Honesty is golden. Research shows that companies who are honest and completely transparent are more likely to keep over 94% of their customers. Without a doubt, customers want to know what kind of business they are dealing with.
In addition, it is vital that companies handle customers private data transparently. In 2018, the GDPR (General Data Protection Regulation) actively enforced companies to handle customer data transparently. Meaning that there will be an emphasis on this in the near future. Companies are going to be required to be completely transparent on the information being shared to promote their products.
Simple things will instantly improve transparency in your business. Firstly, establish your companies goals. Make sure that selling is not your main goal, connecting with customers is much more important. Also, make plenty of room for criticism if customers raise concerns or have questions. Lastly, be an open book to your customers and tell them as much as you can about who they are about to do business with.
In short, nobody wants to do business with a company who lies and isn’t upfront about who they are and what they do. Being upfront from the beginning will set you up for a successful business with a strong customer base.