That means consumers have a lot to sort through and choose from when shopping for virtually any type of product. And studies show they demand more transparency from companies to help them make an informed decision.
“This is especially critical in digital marketing,” says Jonathan Musgrave, owner and chief digital marketer for Steep Digital Marketing (www.steepdigital.com). “With information so abundant and readily available, companies are becoming increasingly transparent in an effort to engage the potential customer. They’re inviting potential customers into their world rather than talking at them.”
Musgrave offers five ways that being transparent in digital marketing can win over customers:
- Builds trust. “You deserve more than someone playing games with you and withholding information,” Musgrave says, whose digital marketing agency specializes in seminar advertising, lead generation and marketing automation for financial advisors. “The consumer expects and is entitled to know exactly what they’re signing up for. The financial advisors my firm works with, for example, tell us that they build such good rapport with their seminar attendees before the event occurs because of the way they’re featured on the event landing page. There’s a lot of ‘gotcha marketing’ going on in the world today, and no one likes to feel like they got fooled.”
- Develops loyalty. Surveys show that the vast majority of consumers will be loyal to a brand that practices transparency. “Brands now have the enhanced opportunity to show their personalities and values due to the internet and social media,” Musgrave says. “So consumers expect to know more about companies than ever before. And if you give them transparency, they’re willing to pay extra for it.”
- Shows authenticity. “To do digital marketing right,” Musgrave says, “companies need to take a deep dive into who they are, where they’ve been — warts and all — and show a vulnerability that potential customers can relate to. People can see themselves in what you truthfully present. The whole objective is to create a human interaction, and being authentic in this way is one of the most powerful things you can do.”
- Pairs a great offer with great value. “Regardless of what you’re selling, there is some ulterior factor we’re using as an advertising carrot,” Musgrave says. “An example would be a time-share presentation; get a free cruise if you sit down and listen to them talk about some product they’re trying to sell you. But the carrot blinds you from the actual intent of the event. In order to be transparent and build good trust, the offer has to be paired with value.”
- Increases efficiency. “Becoming more transparent through digital marketing can greatly improve a business’ efficiency by spending less time talking around product limitations and sidestepping customers’ concerns,” Musgrave says. “By not embellishing your results, you save time for more productive work.”
“Giving consumers access to all the information they need to know without masking your intentions is a proven way to build better relationships through digital marketing,” Musgrave says.
Jonathan Musgrave is the owner and chief digital marketer for Steep Digital Marketing (www.steepdigital.com), which he founded in 2017. Musgrave got his start in the direct mail business, using his communication skills to craft powerful marketing messages that reached more than 1,000,000 households each month. He’s started his own wholesaling company that brought digital marketing tools to the financial advisor space for the first time in 2013 that were responsible for doubling sales for three consecutive years.