Today’s fortune cookie “Nothing in life is to be feared. It is only to be understood.” inspired this post.
Increasingly, people want to know more about the brands they buy from. They look for companies that not only offer good products but also act honestly & openly. This is why transparency in branding is so important. It helps build trust and creates strong relationships with customers, making them feel good about their purchases.
🥢Why Transparency Matters
Transparency means being clear about how a brand operates. Sharing information about where products come from & how they’re made. When brands are open, it helps customers feel more comfortable & confident in their choices.
Of course, that assumes a brand is acting responsibly. For many who try to hide their unethical behaviour, its discovery has led to boycotts, lawsuits and/or fines. Brands like Nike have been called out many times over the last 3+ decades for sourcing their products from Asian sweatshops with deplorable working conditions and overstating their use of sustainable materials (a.k.a. greenwashing).[1] Boeing’s mishandling of the 737 Max crisis is another example of how much damage can occur when brands fail to act morally.[3]
🥢Building Trust
• Open Communication: Brands that share their stories—both the good and the bad—can connect better with customers. When people understand a brand’s journey, it makes the brand feel more relatable and less intimidating.
• Honesty: Giving clear details about what’s in a product and how it’s made helps customers make smart choices. When brands are honest, it shows they care about their customers and the environment, which can help alleviate fears about safety or quality.
• Listening to Feedback: Encouraging customers to share their thoughts and responding to them shows that a brand values their opinions. This can turn problems into opportunities to improve.
🥢Gaining an Advantage
In a busy market, being transparent can set a brand apart. Brands that are proven to be open and honest often gain loyal customers who come back for more and encourage their friends to shop there as well.
For example, 60% of consumers (73% of Gen Z) are willing to pay more for sustainable products. Brands like Patagonia and Everlane, known for their commitment to sustainability and ethical practices have seen a surge in popularity among the Gen Z demographic in particular.[2]
🥢Key Takeaway
Transparency isn’t just a nice idea; it has become essential for brands today, especially those whose audience is Gen Z. By focusing on clear communication, honest messaging and active listening, brands can build trust that lasts. When brands understand the power of being transparent, they create stronger connections with their audience. #fortunecookiefriday #branding #transparency #GenZ
References:
[1]https://whittakerassociates.com/the-unethical-practices-of-3-market-giants/
[2] https://penfriend.ai/blog/gen-z-consumer-preferences
[3] https://phys.org/news/2024-10-ethically-longer-brands-consumers.html
A version of this post was originally published on LinkedIn on 2024-11-01.
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