“Seek, and you will find,” goes the wise saying, but in today’s world, it is important for companies to be visible to customers, so the search process is easy and transparent. What do customers consider as business visibility? Entrepreneur magazine suggests that companies achieve business visibility when customers feel that a company tries to provide a high level of business transparency. Suggested ways include making its brand proposition clear and relevant information on its products and/or services accessible.
In a crowded market, customers prioritise business transparency when spending money. Research shows that 94% of customers are likely to be loyal to a brand that they perceive as transparent. Additionally, 73% of customers will pay more for a product that they regard as entirely transparent. Transparency is important for establishing trust and building relationships with stakeholders. Better relationships result in higher productivity and strengthen innovation. In this article, let’s have a closer look at the benefits of increased business visibility:
Benefits of providing visibility to consumers
1. Transparent decision-making leads to trust and goodwill.
While it certainly helps to increase business transparency for customers, it’s not just about them. When transparency is the approach, it also elevates its reputation amongst investors, partners, suppliers. It also results in a positive image within the operating country. After all, even a sole proprietorship isn’t solo; businesses rely on a network of other stakeholders and are subject to regulatory frameworks.
Consultancy firm McKinsey succinctly defines this as the Environmental, Social and Governance(ESG) proposition – when businesses are transparent about reducing environmental impact, benefiting society, and strengthening government support. ESG proposition is important as it enhances long-term value—even if it leads to short-term pain. Case in point: North American retailer Dick’s Sporting Goods, announced in 2018 that the company would restrict gun sales after a Valentine’s Day tragic shooting at a Florida school. CEO Ed Stack famously said, “Thoughts and prayers are not enough,” and told investors frankly that sales will decline. The announcement cost the company $150 million in lost sales. But this was short-term – the company’s stock price and in-store sales recovered in less than two years. Gun manufacturers might be unhappy at the move, but investors showed firm support for the company’s bold move. Therefore, when businesses are transparent about their decisions, other stakeholders will trust their lead and follow suit.
2. Increased brand loyalty with business transparency
Brand visibility is also when businesses can be transparent during the selling process by making information readily available. Customers want to easily access critical data on company websites and social media channels, such as price and product information. They also want a response when they ask questions and see that their concerns are addressed.
When companies make the information-search process seamless, customers can reach a purchase decision quickly. 61% of customers surveyed by Hubspot declare that one important factor for purchasing is the amount of information available. By providing this information, companies help customers be realistic about their expectations, increasing brand loyalty because buyer regret is reduced. Being consistent and frank about customer reviews and answering questions on a company site or social media improves brand visibility and customer loyalty.
3. Increased sales and revenue
Another way of signalling business transparency for increased brand visibility is to emphasise the business’s values through marketing media. One example is to look at the fashion industry’s increased diversity representation. Using models of different ethnicities to sell clothes shows the transparency of values and an important sense of purpose.
When customers perceive a brand is firm about its values, they are more willing to buy their products and/or services. Especially if the commitment is shown on different levels, demonstrating a strong sense of brand purpose. A report shows today’s youths buy from purpose-driven brands, and another survey shows 88% of customers would buy from these brands. 66% of customers would even switch brands to purchase from companies with beliefs that match theirs! And political views aren’t top of the list; customers say they want companies to support social causes. Purpose-driven brands are naturally more visible to consumers since they choose products and services that highlight their values.
4. Strong brand visibility leads to cost savings
Having a heightened sense of business transparency also means reduced costs. How so? When companies proactively acknowledge their blind spots, they are also reducing their own operating cost. Consider 3M Paper Products, which strategically positions itself as an environmentally friendly company, pioneering paper recycling efforts and setting industry standards with its “pollution prevention pays” program.
Knowing that paper processing is an environmental risk area, the company achieved brand visibility by improving manufacturing processes, redesigning equipment, and recycling and reusing waste from production. But it’s not just a sales gimmick since the company has saved $2.2 billion alone. Businesses that step forward and make themselves visible can also reduce their costs, as seen in this article.
5. More productivity, motivation and employee retention
To indeed increase business transparency, it starts within. When a business is untransparent about its processes, customers will experience poor sales attitudes since employees are unwilling to work. Staff should be encouraged to share their opinions and ideas with management. Collaboration and communication across various business departments ensure work runs effectively and efficiently. Working as a team is fundamental to success, probably why logistic firm Portcast invested $3.2M to create more transparent and sustainable supply chains.
Research has shown that it’s not fancy buffets or ping-pong tables that make employees stay. Instead, a study says when management values transparency, the employee feels motivated, becomes more productive and is willing to stay even when sales decline. They are committed to helping the business succeed and ensuring it runs smoothly. All of these will translate to a more positive outlook when dealing with stakeholders. There are severe consequences for brand visibility when employees don’t feel that the company is transparent. The most recent example is Facebook’s whistleblower, who has openly denounced the company for hiding information, public criticism and stock decline.
One way to foster trust is to ensure company culture and policies provide a fair work environment. More trust also reduces staff turnover so that companies can devote resources to growth and innovation. Customers will choose honest companies that are transparent with logistic issues, policy changes, product prices, and other concerns. For them, a visible brand is when the company is honest within and in the public’s eye. A trustworthy brand should focus on growth and innovation, both essential ingredients of business visibility.
How Moovaz Can Help
Overall, it’s important to show that the company prioritises transparency in its processes and communication to increase brand visibility. Without that, businesses will fail to gain stakeholder trust. Losing trust leads to declining business visibility, and that will certainly affect revenue in the long run.
Here at Moovaz, we understand the importance of staying transparent and providing visibility to customers. That’s why we designed our platform with easy-to-navigate interface as well as full control of conversation between you and your customers. Partner with us today to optimise your brand and customer experience!