The Importance Of Transparency In Building Trust

Know, like, trust. A simple yet powerful 3 step process to building customer relationships and loyalty. That said, consumers are more savvy than ever.

Building trust takes time and the customer experience journey is a complex one. Brands that have committed to transparency and authentic communications will win a customer's trust more quickly.

Authenticity begins with understanding. Brands need to be seen to care and learn about what they can do at each step of their customer experience journey to create consistency and delight wherever possible.

The Know, Like, Trust process helps foster understanding for stronger connections and customer relationships.

1. Know

Through building awareness and effective communications about who your brand is, your values and your purpose, people will start to get to know about your business and what you stand for.

2. Like

Being clear about exactly who your business is for and being able to appeal to this customer type, will attract an audience who like and relate to your brand. To do this well, you will need to understand your ideal customers, including how they behave and their motivations, then apply this to your brand.

3. Trust

Building trust takes time, but if you seek to understand your business, your customers and their journey, you're halfway there. Working to be transparent in your operations and communications is effective in developing the relationship and trust with your customers.

Only 34% of consumers say they trust most of the brands they use. However, 62% of consumers will stay loyal once trust is won.

What is brand transparency?

To be transparent is to be open and honest, but also authentic in all your communications and processes in your business operations.

It's not always easy because it means owning our mistakes including negative feedback. It also means being upfront and clear with your processes and communications. This can leave you feeling open and vulnerable.

Transparency is also having the confidence to be authentic, and show you've nothing to hide. This helps customers make informed decisions in their journey with your brand, which ultimately helps build trust.

Our top tips for being transparent in business:

  • Be upfront with information, make sure your source is accurate

  • Communicate directly with your audience, using language they relate with

  • Offer relevant and useful information

  • Always respond to customer feedback and interactions - engage!

  • Straightforward pricing and simple processes

  • Remember the Know, Like, Trust formula - trust takes time

Achieving brand transparency requires continued effort in communicating your business' processes, values and policies across the organisation. However, being honest and open creates trust and goodwill that will lead to long term loyalty and growth.

Data source: Business 2 Community

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