The pandemic has given us all the time to literally go inside and reevaluate our own values, personal mission, and what’s vitally important. In parallel, businesses have had to pivot quickly and lean into their mission statements as the world at large navigates our new normal.
This introspective reflection has had real world consequences for businesses. New research from Mintel shows that since the pandemic, 44% of consumers think it’s extremely important to take a company’s mission statement and purpose into consideration when making a purchase. Business transparency is simply the process of being open and honest about company operations and its values. In this post pandemic environment, competitive advantage is conferred to businesses who consumers can trust.
Consumers now pose the question: “Do the products I buy and do the ideas I interact with align with my personal values and ethos?” From farm to table restaurants to greenwashing trends, we’ve seen consumers veer towards a holistic, values based approach to decision making. It’s important that your business stays current with trends, and local and global news. How can your brand respond in a meaningful way to these events in the news cycle? Are you honest and aware rather than tone deaf to the changing needs of your audience? With social media, communication is an interactive two way street to connect genuinely with your audience. Customers value a CEO with a point of view.
Conversely, business opacity can lead to loss of sales and an irreparable reputation. Transparency sends a strong message to your customers–that you stick to your words, that you have integrity, and ultimately, that you care about them and your business. Want to learn more? Just ask at [email protected].