Why Transparency Matters More Than Ever

Transparency is much more than a buzzword. The topic of transparency carries significant weight in today’s competitive business environment because everyone from executives to employees, to customers, is talking about transparency.

The topic of transparency has been a running theme in the marketing world for years now, but now new reports emphasize how many marketers are still coming up short in terms of how they present honestly in their businesses and brands to consumers online. But why? Simply put, transparency builds trust and it is becoming more important than ever.

Where It All Begins

Transparency is a key factor to the success of a company, and it begins in the workplace. Employees want to work for a business where information like company goals, business trajectory, product roadmaps and more, is proactively shared. This not only enables employees to improve performance and productivity but also establishes a culture of trust and accountability throughout the organization. When trust is established in an organization, it is easier for an organization to be clearer with not only themselves but to their customers.

“A certain level of transparency created through communities leads to a more customer-centric atmosphere; the more transparent the company, the deeper the customer relationship. The combination of transparency and trust humanizes brands and makes customers feel like they have a personal connection with your company.” Social Media Today reports.

More than half of costumers said they would be more likely to consider brands that are transparent on social media for their next purchase, while a lack of transparency might lead to customers purchasing from a competitor. However, people tend to give brands another chance when they do not deliver the first time around, demonstrating the importance of being honest and open with a customer to rebuild their trust.

Your Brand Is Worth It, So Prove It!

It goes without being said, you picture your brand leaps ahead of your competitors and as a game-changer in your space. So, if your brand is worth it, go prove it! Usually this attitude begins with establishing a customer fan-base. With an overall satisfaction rating in social media falling in 2018 due to privacy concerns and negative content, marketers wanting to win over Gen-Z and similar, digital- and mobile-first demographics like millennials might think about taking a people-based approach to their social strategies.

This is where transparency steps in. Transparency provides a powerful insight into customer satisfaction: Once mutual trust is established, customers will be more open to providing feedback. By encouraging them to post frequently in your online community and to share their experiences with fellow customers, it will make your brand more credible, approachable, and valuable. Since transparency is a critical component to customer success, creating a feeling of an open community will benefit your brand in the long run.

ABOUT TRANSFORMATIONAL CMO

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Jenny Schecher is a Client Services Director & Social Media Manager at The Millennium Alliance. Jenny is an avid contributor to our blog, Digital Diary, as well as all social media platforms. When she is not writing about digital transformation and technology, she is working with her team to make visions come to life at our events. (and eating all of NYC's best food.) Follow her on Instagram: @jennyschecs or find her on LinkedIn!

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