Management | Oct 11
Nobody likes a showoff, right?
But at the same time, celebrating your successes as an organization or proving that you understand what needs to be done to get your products/services to the next level can really strengthen your brand.
After all, the best way to establish your credibility with customers is to be as open as possible as often as possible.
Sharing data that you’ve taken the time to compile, analyze and used to make decisions on how to move forward can help establish your brand as one with a clear plan.
This comes with a disclaimer of course: it goes without saying there are boundaries (see: customer’s personal data), but as long as you’re careful, you can paint an impressive picture with your results.
Sharing data can also demonstrate that you understand the areas where you need to improve (which is why you’re measuring them) and shows a commitment to being better.
Here are a few other beneficial side-effects that can result from sharing your data:
1. Transparency = Trust
People buy from people they know, like and trust – plain and simple.
More than ever, consumers want to do business with brands that have great reputations and portray a positive public image.
This means that being transparent about how you conduct yourself as an organization translates into currency – both literally and figuratively.
By giving your existing customers (and potential ones!) a peek behind the proverbial curtain, you’re advancing your position as a reputable, authentic company.
This also stretches beyond your customers – your employees also want to see what’s going on behind closed doors and feel like they’re in-the-loop. So establish a culture of trust and provide them with data that will empower and educate them!
Again, you’ve got to be smart with any overly sensitive information. But if you’ve built a company on accountability and responsible decision-making, you should be able to equip your people with data they can use to sell, market and strengthen your company.
2. Build Your Fan Base
There’s no question that creating brand advocacy from your customers can provide your business with a huge leg up over competitors.
Who doesn’t want to offer the most popular product or service, right?
By sharing your wins and losses through data, you’re keeping your customers in-the-loop and including them in your journey.
Having a fan base that is a part of your story, actively willing to promote your brand and wants to engage at every turn can genuinely influence others.
Your brand will be at its strongest when you’ve included your fan base and their efforts on your behalf can be demonstrated through data (think: social capital, like sharing of content, or Likes).
The sharing of data that shows your strong connection with your fan base can open up a lot of new doors (think biz dev opportunities) and help you long-term.
3. Tell Your Story the Way You Want it to Be Told
When you take the time to produce reports or visuals containing key data, you are in control.
Ultimately, you have the final say as to what figures get released, who gets to see them, where they’re available… you determine what others come to know in many ways.
(Implicit in this, of course, is staying true to the data and avoiding manipulation for ill-intent.)
Your brand can benefit – even if the numbers aren’t the greatest – because you’ve got the ability to add context, paint a picture and ensure that the data collected is delivered properly. For instance, if you take the time to survey your customer base on features they’d like to see in your next product launch, implement the changes, and see your sales soar… why wouldn’t you want everybody to know you’ve acted on the specific data you acquired?
It’s incredibly empowering to know that you can dictate your brand’s next move, and a lot of this control comes from the way in which you choose to establish yourself using your results.