Consumer demand = more trust transparency in the supply chain

August 29, 2019

A recent Harvard Business Review article reported on a study by researchers at the MIT Sloan School of Management that “found that consumers may be willing to pay 2% to 10% more for products from companies that provide greater supply chain transparency.” 

But, transparency alone does not equal trust nor is trust alone enough. As our founder and managing partner Scott Steinford says: Make Trust Apparent; Believe in Transparency and that’s why he always uses the words together. Trust transparency is the intersection point of trust and transparency. It is a proactive and top of mind strategic approach to create a process and value system that aligns organizations and their internal and external partners to create tangible, quantifiable ROI. 

The dietary supplement industry supply chain is complex. Below is a simplified version we created to provide just an inkling of how complicated it can be. Most companies have multiple raw material growers, processors, etc. from all over the world. And, they rely heavily on their contract manufacturer, but in some cases, key personnel at larger companies don’t even know who their CM is.

 

Moreover, online communities are expanding, information and misinformation is out there and it’s up to you to make sure consumers can easily obtain credible information about your organization/brand or someone else will provide it to them and then you lose control of the message.

Some ways to control your message and increase supply chain trust transparency:

Commit: Make trust transparency one of your organization’s values and regularly conduct internal checks to make sure you’re putting it into practice.

Connect: Tradeshows are a great opportunity to bolster existing relationships and forge new connections. In between shows, contact your supply chain partners via phone/email or better yet, make plans to visit them. If they’re not willing to have you visit, then find a new partner.

Collaborate: Utilize your connections to collaborate with supply chain partners and other like-minded industry leaders to develop innovation ideas.

Participate: We all have a responsibility to contribute to and work toward a better industry. Participate in industry initiatives like Inside the Bottle; join industry associations, make commitments.

Trust transparency across the supply chain is beneficial on both the B2C and B2B sides and is crucial to helping keep and rebuild trust in our industry. What will you do to increase trust transparency in your business?

~Traci

Anthony Reyes
Author: Anthony Reyes

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Lori Diez

Lori Diez combines compassion and excellence to lead organizations to their next level. A small-town Texas childhood taught her the value of hard work and relationships, which she uses to foster teamwork that brings results that have transformed cultures and programs to their highest potential. Her successful career in pharmaceutical and nutraceutical sales leadership and event hosting has prepared her to deliver results as the COO of TrustTransparency, where she uses her industry knowledge to ensure that the company’s operations run smoothly as they support nutraceutical companies in their mission to help others. Lori’s passion for charity reflects her belief that individuals working together can change the world, no matter how small their contribution to the effort. This year, she looks forward to continuing over a decade of service at the Houston Livestock Show And Rodeo, where she will be the Chairman of the Livestock Committee.

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Glynnda Steinford

Glynnda Steinford, Trust Transparency Consulting’s Director of Customer Relations, brings over four decades of healthcare experience to her vital role in client engagement and relationship building. Her diverse background spans from administering medical groups to impactful stints in pharmaceutical and nutraceutical sales, all underlined by her degree in Healthcare Administration.

At the heart of Glynnda’s work is her talent for nurturing long-term connections, a skill she leverages to enhance client experiences and partnerships within the consultancy. Beyond her professional commitments, she enjoys life’s simple pleasures, whether it’s her love for cats and cooking or her ventures into golf, always prioritizing cherished moments with family and friends. Her personal interests echo the dedication and warmth she extends in her professional network, making her an invaluable asset to the team.

Caiti Dowden

Caiti Dowden stands as a crucial pillar at Trust Transparency Consulting, bringing invaluable insight and expertise to her role as Senior Executive Assistant’ since her start in 2018. With an academic background from Sam Houston University and a career shift from education to the nutraceutical sphere in 2010, Caiti has cultivated a sharp acumen for dissecting industry trends and bolstering strategic decision-making.

Her transition from Data Analyst reflects her growth and deep understanding of the business landscape. Caiti’s commitment goes beyond professional excellence; she thrives on balance, drawing from her rich life outside of work to enhance her organizational contributions. Whether it’s family time, volunteering, or rooting for Houston’s sports teams, she believes in embracing experiences to fuel her professional creativity and insight.

In her current role, Caiti’s dedication to dynamic business analysis and operational support proves her to be an irreplaceable asset to our team, embodying the synergy of personal enrichment and professional success.

Pam Hilpert

Pam Hilpert, Chief of Staff at Trust Transparency Consulting, has been instrumental in the firm since its inception, leveraging her 17 years of accounting experience, including a significant tenure in the nutrition sector. Her collaboration with Scott Steinford spans various successful ventures, emphasizing her integral role in the company’s financial and strategic initiatives.

An alumnus of Sam Houston State University, Pam holds degrees in both Business Administration and Accounting, as well as an MBA, adding academic heft to her practical industry insights. Beyond her professional prowess, Pam is passionate about family, enjoys live music, delves into quilting, and volunteers at her church, reflecting her well-rounded life.

Her multifaceted expertise and longstanding dedication make Pam a cornerstone of Trust Transparency Consulting’s operational strength and team unity.

Scott Steinford

Scott Steinford, a trailblazer in strategic leadership, boasts a certified M&A background, having navigated companies from their genesis to industry prominence. His brainchild, Trust Transparency Consulting, born in 2007, stands as a testament to his dedication to ethical business practices and strategic foresight, offering industry stakeholders invaluable guidance.

Beyond founding and steering companies, Scott has enriched the business landscape with his insightful keynotes and prolific written contributions, emphasizing his commitment to elevating industry standards. His executive tenure shines in roles as CEO or President of for-profits like ZMC-USA and Doctor’s Best, extending to significant contributions in non-profit sectors.

Notably, Scott’s influence is a driving force in the CoQ10 market, where his leadership has significantly bolstered the ingredient’s global presence. His roles in various capacities, including as a New Hope Ambassador, keep the community informed, providing in-depth industry reports and insights.

An active advocate within professional associations and an Editorial Advisor for leading industry publications, Scott’s expertise is both recognized and sought after. With academic roots in Pre-Law and a Master’s in Law, his journey transcends textbooks, embodying real-world business acumen and transformative leadership.

Scott Steinford merges visionary entrepreneurship with principled leadership, creating a legacy of innovation, growth, and unwavering commitment to industry excellence.