The New Currency For Business

Transparency as a culture

As I’ve mentioned, transparency is about so much more than just being honest about your brand. It’s also about shining a light on your business and not being afraid to let your customers see who you really are – warts and all. There are many ways of creating a culture of transparency in your brand including:

Profit transparency

Many brands choose to win customer trust by being totally upfront about how much money they make. This is in response to criticism of companies being less than honest about how much profit they’re bagging in relation to the price of their products.

Salary transparency

A few years ago, ‘Fat Cat’ executives secretly banking huge salaries and bonuses rapidly became a thing of the past. A new wave of salary transparency has seen a large number of brands publishing their staff salaries online for all the world to see.

Social media scheduling brand, Buffer does this with a great deal of panache. Not only does Buffer publish a spreadsheet of all employee salaries – from the CEO to content crafters, it even publishes the formula which it uses to formulate those salaries.

Open door policy

A lot of brands are taking transparency one step further. Quite literally, they are opening their doors to their customers. The trend for transparency has seen a lot of companies inviting customers. It can be either physically or virtually – to visit their premises and meet their staff.

Shoe company, Zappos, uses this practice to great effect. They offer virtual tours of the Zappos headquarters. Furthermore, customers can schedule Q&A sessions with specific departments and watch live training events. This is a perfect example of a brand using transparency to announce to its customers – and the world – that it has absolutely nothing to hide. Much more than just a gimmick, Zappos’ customers have responded incredibly positively to the virtual tours which are extremely popular.

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