A recent report found that customers are more loyal to companies that are transparent on social media. In fact, customers reportedly expect a higher level of transparency from businesses than they do from other people on social media, including politicians, friends, and even themselves. So what exactly is transparency?
According to those who participated in the survey, 59% said transparency means being open, 53% said it means being clear, and 49% claimed it meant being honest. These three qualities mean so much to customers that 89% stated they'd be willing to stick with a company even after a bad experience if the company was open, clear, and honest about the incident.
This consumer attitude towards businesses on social media places a high level of responsibility on how businesses present themselves and interact with customers on social media. Today's social media landscape demands that businesses create, develop, and maintain a relationship with their customers. Now customers are placing demands on how they want that relationship to go.
With growing controversies over the role of social media in the spread of fake news, consumers want to feel like they can trust a brand. Businesses would be wise to keep these insights in mind when developing their social media strategies. A people-based approach that fosters connection and communication is one of the best ways to win the trust of today's consumers on social media.