3 Ways to Increase Transparency for Your Business
Transparency is the new shift in consumer needs
As the digital consumer becomes more educated about a product or service, the transparency behind the brand plays a crucial role in business development. In fact, it is essential. The days of overselling and under-delivering are gone– if not then you probably haven’t seen some of the reviews or feedback forms from your clients. And although being completely transparent may be a scary endeavour, it is another avenue for building your business and creating the good ‘buzz’ often needed for growth and expansion.
1) Provide a Menu of Prices
I know. I know. That is downright crazy. But hear me out.
In 2008, shortly after the economy crashed Marcus Sheridan was at a loss with his pool business. He was out of options and at the verge of losing his business when he decided to try something completely out of the ordinary– analyzing consumer behaviour patterns on his website. Once Sheridan understood what consumers were looking for, he began posting useful blog articles, including a menu of prices, Do-It-Yourself tutorials, videos, etc. His business began to thrive because consumers were researching information and his site was the most helpful. Sheridan was able to grow his market share by 80 percent with all sales leads directly related to his website. Now, he has the most trafficked swimming pool website in the world because he decided transparency was an important factor of his business.
2) Put Yourself in the Shoes of the Consumer
Unfortunately the used car salesman has created a shift in scepticism among consumers. There is nothing worse than making a purchase and buying a product (car, lawn mower, etc.) and finding that it wasn’t what the salesman promised. Quite frankly, most consumers are tired of this type of sales tactic and perform their own consumer research prior to making a purchase (Ahem, example above). As a business owner, its key to provide honest answers and a list of Frequently Asked Questions (FAQs), lists, and other valuable information. The consumer is more likely to do business with a company that provides useful, relevant information on the front end prior to the consumer having to ask about it.
3) Narrow the Path for Providing Reviews
Every business needs to monitor their online reviews– both good and bad. Nowadays, Trip Advisor, Yelp, Google Places, the Better Business Bureau, and various other sites make it easy for consumers to rant and rave about how they were treated while doing business with you. Why not make it easier for them to brag about their experience by providing a plugin or link with their folio and/or invoice? You can’t please everyone. But what you can do is provide quality service and quick responses to an issue to ensure the consumer knows they are being taken care of in a timely manner. In addition, you will attract more business by how you handle negative feedback, because it provides an example of taking care of the customer’s needs.
We live in a hyper-connected world of technology and networking utilities. For entrepreneurs looking to expand and develop their businesses, they must embrace transparency and provide information to consumers that explains the value, benefit, and cost of their product or service.
For a further example of the risks involved with being a transparent company, please check out this article by Anne Michelson, freelance copyrighter and principal of Green Link Copyrighting.
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