We’re in a market dominated by ‘bigs’ – four big banks, three big telcos, two big airlines, two big supermarkets – brands essential to how we transact, connect, move and fill our plates.
This leaves the leaders of these businesses open to public scrutiny – whether it be fronting government inquiries, providing industry commentary in the media, keeping Rod Laver company every day of the Australian Open, or of course, as interviewees on the ABC’s Four Corners.
In recent months, several of Australia's most successful CEOs have faced significant public backlash. This pressure has been intense, leading to resignations or announcements of upcoming departures from the top leaders at Qantas, Optus, and Woolworths.
So, for the attention they draw, what do these CEOs, current and former, really mean to customers? And what lasting impact does their image have on people’s likelihood to buy or use their brands?
To find out, we surveyed a cross-section of 1,000 Australians to find out what they really think.
Three quarters of respondents take some notice of the CEOs of the brands they interact with, with 57% primarily hearing about them through the media and a further 18% taking a keen interest in who they are. That latter figure increases to 31% amongst those aged between 25 and 34 – an uptick that points towards the growing role leaders play in the minds of increasingly engaged, younger consumers.
The heightened interaction of this younger, more engaged audience has been well documented, but this insight begins to point towards the effect a boss’s image can have on the overall perception of their brand, both good and bad.
With all that attention, six in ten agree that they are more likely to ‘use or interact with a brand if I could trust the CEO would stay true to the brand and its values’, making those bosses a potentially powerful asset. Conversely, leaders can also be a burden, causing people to draw lines they won’t cross, with three in ten agreeing that ‘there are some brands I wouldn’t use or interact with purely because of who the CEO is’.
Bosses who show up and walk the talk can be a valuable part of the brand when it comes to driving preference and purchase intent. On the other hand, those who court controversy can generate a drastic negative reaction from audiences.
Notable CEOs who earn high ratings (good, very good, or perfect) on being a good leadership fit for the institutions they run include Matt Comyn at Commonwealth Bank (79%), Vicki Brady at Telstra (76%) and Ross McEwan at NAB (75%).
Also making it into this group is Leah Weckert, with 71% seeing her as a good fit for the Coles brand. Fortunately for Coles, Weckert managed to dodge much of the Four Corners fallout while becoming a positive presence for the supermarket in the short amount of time since she took the reins.
Six months on from the height of the Qantas pile-on and the exit of Alan Joyce, the ghost of flight cancellation past continues to haunt the airline, with Joyce still the most mentioned Australian-based (ex) CEO when asked to name notable brand leaders – an indication of the long tail that high-profile leaders can leave after they depart.
Luckily for the Red Roo, we now know that Joyce’s successor, Vanessa Hudson, has a genuine opportunity to use her profile in a way that moves the brand in the right direction in its mission to rebuild its reputation and win back customers.
What this all has uncovered is the potential for brands to look at the role their CEO plays in public – aside from the standard investor-centric performances, a CEO can be a brand asset that provides a magnifying effect in the eyes of everyday customers.
This is not to suggest, though, that new Myer boss Olivia Wirth should be fronting ad campaigns, or that incoming NAB boss Andrew Irvine should fire up a podcast. Clear warnings exist for personalities who become bigger than the brand itself.
There’s a clear upside for those who can brave the spotlight. Bosses who leverage their public profile with the right balance can build brand fame and drive purchase intent, as well as ultimately earn that most valued of brand commodities, trust.
Authors
Gareth Joe, Brand Strategist, Nature.
Si Hunt, Senior Consultant, Nature.
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