A majority of consumers are demanding transparency from businesses, according to a recent report from social media company Sprout Social.
The Social Media and the Evolution of Transparency report (free, registration required) surveyed 1,000 US consumers and found that an overwhelming number (86 percent) think it’s more important than ever before for businesses to be transparent.
These consumers define transparency as being open (59 percent), clear (53 percent) and honest (49 percent).
The report shows that customers are more loyal to companies that reflect those qualities and are willing to walk away from those that don’t.
For example, a stunning 89 percent are willing to give transparent brands a second chance after a bad experience, and 85 percent are willing to stick with them through a crisis.
Stakes are even higher for companies when it comes to their actions on social media. More than half of the consumers surveyed (53 percent) say that they are likely to consider a brand that’s transparent on social for their next purchase. But a lack of transparency can lead 86 percent to take their business elsewhere.
Source: Martech Today