In a world filled transparency goes a long way in facilitating trust. Whether it’s a politician running for office or a person looking for a date on Tinder, honesty is usually the best policy. And if you’re a startup founder that thinks lying to your customer base is a good idea, some new information has come to light that says that’s a bad idea.
In a study conducted by Label Insight, 94 percent of consumers claim that they would be more loyal to a brand if they promoted complete brand transparency. No marketing schemes duping potential customers, no product recalls without explanation, and no devious plans to put more money in their pocket at the expense of everyday citizens. And if you think this is too hard, you’re doing your business a serious disservice.
Transparency is so important in business that people are actually willing to pay more for it. According to the data, more people (37 percent) are willing to between 1 and 10 percent more than would rather pay nothing (27 percent). Even 26 percent of those surveyed said they would pay between 11 and 50 percent more if brands committed to telling customers about everything in their products.
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