Wells Fargo increased its customer satisfaction status despite the scandal. Powerful brands are better able to survive reputational events because they balance growth with holistic value creation.
 

Image: An Amazon Banana Stand

Corporate Challenge: A company is looking for creative ways of engaging with their community.

Ironbound Strategy: Create value for  customers, employees, and society as a way to engage with your community.

Ironbound Action: Amazon Inc has been giving away bananas at their Seattle headquarters.  Every day, 8,000 bananas are loaded onto vendor carts and stands. Employees and people walking down the street are encouraged to take a banana for free.  What began as a marketing stunt has become a permanent fixture. Creating value for employees improves the wellbeing of the brand.  Creating value for the community makes the brand more attractive to customers and potential customers.

Image: Yeti

Corporate Challenge: A company is looking for a strategy to influence customers to share their brand interaction on social media.

Ironbound Strategy:  Creating value forcustomers, employees, and society makes customers excited about your brand.

Ironbound Action: In 2006 Texas based Yeti set out to create a cooler that would last a lifetime.  By focusing on customer value, they created the first grizzly bear proof cooler box.  Then they made it bullet proof.  Then they created drink containers that kept ice for days.  By focusing on making the best products possible, Yeti’s customers created social media content that went viral. Yeti is now the fastest growing outdoor products company. Constantly creating value for customers ensures brand loyalty and exponential growth.