Should Your Business Be More Transparent? Might Be a Good Thing

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Is transparency a bad thing or a good thing?

Well, it depends!

Transparency when playing poker = BAD.

If you want to win at Texas Hold’em, a poker face is essential. After all, you don’t want any of the other players to know if you’re bluffing or holding the nuts.

Transparency in business = GOOD.

While many businesses take a cloak and dagger approach (both externally and internally), smart organizations share information that has traditionally been private: facts about their performance, pricing, hiring practices, service policies, and more.

How could your company benefit from greater transparency?

Here are a few of the marketing and business benefits transparency confers:

Greater trust.

Which would you trust more: a business that explains exactly what you get from your investment with them or one that operates like the Wizard of Oz? If yours is a business that:

  • shares your reasoning for pricing
  • explains the features of your products or services
  • details your service process, deliverables and results you produce

…you aren’t hiding anything – and will earn greater trust in your marketplace.

Happier, higher-performing employees.

Multiple studies indicate that transparency is the most significant predictor of employee happiness. Transparency helps your team understand what’s going on and feel more certain about what their future holds.

When employees share in your vision for the future, everyone feels like a more vital part of the team – which leads to a deeper connection to work, higher discretionary effort, more idea-sharing, and greater productivity.

More customer loyalty and revenue.

One study on transparency ROI found that nearly all consumers (94%) are likely to be loyal to a brand that offers complete transparency. To boot, almost three in four consumers (73%) would be willing to pay more for a product that offers complete transparency in all attributes.

A more authentic brand.

How do you make your products? Who manages your client accounts? What goes on in your company from day today? Customers and prospects want to know! Social media marketing provides a great platform for pulling the curtain back, giving people a virtual peek inside your organization, and building a transparent, authentic brand online.

Final Thoughts

Transparency is more than a flash in the pan or PR stunt; it’s good business policy – and smart marketing. If you’d like information about any aspect of BARQAR’s business, please ask!

What other shifts are shaping marketing in 2020?

Check our blog each week: Over the next several months, we’ll be reviewing hot digital marketing trends and sharing ways your business can capitalize on them to better serve your audience, amplify your message and sell more

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