Engaged customers are vital to the success of any business. Analytics is central to understanding what works for your customers. But how do you get them to share actionable data?
Of course, customers are willing to share data in return for better services and products. But, they want to be safe in knowing that their data is being properly managed and adheres to regulatory compliance practices. You must ensure your customers understand why you are harvesting this data, what it will be used for, and how long it is being held.
Enterprises must tackle the issue of trust head-on. This means being ethical stewards of customer data, privacy, security, and the environment to sustain trust.
Customers must have the trust and willingness to share data
As enterprises continue to create new digital-first products and services, forecasting customer needs, preparing for potential issues, and building resilience is vital to sustaining trust. These require customer data. Being a custodian of this information is a privilege, not a right. As such, enterprises must continually reassure customers that their data is secure with them and adhere to regulatory compliance practices. It is wise to offer data consent options.
It is little surprise, therefore, that according to IDC, over 40% of enterprises globally are now prioritizing trust and privacy issues, with 15% reporting it as a number one priority.1
Tokenization can bolster trust
Enterprises should consider adopting tokenization as a safe way for users to swap sensitive data such as personal information and contact details to enhance trust. Tokenization substitutes a random string of numbers, referred to as a token, to mask data and keep it private.
Unlike encryption, tokenization cannot be reversed. The token itself is merely a placeholder and has no value to malevolent actors. The true data is stored in a separate location for maximum security.
Tokenization provides an additional layer of security, enhancing customer assurance and trust. Tokenization cannot protect an enterprise from a data breach, but it can ensure that valuable personal data is not in-house to be stolen.
Developing a data breach response plan is critical
Data breaches are happening more frequently, so it is a case of if not when. Thus, enterprises must have messaging in place to respond to an attack. This plan can mean the difference between a crushed business and one that bounces back quickly, retaining customer loyalty.
Effective data breach management is paramount in moving an enterprise forward following a breach and minimizing any damages. One of the major priorities is always to notify customers. This is extremely important if it is suspected that customers’ data has been compromised. While every breach is unique, it is important to outline the attack, what customers need to do to protect themselves and the changes being made to reinforce security measures.
Designing transparency for trust
Trailblazing enterprises are embedding transparency when it comes to customer data and their engagement processes. As a result, they are seeing the mutual level of trust between themselves and their customers grow, according to IDC.2
Remember, when it comes to data management, the responsibility is with the enterprise. Don’t sacrifice short-term goals for lack of transparency, or you will lose customer loyalty long term.
To find out more, sign up for the Orange Business Webinar here.
[1] IDC InfoBrief, sponsored by Orange Business, A Framework to Earn and Sustain Customer Trust, Mitigate Risk, and Drive Revenue Growth, #EUR150405923, June 2023
[2] IDC InfoBrief, sponsored by Orange Business, A Framework to Earn and Sustain Customer Trust, Mitigate Risk, and Drive Revenue Growth, #EUR150405923, June 2023
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CIO – https://www.cio.com/article/647010/you-cannot-develop-a-high-quality-customer-engagement-strategy-without-trust.html
