The Best 5 Reasons to Improve Transparency with Your Customers in 2019
Some studies claim that 9 out of 10 customers will stop doing business with a brand if they feel the brand doesn’t offer enough transparency. Other studies offer a more conservative number, but one thing is clear: consumers want businesses to be transparent and businesses that are often become more successful. This trend is picking up speed, mostly because of how accessible brands are online. Consumers want to be able to look up a business and learn everything about it. If they can’t, they begin to dislike and distrust the company, and that results in lost business. If that isn’t enough to convince you to adopt new policies, maybe this list of the best 5 reasons to improve transparency with your customers will change your mind:
- Build customer trust
- Increase customer loyalty
- Help efficiency
- Transparency is the new normal
- Win the market
Build Customer Trust
We live in the technological age, which makes it easier for consumers to both engage with a brand, and also to make educated decisions about which businesses to shop with. The more transparent a brand is with the public (about development processes, pricing, sales numbers, and yes, even mistakes), the more likely a customer is to feel like they can trust a brand which leads to our next reason for transparency.
Increase Customer Loyalty
The more a consumer trusts a brand, the more loyal they become to said brand. They’ll repeatedly buy the product they know works, from the company they know is honest, rather than take a chance on a different brand.
One of the Best 5 Reasons to Improve Transparency with Your Customers is to Help Efficiency
Adopting transparency policies extends not only to your customers but also to your employees. Workplaces are notorious for becoming rumour-mills, especially when little information is told to the people who work there. When employees have all the facts about the company they work for, they can be more confident and secure in their work and less prone to paranoia and job-jumping. In turn, you have employees who stick around for the long-term and focus on putting out their best work because worry about rumours isn’t clouding their minds.
Transparency is the New Normal
As more and more businesses become more transparent with consumers and employees, the policies are being normalized in all industries. When a person comes across a business that isn’t fully honest and open, it can be jarring and immediately turn opinions negative, which only works against the business. Because it’s becoming expected, normalcy is one of the best 5 reasons to improve transparency with your customers.
Win the Market
That being said, while being transparent is becoming normal, it isn’t quite there yet. Because consumers are on the hunt for open and engaging businesses, the sooner you adopt policies of transparency, the sooner you may see your customer base grow. By taking on the task of being transparent now, you have the opportunity to sway the market your side, therefore stealing competition away from your slower-evolving competitors.
While many companies are hesitant to share all their information with the public, the benefits outweigh the negatives and encourage companies to strive for being better and stronger than before. Why not try out the best 5 reasons to improve transparency with your customers?
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