Transparency is the big buzzword for brands in this consumer-driven social media universe. Did you know 86 percent of consumers believe transparency from a business is more important than ever before? Social platforms are made to communicate with people and so social media channels can be leveraged to support brands to form long-term relationships with consumers through an open, honest and empathetic attitude, which is needed in this ‘Age of the consumers’.
Consumers are becoming increasingly aware of brands and their ethics. They only want to associate with a brand that values its customers.
Brands that face the crisis in trust, are now presented with a unique opportunity to restore consumers’ confidence in their values and business practices through transparency and what better place to be transparent than on Social Media platforms.
- Transparency is what drives loyalty. As per this research, 9 in 10 people are more likely to give brands a second chance even after a bad experience and 85 percent also are more likely to stick with them during a crisis.
- 40% of people give credit to social media for the transparency of brands and 53% are likely to consider these brands for their next purchase. On the other hand, 86% of people are likely to go to competitors for business if there is a lack of transparency.
- 81% of people believe businesses have a responsibility to be transparent when posting on social media platforms.
- 70 percent of millennials want CEOs to have a personal presence on social media as well.
This data proves that transparency of brands on social media platforms is extremely important for the brands to grow as well as to gain the trust of the consumers. Consumers expect a lot out of brands and need them to be extremely honest to avoid fake news and misuse of their data. Social media is an important platform for brands to build the relationship of authenticity and Integrity with the consumers.