September 6, 2016
Interviewed by: Privcap
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Why ‘Open and Transparent’ Brands Win

The head of consumer products for RSM explains the brave new world of social media and transparency for brands  whether they’re ready or not for this marketing game change. 

The head of consumer products for RSM explains the brave new world of social media and transparency for brands  whether they’re ready or not for this marketing game change. 

Why ‘Open and Transparent’ Brands Win
With Carol Lapidus of RSM US LLC

Q1: How important are peer-to-peer recommendations in the consumer & retail business?

Carol Lapidus, RSM US LLP: According to a Nielsen online survey, consumers only trust about a third of the information that they receive directly from brands. But they trust 90% of the information they receive from their personal connections. What that says is, it’s important to develop consumer who are going to be your spokespeople. Develop consumers who are going to share, who are going to like, who are going to refer your brand to others.

Q2: Consumers value brands viewed as honest and transparent. What does that mean in practice?

Lapidus: The consumer wants to know that the brand is open about what the product does, what it doesn’t do, how best to use the product. They want to know all the information that’s necessary about a product. And they want to hear it in a concise manner. And if it’s the right information and it’s given to them in the right manner, they’re going to share it with their friends.

Q3: What should brands do with feedback they receive on social media from customers?

Lapidus: One of our clients that sells fashion to millennials is online, they’re on Instagram, they’re on Facebook. They’ve got a really good social media platform.

They listen to their consumer and they say, wow, that’s a great idea. Or if it’s not feasible, they respond to them and tell them why it’s not going to work, but that’s such a great idea. Thank you so much. And sometimes they’ll get sometime of bonus or a personal invitation to attend an event when they’re responding to something like this because it’s really important to listen to the consumer.

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