Privacy and data protection regulations don't just include the GDPR and CCPA applicable in 22 U.S. states. PIPEDA, LGPD... more than 100 other countries have regulations.
In these jurisdictions, non-compliance results in significant fines and other sanctions. A global movement that all web players will have to integrate into their practices, processes and market approaches.
Privacy: what impact?
Beyond the fines, it is theattractiveness of your brand that is impacted by non-compliance. Without trust and transparency, your customers' loyalty to your company is broken - resulting in rapid customer loss.
Respecting commitments to privacy, personal data protection and customer preferences are therefore the conditions for guaranteeing a high quality user experience; and thus building customer loyalty in a transparent manner.
The Data On Duty surveyAn ongoing survey of more than 1,000 people between the ages of 20 and 60 already shows that more than 70% of respondents are willing to give their consent if the company commits to a program Data Manager certified.
There is therefore a real potential to gain consent. For that, a thorough work is necessary: the idea is to rebuild trust with the 40% sceptics.
Taking into account the regulations thus becomes an important differentiation factor (brand, products, prices, etc.).
It's a virtuous circle: the more you demonstrate that you respect your customers' privacy and data, the more you can access their data. And that's whether it's to create relevant offers, develop exchanges or improve the overall experience. The impact oncustomer experience and conversion is significant.
What are the solutions to guarantee privacy?
Investing in solutions to monitor and correct errors or compliance failures not onlyimproves the customer experience but also increases conversion and revenue.
According to BCG, when customers trust a company, permission to use their data is about five to ten times higher than when dealing with a company they don't trust.
And according to Gartner, "by 2023, brands that implement user-level marketing data monitoring will reduce customer churn by 40% and increase lifetime value by 25%.
Data On Duty's advice
To ensure a successful customer experience, improve the responsiveness of your customer interactions , and comply with regulations, create an explicit and documented trust index on your website and manage it as a customer attribute.
You'll help your customers understand the importance of the consent they've given and the implications for their privacy. You'll not only have the data you need to ensure compliance andengagement with your customers, but you'll also be closer to earning their trust.
In short, determine how your customers give you permission to use their data and use it responsibly. Your customers will thank you for it.
Calculating and measuring the impact of a trust index is more important than ever. Whether or not there is a legitimate marketing interest is irrelevant. It's the customer's perspective that matters. If the customer is not satisfied with your data handling practices, they may opt out. Keep this in mind as data privacy becomes a new antecedent of customer satisfaction.
Want to know more? Data On Duty tells you all about data protection and privacy.
1Source: Gartner Predicts 2019, In Search of Balance in Marketing, January 21 2019, Chris Pemberton