Do Open Brands Make More Money?

In the age of consumers' scepticism, trust and openness have become essential components in determining a brand's reputation. However, will becoming transparent bring a financial ROI?

✅ 81% of customers said their vulnerability around health, financial stability or privacy are the main reasons why brand trust has become more important, according to the 2020 Edelman Trust Barometer survey. This change suggests that trust is a key component of consumer loyalty and a major influencer of purchase decisions.

✅ Transparency is a strategic asset rather than just a catchphrase. According to a Sprout Social, 86% of Americans think that companies should be more transparent about company principles, procedures, and products than ever.

✅ Companies in the top quartile for trust experienced an average 20% increase in market capitalisation growth, according to PwC's 25th Annual Global CEO Survey. Moreover, according to Deloitte, 90% of very trusting clients are return customers, and trustworthy businesses beat untrustworthy ones financially by a factor of 2.5. These observations show that financial success is directly correlated with transparency, trust, and openness.

Our ‘Eyes On Production’ survey is professionally crafted to benchmark your progress in establishing ethical business practices and the trust built within your team and crew, as the main stakeholders building your reputation.

Sources:

1.https://www.edelman.com/research/brand-trust-2020

2. https://sproutsocial.com/insights/data/social-media-transparency/

3. https://www.pwc.com/gx/en/about/global-annual-review-2022/trust.html

4. https://www.deloitte.com/global/en/services/risk-advisory/blogs/the-future-of-trust-measuring-enterprise-performance.html

***This is advice only. Always ask a consultant.