As you know earning business is tougher now more than ever. Navigating through the ever-evolving competitive landscape is and always has been a tough task. If things weren’t challenging enough, company’s now have to deal with a global pandemic and a volatile economy as well. There is no need to panic. With a Transparent Mindset, companies can get and stay ahead of the competition.
More than 85% of Americans think Transparency in businesses is more important than ever before, and 73% of those consumers are even willing to pay more for products that guarantee Total Transparency. Transparent Cost, also known as price availability, is so important to consumers that the aforementioned statistics are true! When mentioning price availability, we mean that the complete and total price (including all shipping, handling, and other fees) is clearly stated on a company’s website in an understandable way with no hidden fees.
Some companies intentionally blur their costs, making them unclear to the consumer. That is an important issue to address because these non-transparent costs then allow those companies to hike up premiums by raising the price they charge the consumer. Meanwhile, consumers want to know the costs because it helps them know if the price is reasonable.
Amazon does a tremendous job of this. When purchasing from them, the exact price, delivery date, and return policy is stated. If you pre-order an item, and the expected costs drop, they are Transparent and ethical enough to even refund the difference so consumers don’t overpay. No hidden fees, no calling for prices. No wonder why the company has grown exponentially – they do things right!!
What Amazon and other companies that provide price availability do well are:
- Foster a personal connection with consumers in a world where most shopping is done virtually
- Give the consumer the choice to decide if the company’s values align with their own
Per a 2014 Consumer Survey, 85% of Americans have encountered an unexpected or hidden fee over the past two years for a product or service they had used. Luckily, consumers now have technology in their price availability corner. Behold: Internet shopping. Now, consumers can easily price-compare, which makes Price availability more available and encourages companies to have a Transparent Mindset.
Think about car negotiations. The price that is negotiated down to from the sticker price won’t be the quoted value given to the customer in the dealership’s finance department. It will be that negotiated price, plus sales tax, title & registration fees, doc fees, dealer fees, inception fees, destination fees, and the list goes on. To further this point, what’s crazy is a consumer can visit four different dealerships and get four different prices on the out-the-door price for the same exact car. How is that fair?
These “extra items” are covering costs of selling that vehicle and are added into the customer’s quoted price after the fact, thus creating a lack of price availability. How frustrating!!
The digital era is upon us. Every publicly traded company has a website, and there is no reason why price availability shouldn’t be attainable. When Transparent Cost doesn’t happen, it’s a huge red flag that a company is hiding something from the consumer.