These days anybody can find out almost anything simply by enlisting the help of Google. If you want to know more about a company or brand the information is always there at your fingertips and you really need to consider this when you are planning your marketing strategy. There is no point promoting your latest product as the cheapest on the market if people can find out in a matter of seconds that it is actually one of the most expensive. This means that your marketing strategy needs to be transparent.
Firms that have opted for transparency in their marketing tend to attract more customers because customers trust them more. And this in turn means that customers will be prepared to pay more. A good example of this is a restaurant that has a good reputation. People might know that it is a little more expensive than its rival across the street but are happy to pay the higher price for a good quality product.
When should you be transparent?
It is important to consider the overall customer experience when you are deciding on how transparent you should be. Consider two offers from different companies. The first company is offering a free item on every order if the customer spends over $100. The second company has the same offer. However, the first company has chosen to hide the detail of the minimum $100 spend in the small print while the second company makes this detail stand out in the advertisement. Which company would you trust more? It is the same offer with the same restrictions, but you might be less inclined to trust a company that isn’t clear on all the details.
There are going to be times when you won’t want to be transparent, but there are occasions when it can pay off. Some organizations may be concerned that admitting to a fault will damage their business in the long term, but there are some examples that show that drawing attention to shortcomings can be beneficial. A well-known pizza brand used poor reviews in an advertising campaign to demonstrate how they had improved. Showing that you can face up to faults and then take steps to put them right helps to build consumer trust.
One of the reasons that consumers are drawn to transparency is that it is not something that is seen very often. Some businesses claim to be transparent but then do not back up the claims with the right actions. Consider the old adage ‘show not tell’. Consumers will be more inclined to trust your marketing strategy if they can see that you are being transparent than if you simply tell them that you are. This is something that requires more effort but it is worth putting that time and energy in because it will pay dividends in the long term.