6 Reasons Why Building Brand Transparency Is Important to Your CRO
Many businesses would like to improve their conversion rates. If you fall into this category, you should know that brand transparency can be a powerful, driving force when it comes to your conversion rate optimization (CRO). There are a few ways that brand transparency aligns with your ability to increase your CRO. Check out these six reasons why building brand transparency is important to your CRO.
1. Brand Transparency Is Important to Consumers
Consumers rank brand transparency as being very important in their decision-making process, so building brand transparency can directly impact your CRO. Research indicates that 86% of American consumers say transparency from businesses is more important than ever before. Consumers can place a brand’s public interactions in high regard — making brand transparency one of the most powerful ways for you to gain the trust and loyalty of your target market. When consumers call for brand transparency, they are looking at how a business represents itself through its brand. Consumers want a brand that maintains open, honest, and accessible communications and relationships with both internal and external stakeholders.
2. Brand Transparency Via Social Media Can Positively Impact Your CRO
Communication is a focal point both in social media and in building brand loyalty. Social media is an open forum that offers transparency for all users, including businesses. Therefore, using social media as a means to grow your CRO makes sense, especially when it comes to brand transparency.
You can use social media as an outlet for connecting to your customers and sharing stories that shape your brand. This can include offering updates on your products and services, but it can also be so much more. For example, if your business is environmentally conscious, why not share some of the measures you have taken to protect the environment? You can help build your brand by sharing your mission statement. If your company stands strongly with a public figure or social justice movement, you can also take a stance on social media.
Navigating brand transparency on social media can help grow your CRO by bringing attention to your positive impacts on your local community and more broad-scale issues. It is important to consider, however, that it can also have a negative impact on consumers that don’t agree with your views. Nonetheless, you can use your social media presence to emit brand transparency that positively impacts your CRO.
3. Brand Transparency Can Help CRO in B2B Marketing
If you are in B2B sales, your brand qualities should align with brand transparency because it is of interest to your target market. B2B marketing research found that the three most important qualities of a B2B brand include clear full pricing, visible inventory, and content about company processes; each of these directly relates to building brand transparency. Therefore, if you focus on building brand transparency for this target market, it can help your CRO for this group.
4. Customer Testimonials and Feedback Are Brand Transparency Tools
If you share customer testimonials and feedback, you are using them as brand transparency tools. When potential customers review this information, it can affect their decision to buy from you, and therefore, it directly correlates with your CRO. This means that you need to be strategic in how you share this information, but doing it the right way can certainly help you increase your CRO.
5. Customer Trust Correlates With Website CRO
Trust is a key concept for both brand transparency and your ability to optimize conversion rates for your website. The Baymard Institute found that 17% of users have abandoned a checkout flow during the last three months because they didn’t trust the site with their credit card information. Building brand transparency can help you avoid losing sales due to a lack of trust.
6. Brand Transparency Draws Attention for startups
If you are a startup business, one of your main goals is to quickly build your customer base. This takes time because you are starting from the ground up to build customer relationships. In addition, when your business is new, it is bound to make some mistakes.
By building brand transparency straight away, you can attract attention that can help you grow your customer base. Once you attract customers, you are beginning to establish long-term relationships and trust. Research from Sprout Social found that when brands are transparent and develop a history of transparency, nearly nine in 10 people are more likely to give them second chances after bad experiences and 85% are more likely to stick with them during crises. When you are a startup, brand transparency becomes your foundation for long-term customer relationships and loyalty — whether rain or shine.
By following these tips above, you can improve your brand transparency for your business while also improving your CRO.