The farthest-reaching impact of the current economic environment will be the deterioration of trust in our basic institutions, brands and people. Other than family and faith, all other points of reference in people’s lives have been shaken to the core: jobs, home values, savings, retirement funds, confidence and the overall economic infrastructure of the country.

The obvious result of this trend is the current contraction in overall consumption. The silver lining is an accelerated return to core values. Consumers are simplifying their lives, eliminating the noise of the superfluous and concentrating in things that really matter: family, friends, community and faith. Consumption will no longer be about collecting stuff but about accumulating meaningful experiences with family and friends, understanding that some of the most significant experiences do not require vast amounts of money.

Our historical reality is a paradox of challenges and opportunities. Translating challenges into opportunities through strategically focused creativity has always been the currency of the marketing function. There has never been a greater time for it than now.

The key question for marketers, then, is how to operate in this mistrustful world. The first thing is to understand that trust is built one consumer experience at a time. More than ever, brands need to work harder at becoming vital in people’s lives. The word vital is not superfluous. It means ensuring that your brand will be truly helpful and functional in assisting customers to navigate the times. Utility, control, convenience and affordable joy are desired benefits across categories. Value is the other key factor. The price-benefit relationship has been inverted where the price point becomes the first point of consumer entry. Marketers will need to work harder at selling and creating new benefits to justify price points.

Just as the generation that lived through the Depression was marked by conservative spending, a newfound ”frugality” is taking hold of our society today and it will change the relationship between brand and consumer for decades. Rates of savings are growing for the first time in decades. Abundant credit is perceived as toxic. Key retailers are bringing back the lay-away plan, where you do not enjoy or own an item until you pay for it in full. Overall, consumers are spending only what they have and postponing trips, vacations and premium goods, while investing more time looking for deals and discounts.

In spite of all the negative energy in the U.S., Americans are tapping into their historical sense of optimism. Every national mood study or consumer confidence index shows significant signs of improvement. In several studies, consumers’ expectations for the economic situation for the next 12-24 months are 20-30 points higher than what they are today. President Obama’s consistent message of responsibility and his trusted vision for a truly sustainable version of the American dream are perceived to be a key driver of those trends.

From a marketing communication standpoint we will experience a return to “the age of reason.” Consumers feel they are paying the price of following the seduction of the “age of desire” as the driver for purchases decisions. Marketers that get the trends right will return to utility, authenticity, core values and two-way brand communications. But the age of reason does not mean the end of emotion in communication. It just means that marketing will need to work to deliver reason-based emotion as opposed to emotional driven rationalization in all communications.

To ensure that all marketing efforts are sound, in terms of benefits, values and tone, maintaining a consistent dialogue with the consumer is important. Web-based consumer panels and ongoing online surveys are critical to supplement the traditional quantitative data that most companies have because having an emerging view of the world will be critical.

Finally, getting it right will be more a study in anthropology than an exercise on econometric modeling. It will be truly important that all communications speak the language of the times. It needs to strike the right balance between empathy for the present with hope for the future. This is easier said than done because erring on either side will make your brand feel either pessimistic or superfluously optimistic.