Three priorities for building consumer trust and driving long-term engagement
1. Proving the value of data
High-profile data breaches have made the public increasingly wary of how organizations monetize their personal data. The research found that “protecting consumer data” is critical to building trust and meeting consumer needs. Close to all of alumni – 97% – said that this was important if a company wants to successfully meet the future needs, values and behaviors of consumers.
Proving the value of data will help to overcome this trust gap and drive long-term consumer engagement. To this end, companies need to show that their data collected via online channels will be put to good use to personalize their experience with a brand. To give up their privacy, customers must be able to see value for themselves. Businesses will need to empower their customers to realize the true value of their data.
Once this shift in sentiment takes place, consumers will begin to use data to their own advantage. This will in turn create new opportunities for companies looking to capitalize on rising consumer demand.
Companies that understand the future of data now, can position themselves to win.