Kearney Consumer Institute Q2 2023 Briefing Analyzes Transparency Strategy Mistakes and Wins Across Global Brands and Retailers
CHICAGO, May 16, 2023 /PRNewswire/ -- Today global management consulting firm Kearney's consumer think tank, the Kearney Consumer Institute (KCI), releases its Q2 2023 briefing on corporate transparency, Blank space: the transparency disconnect. The report looks into the complicated relationship consumers have with brand transparency, as well as how retailers and brands should be parsing the difficult questions around transparency and responding appropriately.
"Putting information out there or advertising transparency sets the expectation that consumers can ask about anything," said the report's author Katie Thomas, who leads the Kearney Consumer Institute. "Artificial transparency risks frustrating or confusing consumers, leading to loss of customer loyaty even for established brands."
"There is a disconnect between broad transparency and the information consumers actually want, and how they want to receive it," added Thomas. "There are multiple approaches to communicating brand messages and information, and understanding these nuances, as well as the risks and benefits of each approach, can benefit both consumers and brands."
The KCI has been exploring how consumers react to functional, values-based, informational, and operational modes of transparency.
The briefing shares consumer sentiment data and addresses themes such as:
The study reports on feedback from consumers, making the case that there are few clear-cut answers in their reaction to various types of brand transparency. "Brands and retailers need to be cautious about the messages they want to put out," noted Thomas. "Weighing what makes consumers feel good about their choices against what is realistic to execute on the brand side is the first step in getting transparency right."
Consumer responses to transparency are often far more complex and nuanced than brands and retailers realize. The KCI advises a process of acknowledging the intent of a transparent message, and planning accordingly, whether that's to inform or educate, for marketing or for coverage. From there, the report enumerates things to watch out for in each category, as well as key questions and considerations.
"Brands and retailers need to have a long-term strategy in place, shifting from selective transparency to thoughtful transparency," said Tanya Moryoussef, a manager in Kearney's consumer practice. "If a brand admits to making a mistake and shares a plan of how they will do better, are they ready to share updates to or tracking of the plan?"
A copy of the Q2 2023 KCI Briefing Blank space: the transparency disconnect is available here.
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About the Kearney Consumer Institute
The Kearney Consumer Institute (KCI) evaluates today's business challenges and opportunities through the eyes and experiences of consumers, advocating a consumer-first perspective. By leveraging consumer behavior data and insights, we generate conversation, and ultimately action, around how to address consumer needs with meaningful benefits. Through extensive consumer market research, we can help you identify the right opportunities by surfacing key consumer market insights and trends.
Using a consumer-first lens the KCI looks at today's consumer revolution not by thinking about consumers, but by thinking like consumers. Our consumer-centric approach includes simple, precise, plain-language conversations on topics like trends, consumer communities, convenience, loyalty, service, fair pricing, and product development and technologies.
U.S. Media contact:
Meir Kahtan, MKPR, [email protected], +1 917-864-0800
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