Transparency & Trust in the World of Business

 Events experienced thus far in the 21st century has spun corporate development at an evolutionary pace such that concepts not previously viewed as important have gained recognition and significance. Business transparency is one such example of a notion that was somewhat taboo before. Nowadays, the world of e-commerce has emerged as a breakthrough for business, and in doing so companies are acknowledging the importance of transparency in the way they do business.

 Some organizations have undoubtedly taken the lead in educating consumers about transparency and compliance in business. According to data by Harvard Business Review, the more trusted a brand is, the more willing customers are to allow it to collect their data while browsing online. In the modern world, this can substantially assist businesses in re-modeling their products and services so that they are better suited for the customers. Additionally, the growing importance of ESG initiatives within a business, especially those around governance, have placed increased focus on being upfront with the way business is conducted, and institutional investors are taking note.

Business transparency can look like unveiled operations in a company that is open to its customers and goes the extra mile to connect with them. But sometimes, practicing and establishing transparency may seem like a tough row to hoe because weaving potential for brand affinity in the global market and attaining customers’ trust to be more honest with them, could prove to be a vicious cycle.

However, a lot can be garnered by companies aspiring to go down this path and securing positive customer relations for longevity. Companies on the rise are seizing opportunities to share information regarding their financial and social makeup, down to their modes of sourcing and material acquisition, which is one way they can be more open about their inner workings with their clients.

 Another concept along the lines of transparency is compliance. Simply put, compliance in business refers to abiding by the rules and regulations which apply to a company’s processes. It is important for companies because it shows that it has governed with transparency and considerable management maturity. To consumers, companies in compliance would seem like they control their operations, which ultimately gives off a positive outlook.

 Transparency and compliance in business are related because of their connection with honesty and trustworthiness. Below are some ways businesses can effortlessly practice transparency and gain their customers’ trust.

Share Your Reviews

No surprise here but according to Testimonials Statistics 2020, 90% of customers are more likely to trust what other customers have to say about your brand than what you do. Whether positive or negative, build up your social media profiles and share feedback on them because it will meaningfully influence your clients’ purchasing decisions. Google My Business is a leading reviews platform and helps supplement organic search rankings, other platforms available for marketing your feedback include Facebook Business Suite, Trustpilot, and Yelp, to name just a few.

Don’t Hide Your Prices

Often companies use complex jargon or hidden T&Cs to communicate their pricing and offers, which gives away their ploy to withhold information. Don’t be that guy. If your prices vary compared to those of your competition, be direct and explain the difference that makes your products or services stand out. This might convince your customers to put their faith in you and see for themselves what you have to offer.

Be Frank About Your Experience

Sharing entrepreneurial experiences sets you apart as an honest and growing business. When you own up to your failures or weaknesses and share some seeds of success, your customers will likely connect with you as a learning entity. Being candid allows your company to be humanized, which can help you form a bond with your customer base.

Guide Your Customers Honestly

If your products and services are not what your customers are looking for, be upfront about it. You can score more customers with the trust you build this way instead of losing them based on rough experiences and negative reviews.

All in all, transparency, in every form it comes, is the backbone of businesses and todays e-commerce dependence. Therefore, be honest, play by the rules and trust in the process even if it’s at a perceived cost at the time because it will eventually determine how long your company will survive in the marketplace, whether it’s still starting up or has already made it big.