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Transparency is what every relationship seeks for. Formerly, when shopping always meant going to the shop and purchasing goods in person; providing transparency was never a major issue. As customers ever have a real idea of what they are buying and from whom they are buying. But, due to the increasing trend of Online Business and Online Services, transparency has become a crucial factor these days for companies to capture the market in a better and firmer way. Being transparent to your customers means being open about each activity taking place in your business.
Why Is Transparency Important?
Providing transparency helps you in building a trustworthy relationship with your customers. It is a worldwideknown fact that nobody wants to be in a relationship with someone who is unpersuasive, be it a personal or professional one. Moreover, online frauds have increasedall at once. Thus, transparency plays a critical role in earning customers’ trust.Ones people start believing in you, your sales rate correspondingly increases. The more the loyal customers you have, the more would be the sale ratio.
Advantages Of Being Transparent To Your Customers:
In today’s world, hiding flaws each time you commit them has become a common practice. Sometimes accepting them publically can frame your positive image or even destroy the name of company as well. Sharingorganizational detailswith your customers’ like the organizational policies and practices, profits and losses that you incur, the revenue generated, the servicesoffered to employees and the customers, the manufacturing processes (like Patanjali and Cadbury shown once)etc. will hookthe attention of audiences. This will also make them believe in your offers, services and will make you reliable for them.
Earlier things used to be not the same. But now loyalty comes in a give-and-take relationship. If you are loyal to your costumers, then in return customers will remain loyal to you.
What Else Transparency Comes With?
Except for loyal customers, transparency also helps you in earning many things which are crucial for online business and affects the growth of the company’s business to a great extent. This isone reason why entrepreneurs have start-ups now. But still, many businesspeople around are living with a doubt that how being transparent can help their business to grow to a different level. So, here are some key points where your transparency can change people’s perspective about your business and thework helping you in sustaining a trust amongst everyone around.
- Increase In The Number Of Shareholders For Your Company:If you disclosethe on-going activities in your company, right from the purchase of raw material for the manufacturing of your actual product to the decisions you make in the top management level, this will increase people’s interest to invest in your company. As you are honest about everything to your audiences, this will raise their urge to work with your company even more.
- Loyal Customers Come Up With Honest Feedbacks: Good works always come up with fruitful results. Loyal customers not only help in capturing the market but will bring you honest feedbacks about your products which is again helpful in understanding your flaws and lets you improve products’ performance and quality. As without feedback, you will never know what the customers’ actual need is. So, feedbacks play a significant role in maintaining the desired position in the market, whereas getting honest feedback is nothing more than a cherry on the top.
- Transparency To Employees As Well:If you arebeing transparent to your customers this just means you are transparent to your employees as well which implies your employees will know everything. This will make them the part of your choice too as they will be having complete knowledge about what happening in the company they are working, what is the next step to be taken, where do they stand in the company, what are their roles, why their contribution is essential and much more. This will motivate them to work not as an employee but as a team member of the company.
What Are The Consequences Of Being Transparent In The Market?
As mentioned earlier, transparency comes with a bit of risk as well. It can increase your competition in the market which can be both harmful and exciting. As if there is no competition around, your growth will stop after reaching a level. But having a fair and ethical competition always helps you in growing more and more.
So, except the cons, you face because of being transparent to your audience, you must go with it. It is one of the trendiest ways nowadays to earn your customers’ and employees’ trust. The crux of the write-up is being a business owner, there is no harm in sharing what you earn and how you earn.