Experts in Gaining Trust
Street Credits are one of the UK’s leading proponents of ‘Transparency Strategy‘ in business strategy. Unfortunately, very few companies truly understand what ‘Transparency Strategy‘ is, how powerful it can be, and why it can greatly benefit their business. We fully understand the value of being transparent in business and the benefits it brings to long term profitability and success.
We have many superb examples and case studies where we have helped clients use Transparency strategically in order to win business, add value to their products and services as well as develop long term mutually beneficial relationships with their customers.
Consistent research carried out by Edelman (2009, 2010, 2011, 2012, 2013, 2014, 2015 – Present) clearly shows that trust and transparency are the main reasons why consumers choose to purchase goods and services from specific companies.
In the United Kingdom, 91% of 25-to-64-year-olds only buy products and services from companies they trust. As a result, Transparency is now recognised as the top driver of corporate reputation in the UK.
Therefore it is essential for businesses to be transparent with their stakeholders and build trust which is not only key to building a successful brand and reputation, but also essential to winning business and gaining a competitive advantage.
So many companies fail because they do not consider the needs of the consumer; being open, honest and ethical with customers is proven to be the very best approach to securing orders in the short term and customer loyalty in the long run.
Why Be Transparent?
Transparency doesn’t mean giving away your trade secrets or sharing confidential information with your competitors; conversely, it is about promoting positive aspects of an organisation such as its business ethics, culture and practices.
It is also about being seen to respond to criticism and negativity openly and honestly rather than trying to shirk blame or hide from the truth. This is not only the best approach but also a great opportunity to enhance brands and reputations with excellent PR.
There are many examples of big brands suffering by trying to cover up issues rather than being open and honest. Nestle in 2010 ultimately stopped purchasing rainforest destroying palm oil after constantly deleting comments from Greenpeace supporters on Social Media. In the end, they couldn’t hide from over 1.5 million video views. Read more on this story by clicking here.
Get in touch with us, speak to our experts and find out how we can help your organisation create a business winning Transparency strategy.
91% of UK Consumers Only Buy From Companies They Trust
What is Transparency?
People often mistake transparency with financial reporting, however it is so much more than then accounting practices nowadays. Price Transparency, Supplier Transparency and Product Transparency, make up just a few examples of the broad range of transparency strategies available to organisations.
Why is Transparency Important?
With the rise of the Internet in the 21st Century, organisations cannot afford to misrepresent their products and services. Consumers and businesses are far more informed than ever before, making transparency a key component of any organisations business strategy.