"Madoff Mania" - WW Senior Execs Tell Doremus/Financial Times That Trust Continues to Erode

Jan. 13, 2009 - PRLog -- Doremus, the global business communications agency, and the Financial Times, announce the results of their sixth annual “Decision Dynamics” global online survey, which takes the pulse of over 300 senior executives representing a mix of industries and company sizes in North America, Europe and Asia.  

Overall, the level of trust in suppliers has been declining since the survey first began in 2003. Continuing with this trend, trust has declined sharply in a number of categories this year.  

Trust in investment and commercial banks is down across the board. Small and mid-sized companies in particular have slipped in their regard for both investment and commercial banks.

The worst offending supplier?
Telecommunications scored the lowest grades for trust with Europeans reporting the largest decrease in trust across all the technology categories (tech consulting, software, hardware and telecommunications).  

Where there’s lack of trust, there’s always opportunity
Buyers are looking at several criteria beyond simply purchasing a quality product or service at a competitive price. These criteria are opportunities for suppliers to restore trust and out-perform competitors.

High ethical standards top the list
As in prior years of the survey, “high ethical standards” was the standard of excellence deemed most important by survey respondents.

Following closely behind high ethical standards were:
•   Financial performance
•   Strong management
•   Solid business strategy
•   Corporate governance
•   Stable employee relations
•   A well regarded brand name

“Senior executives today, more than ever, want to work with suppliers that exhibit corporate integrity,” said Carl Anderson, CEO of Doremus. “Companies that can not only say what they stand for, but back up those words with quality products and superior customer service will eventually ignite trust.”  

For further information, please contact:

Marianne Flatley, Public Relations Director
Doremus
212-366-3682
mflatley@doremus.com

Darcy Keller
Head of Communications, The Americas
Financial Times
212-641-6614
darcy.keller@ft.com

The Financial Times, one of the world’s leading business news organizations, is recognized internationally for its authority, integrity and accuracy. Providing extensive news, comment and analysis, the newspaper is printed at 24 print sites across the globe, has a daily circulation of 451,523 (ABC figures, November 2008) and a readership of 1.3 million people worldwide. FT.com is the definitive home for business intelligence on the web, providing an essential source of news, comment, data and analysis for the global business community. FT.com attracts 7.1 million unique users, generating 72 million page views (ABCe figures, March 2008).  

Doremus  is a specialist in a world of generalists. With offices in New York, San Francisco, London, Hong Kong and Singapore, it specializes in business communications, helping companies grow. It does this by leveraging a unique understanding of its clients’ target audiences…taking the complex and making it compelling through intellect, insight, ideas and impact.

Doremus is a part of the Omnicom Group Inc. . Omnicom is a leading global advertising, marketing and corporate communications company. Omnicom’s branded networks and numerous specialty firms provide advertising, strategic media planning and buying, interactive, direct and promotional marketing, public relations and other specialty communications services to over 5,000 clients in more than 100 countries.

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Doremus is a leading global business communications agency.

The Financial Times is one of the world's leading business news organizations.