Consumers are all too willing to share their information for a dollar off at the supermarket. However, this doesn’t mean they don’t worry about how data could affect their privacy. And this concern is well-founded due to the amount of data being created and shared in today’s digital world.
It’s true, companies must be mindful about complying with privacy regulations to avoid unnecessary costs. After all, fines can pile up quickly! But taking a holistic approach to compliance can not only reduce risk, but it can also lead to more efficient data and foster consumer trust.
Creating More Efficient Data
It’s not uncommon for companies to have data in multiple systems. Unfortunately, this unorganized data can make it nearly impossible to tell a particular user what data a company has or to prove that information has been wiped from the system when requested.
As brands prepare to handle the growing requirements around privacy compliance, they will inevitably become a more agile, streamlined organization that has the ability to become a people-focused organization. This process requires a transformation. But don’t panic. Although the path is complex, it is mapped out.
Fostering Consumer Trust
The pressure on businesses to be more responsible and accountable when it comes to personal information is greater than ever. Consumer attitudes have shifted as consumers become more privacy-conscious. As a result, companies must also shift expectations and prove their dedication to protecting their customers’ privacy, while simultaneously delivering the customer experience they expect.
Only 51% of businesses have an accurate inventory of where personal data is collected, transmitted, and stored. So it’s no wonder why 46% of consumers are not blocking online ads! As consumers take more control over their data and online experiences, it’s important for companies to recognize the importance of being transparent.
Building a reputation for consistent transparency will lead to improved customer relationships and, ultimately, have a positive effect on revenue.
To learn more about how privacy regulations will affect your business and other relevant topics, download our guide Nine Trends Shaping Digital Marketing in 2019.