Radical Transparency – A Direct Route To Trust?
Pathfinders of Trust
November 22, 2017
Where in your supply chain do your brand’s profit margins lie? And exactly how much are they?
The prospect of publicly answering such questions in detail might make many marketers quail.
But perhaps brands should relax a little about letting facts of this kind enter the public domain. Better still, maybe they should be proactive and publish it themselves.
Share almost anything
Rishad calls on brands to recognize that if they’re to build real connectivity with customers, they should be willing to share almost any information that isn’t customer confidential.
As he points out, “If you don’t, someone else will.”
He cites the example of eyewear maker Warby Parker, which connected with customers by laying bare its own margins, while also exposing the bigger margins of an incumbent rival.
Rishad isn’t alone among our ‘Pathfinders of Trust’ in championing a policy of “radical transparency” as one of the key ways for brands to build trust and loyalty.
The ultimate trust marks
He also has some insights for what he sees as the other pillars of trust – authenticity and purpose. Brands that achieve this can take their place among “the ultimate trust marks”, he suggests.
To hear Rishad’s arguments, including why he believes that despite the power of social media “it’s very hard to destroy a brand”, visit his ‘Pathfinders of Trust’ video.
And for more insight on trust from other marketers and sector specialists, as well as the tools you need to start creating an authentic and authoritative relationship with your customers in a post-truth world, visit our Currency of Trust content hub.