An invaluable concern for businesses of all types and in all industries is the protection of their brand. Any entrepreneur worth their salt knows that brand safety of this kind is paramount, as it ensures that consumers are more likely to trust the company in question and that sales will therefore remain at a steady high.
There are plenty of tactics for increasing brand safety, but one which is becoming increasingly popular is that of radical transparency. More and more businesses are seeking to utilise this technique as a way to increase brand safety, so let’s take a look at it in some detail right now.
What Is Radical Transparency?
Essentially, this is the willingness of a company to put as much information out into the public as possible regarding how the business operates. There are obviously limitations to what you might safely be able to publish, but you might be surprised at just how much you can put out there, and what a difference it can make for your business too.
In truth, a lot of business leaders are more than a little frightened by this. But there is increasing evidence that a radical approach to transparency actually engenders more trust in the institution from the general public, as well as from employees, partners and shareholders.
Why Use Radical Transparency?
We have already hinted at why this might be a good idea, but it might be worth stressing the point as to why you should use radical transparency in your company. For one thing, it increases the level of trust between your business and the wider world. This in turn means that your brand is more trusted, and a trusted brand is in effect a powerful one. You will also have happier employees, and be more likely to know how to improve operations at every level that you might wish to do so.
How To Put It In Place
There are many radical transparency examples you can try to align with your own company, if you want to give this a go. For instance, you may wish to share results pertaining to your overarching strategies, sharing in particular what worked and what didn’t work so well. Or you might want to keep responsibilities and job functions a matter of public record, thereby increasing and improving accountability across the board.
Going deeper, you might even wish to publish salaries and pay grades, to show that you are operating fairly and openly with your employees. All of this is worth considering, especially if you are keen to give your brand the boost that it might well need. And you might find that you have higher quality employees coming knocking on your door as a result of that too, as well as an influx of customers.
Finally, remember that it’s easier to put this in place with the right technology – using blockchain technology, for instance, to ensure that you can facilitate the necessary change that you would like to see.