October. 14, 2019 – Matthew Toner
“Business transparency is the process of being open, honest, and straightforward about various company operations.”Source: Forbes
In the shadows lie businesses who prefer to work in the dark, away from prying eyes. Odds are, though, that you’re not running a mafia and therefore your business would actually benefit from avoiding a ‘shady’ appearance.
First things first; it’s important to get off on the right foot with your customers. A brand or product is only as relevant as their reputation, with some exceptions of course (looking at you Nike).
“When brands are transparent and develop a history of transparency, nearly nine in 10 people are more likely to give them second chances after bad experiences and 85% are more likely to stick with them during crises.”Source: Sprout Social Blog
Social media can be a fantastic outlet to keep your customers involved and updated. Giving regular updates doesn’t mean you have to post every hour on the hour, but even small updates can be better than radio silence. Considering studies show millennials hold brands to a much higher standard on social media than other outlets, this holds doubly true (Mike Kappel, Forbes, 2019).
Unfortunately for consumers, but fortunately for you, most brands aren’t yet considered to be adequately transparent. This is an opportunity for brands or companies who embrace transparency to a higher degree to stand out and show prospect customers they’re different.
In conclusion, transparency is more important than ever before. As a business trying to stand out the use of openness and honesty can go a long way in securing long term customers, who may even forgive you if you make mistakes along the way.
So try it out for yourself. Start sending out little updates on what the business is up to, or even big updates if you want to be totally transparent. The choice is yours, but do yourself a favour and boost the credibility of your business today!
Use the hashtag #Stay_in_the_loop to share your progress with the world!Tweet