The 21st century has indulged a notable shift in consumer preferences and buying habits. Transparency is key in winning over consumers by allowing them to understand your company’s mission and values.
The Truth Is In The Numbers
- 71% of consumers prefer buying from brands that align with their values.
- 83% of millennials stress the importance of brand and value alignment.
- 66% of global consumers are willing to pay more for sustainable brands.
- 76% of 18-34 year olds react positively when CEO’s speak up on issues they care about.
- 94% of consumers are more likely to remain loyal to brands that offer transparency.
(Data: Consumer Culture Report, Nielsen Global Corporate Sustainability Report)
Transparency on its own fails to demonstrate to consumers any sort of story. Companies like Walmart have begun initiatives to better the world and share with consumers their dedication to sustainability and responsibility.
In 2019, Walmart pledged easier access to reusable bags and to source coffee more sustainably. In 2020 they expanded their efforts: laying out plans to source seafood, paper, and beef sustainably, reinventing the single-use plastic bag, and pledging to aim towards zero emissions by 2040.
Walmart’s Corporate Social Responsibility (CSR) initiatives are available for public review, a notable and now widely practiced effort, and addresses its responsibility not only to sustainability but to other areas including community, diversity, equity, and inclusion.
Techniques To Be More Transparent With Your Consumers
There are a number of ways to incorporate transparency into your business practices, a tactic proven beneficial to businesses regardless of industry or reach.
Make information easily accessible. On both your website and social media, easily accessible information is key. Consider sharing company practices, old or new, in areas such as sustainability, community, diversity, equality, and inclusion.
Respond to customers. These days, customers expect honest and quick responses to their questions, whether it’s via email, social media, or your chatbox. When retailers or other businesses are slow to respond or don’t respond at all, it can lead to the consumer feeling distrustful.
Admit mistakes or errors and share how you plan to rectify them. Covering up mistakes, misleading consumers, or ignoring an issue gone public have proven disastrous given our age of social media. If there is a mistake or bad history, consumers are more likely to give a brand or business a second chance if they admit errors and openly share how they plan to do better moving forward.
These practices, no matter how small or large, will have a big impact on how consumers perceive your company and are well worth the effort.