5 minute read 

More and more we see larger companies opening the inner workings of their operations, salaries and hiring practices. Ever since movements like MeToo and HeForShe, there has been a push for companies to be transparent with their employees and consumers.
 
Smaller businesses, such as ours, have an important decision to make on day one. Will you be transparent even if no one is asking for it? That was a decision Josh made when creating a Knowledge Broker. He likes working with people who are transparent and who want transparency within the companies they work with. Thus it was an easy decision to make transparency one of our core values.
 
This week we talked about the advantages of transparency, how to be more transparent for your customers and what are the benefits of it. As always, you can listen here or read on to see some of the highlights from our discussion. 
 
 
The Advantage of Transparency
 
Transparency in business goes beyond honesty. Transparency is being vulnerable to all questions, concerns and feedback your consumers have to give. It might sound like a lot of work but the benefits behind it are massive. Benefits that range from client loyalty, referrals, growth and especially trust.
 
Trust in business is a necessity and cannot exist without transparency. Having clients who trust you will create loyalty like no other. They will stick by you and share what you do to their friends and family. Trust makes consumers feel heard and appreciated. Like walking up to a desk and the receptionist knowing your name right away, it makes people feel real.
 
Transparency also allows you to stand out in your marketplace. By allowing your clients to see every step of your process, they can accurately compare you to your competition. Think about restaurants for a minute. Wouldn’t you rather dine somewhere with an open kitchen rather than one tucked away in the back? By seeing everything, there is no need to second guess your decisions. Businesses that hide important information away create distrust and insecurities with their consumers and staff. 
 
If you are concerned about your company’s transparency here are a few ways to build trust with your clients.
 
List Your Prices
 
Some companies believe that showing prices (especially if they are high) will scare people away. Hiding prices, however, is actually scaring more customers away. Imagine going to the movies and finding out after you watched it how much it cost. It sounds like a trap and in most cases it is. Businesses who operate like this often have dissatisfied and disloyal customers. By hiding something as simple as your prices will make consumers start to wonder what else you are hiding.
 
Address Concerns
 
At one time or another, we have all needed to call a help desk. Those that are good have highly trained staff leading to happier and more loyal customers. Companies that try to sidestep client concerns or criticism only damage their reputations and lose customers. Addressing concerns and criticism shows your confidence, maturity and responsibility to own up to mistakes.
 
Maintain Communication

Email, phone, texting, and social media - find which one works best for maintaining communication between you and your clients. Email them invitations to company events. Text them to let them know there is a 25% off sale. Reply to their Instagram comments. All simple ways to make your clients feel heard.
 
Tell Them About Mistakes
 
Whether it’s a spelling mistake, you wrote the wrong name on an email or that the website is down, let your clients know. Addressing the problem and how you are addressing it will keep clients calm and appreciate your proactive work ethic.
 
Don’t Trick Clients into Feedback
 
Do not trick consumers into leaving 5 – star reviews and give them something in return. Reviews and feedback are for you to listen to and grow from. You are only hurting your company by begging for meaningless feedback from clients. Ask your clients about their experience by sending surveys or by giving them a call after the sale has been made. This way you once again maintain communication and open the floor up to criticism or feedback.
 
That was it for this week’s podcast. Just as a reminder, our weekly podcast comes out every Tuesday on Youtube, Spotify, Google Podcast and Apple Podcast.
 
As always you can email me at trish@knowledgebroker.ca with your comments and ideas. 
 
Our job at Knowledge Broker is to cultivate an open source of information. Knowledge is power and creates experts and understanding. Do you want power? Connect with us here on our website or on social media at “@knowledgebrkr”.

“My knowledge becomes your asset and my hard work is your vehicle to success.”
 
JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
www.KnowledgeBroker.ca
249 Avenue Road • Newmarket, ON L3Y 1N8
Phone 289.231.0001