0 0
Read Time:3 Minute, 51 Second

[ad_1]

Data privacy is now an integral part of the business marketing landscape. Consumers in 2021 have become more aware of how their personal data is used by brands. A perfect example of this is the harsh reaction WhatsApp was subjected to when it recently revealed its updated privacy terms and policies.

It is because of this increase in consumer concerns about data privacy that governments have implemented privacy regulations such as GDPR (General Data Protection Regulation) and the California Privacy Rights Act (CPRA). Regulations like these aim to protect consumer privacy and severely punish companies that violate them. CAPL directly calls on businesses to minimize data collection and give users the right to opt out of the sale or sharing of their personal information.

Make data privacy a competitive advantage

Data confidentiality |  Competitive advantage

Companies that act at the right time and at the right time are the ones with immense potential for success. As the saying goes, the customer is king. If the customer has concerns about data privacy, why not address them squarely and get into the good books of the customer? This is what tech giant Apple did recently.

The world’s most valuable company has launched a new suite of features that maximize privacy. This included a Sign In with Apple feature that allowed users to securely sign in to apps without sharing their Personal Identifiable Information (PII) data. The company’s privacy page has been changed to show consumers how each of its apps is designed with privacy in mind.

The tech giant’s firm commitment to privacy allows it to comply with the latest ACPL regulations, which its competitors do not. As a result, Apple could strengthen and increase the level of consumer confidence in its brand. The company’s approach to privacy has opened the eyes of the IT industry as a whole, which has benefited greatly from consumer data.

If other companies can follow a similar strategy such as Apple, data privacy can itself become a competitive battleground for customer loyalty and advocacy.

The data privacy approach for corporate marketers

Data confidentiality |  Data privacy approach

A recent report from Salesforce found that fear of compromising personal data has increased for 61% of consumers over the past two years. Another IBM survey found that 85% of consumers expected companies to do more to protect their valuable personal data.

So how can corporate marketers, especially in industries like financial services, achieve this? What approach to data privacy can they take?

1. What data is collected

Consumers want to know what data is being collected. They want their brands to ask for their permission before using or sharing their data. In short, they need more control over their personal data and marketers should definitely take this request into account when getting their permission.

2. Why the data is collected

Continuing from the previous point, consumers want to know why their data is collected. How will it be used? What is there for them and for the brand? What are the benefits? Business marketers need to clearly communicate the answers to these questions in a way that satisfies the consumer. It shouldn’t be a generic answer. It should be precise and precise and explained in simple terms that consumers should understand.

3. The role of marketing

Marketing needs to take ownership of how consumer data will be used, stored and shared. In addition to obtaining user consent and communicating about how data will be used, enterprise marketers need to consolidate and unify their data from data silos and manage it in a centralized location. This is where the role of martech tools such as a Customer Data Platform (CDP) plays a vital role.

CDPs can help marketers process and manage sensitive PII data. It also complies with all data privacy requirements imposed by GDPR and ACPL. When a CDP aggregates and unifies customer data in a central location, it creates a single unified view for each individual customer. This view helps marketers clearly understand the needs and wants of customers. So it helps them design the kind of personalized value that customers expect from them by sharing their personal data.

Final thoughts

Consumer confidence is currently at its lowest point. Data privacy scandals like Cambridge Analytica, Equifax, etc. Left them angry and skeptical about the confidence of businesses and their governments. To regain their trust, marketers must take a data privacy approach in their businesses. By being more transparent in how customer data is collected and used, and by obtaining consent and permission from customers themselves, businesses can certainly turn data privacy into a competitive advantage.

By Bijoy KB | Senior Associate Marketing at Lemnisk

[ad_2]

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Laisser un commentaire