By Callum 
These days, people don’t buy things the same way. They want to know more; they need to know where their goods are from and how the company in general operates. This is a complete turn from the old days when the idea was to hide everything. Now, transparency – being open and honest about how you do things – can become a pretty strong advantage in the business world; a big selling point. Transparency isn’t just about airing laundry; it’s about doing what is morally right, to make a real positive impact.
Building Real Customer Trust
Trust is everything. When a business is open about its actions and values, customer trust grows. If something goes wrong, how you handle it openly is the test; because it will reflect whether they will like your company enough to do business with you repeatedly. Sharing successes and failures, talking honestly about sourcing materials, and being upfront about pricing all build trust. Consumers are definitely ready to pay extra for a company they know and trust.
Think of it this way: suppose we have an online business where we are selling t-shirts of various sizes, colors, and styles. As a consumer, wouldn’t a customer who’s buying the product want to know if the garments are made from sustainable fabrics? Wouldn’t they want to know about the labor practices? If the information is easy to find on the business’s website, this is a positive outcome for the business.
Attracting Like-Minded Employees
It’s not just about customers. Prospective employees want to work for a company where they feel proud to be. An open culture attracts people who share similar values, and you know what comes next? The employee who will work harder and stay longer at a company they admire, because of these things.
Transparency can come in many forms. Maybe the company makes decisions openly, shares internal financial reports, or is clear about diversity and inclusion efforts. Candidates are now actively seeking this information before committing to applications, because they are no longer interested in playing corporate games, and they are searching for places that value them and respect them.
Handling Problems Openly Creates Loyalty
Every product, one way or another, runs into hurdles. Transparency matters when there is a crisis or hiccup. Instead of concealing an issue, openly address it, talk about it, and state an effort on how to fix it.
Suppose one of the products a business sells faces a safety scare. Be up front about it, take responsibility, and do what’s needed to fix it—recalling if needed. This is a pretty good opportunity to show you truly care about the consumer, and that will bring them back. Sure—it’s going to cost money at first to resolve the incident, but the gains are worth it. Burying a product scare is a sure way to damage a company in the long term. Consumers will eventually find out, and they will become offended!
Succeeding By Building Reputation.
Word travels faster than ever, especially with social platform presence. Being honest in the digital age means it’s easier to build a solid reputation. Customers talk, they share experiences, and they’re extremely quick to spot fake claims. Word of mouth is a very powerful tool that can result in a very reliable and authentic result that drives traffic to a website. No one trusts influencers paid to endorse a specific “shiny” product anymore!
Being transparent encourages sharing. Businesses could openly address complaints online, sharing their values and demonstrating their commitment to all customers to stay authentic. As a last example, if someone wants to grow a social platform like Instagram, some people end up visiting websites like SocialWick to buy Instagram followers, which can provide an artificial boost. The key is to blend that with genuine engagement for more long-term success.
It is important to understand the difference, because if you use this kind of fake promotion poorly, then you can destroy transparency as a value.
Conclusion
Turning transparency into a value, rather than a burden, is a powerful asset. It is more than just “do-gooding”. But transparency can definitely boost trust, and a trustworthy business is a business that grows in all segments: customer base, employee retention, and overall success.
Sources:
- How does the evolution of consumer values towards authenticity and transparency affect the development of Value Propositions? – Value Proposition
- How to Create a Unique Value Proposition (With Tips & Examples) | Entrepreneur
- What Is a Value Proposition? (Examples & Templates) | Canva