Unlocking Brand Transparency

In today’s interconnected world, with savvy consumers and conscious shoppers, business cannot rely on catchy advertisements, mascots, and jingles alone to sell their product. Instead, they must look inward towards the essence of their brand and its promise to consumers. When interviewed by The Globe and Mail for the 2020 Series, Brand Matters’ president and founder, Patricia McQuillan, advised that “this is the renaissance of the brand and brand transparency.”

What exactly does brand transparency mean? Current consumer trends require that we understand the importance of authenticity and honesty; that is that a company brand keeps its consumer promise. Consumers are in tune and connected via social media and the Internet, any negative moves by a business are bound to attract unwanted attention. This often amounts to a company breaking its promise to its consumers. Business has to change – it has to become more transparent and engage consumers in an effective manner in order to succeed.

A recent study by Label Insight confirmed the importance of brand transparency:

• Nearly all consumers (94%) are likely to be loyal to a brand that offers complete transparency.
• Almost three in four consumers (73%) say they would be willing to pay more for a product that offers complete transparency in all attributes.

Interestingly the follow-on study confirmed these findings and reinforced that transparency is even more important to millennial consumers.

In the quest for transparency, brands become more empowered than ever. By inviting the audience into the boardroom to have a civilized discussion, brands are able to interact with consumers and truly understand how they can make themselves better. What once may have been ammunition for critics is turned into constructive material to develop the brand’s DNA and foster growth.

Ultimately, people care about what you are doing to make their lives better, and to make the world better. A brand can satisfy this by being transparent, creating an identity that is feasible yet promising – walking the talk, so to speak.  It means being open and honest with the public  in divulging information that people ought to or would want to know. Utilizing social media through transparent engagement helps treat your customers and audience as individual, intelligent human beings. And, at the end of the day, we all prefer such treatment.

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