Leading With Transparency Promotes Customer Loyalty

0 Comments

Transparency is defined as “Situs judi online “lack of hidden agendas or conditions, accompanied by the availability of full information required of collaboration, cooperation and collective decision-making.” Companies that embrace transparency as a core business value find that this practice leads to trust, which leads to customer loyalty, which leads to business success.

Businesses that are transparent are able to build a strong foundation of customer trust and loyalty, which in turn can help drive sales. Analyst firm Forrester’s research revealed that people tend to assess a company’s trustworthiness on the basis of three things: integrity, competence and transparency. With all of this in mind, businesses can build transparency by:

Being transparent in your pricing
Being honest and transparent about pricing and products is foundational to business transparency. Pricing is one area where consumers of all types expect complete transparency. Companies that don’t provide accurate and complete pricing information foster mistrust and lose an opportunity to build customer loyalty. Customers appreciate businesses that are forthright about services provided, fees and contract terms. Pricing consultant firm Pricing Solutions notes that pricing transparency emphasizes value, not prices.

This can be a simple practice for someone like a restaurant owner, where pricing is easily outlined on a menu and customers know exactly what to expect. However, it can become difficult for trade-based professions like plumbers, electricians and similar tradespeople, who provide services that fluctuate in cost.

In these situations, I recommend sharing the average price range your core services tend to cost, and regularly assess what you’re charging as compared to industry standards and update accordingly. Additionally, be sure to call out that customers will need an estimation to understand the actual cost and that this information is clearly listed on the website, not in fine print or hidden. This way, customers have an idea of what the average spend is, but they understand that their unique situation will affect the price of the associated service(s). When you do provide this quote, because you’ve provided an average, they are less likely to be disappointed in your pricing.