Embracing transparency. As consumers, citizens, and even business-tobusiness
customers become more accustomed to operating in the digital
realm, where real-time information and instant price discovery are the norm,
governments and companies will be forced to embrace greater openness with
their customers, clients, and citizens. Customers demand total transparency,
and they expect to be heard. With the advent of social media, customers are
increasingly vocal about their preferences and reactions and can quickly have
a disproportionate impact on a company’s reputation. Conversely, we see that
companies and institutions that are seen to be open and willing to engage with
customers and clients often enjoy greater brand loyalty. When Maker’s Mark
whiskey decided to reduce the alcohol content in its bourbon, it was met with
an immediate backlash on social media. The company reversed the decision
within a week and earned praise from loyal customers for its “You spoke. We
listened.” apology.