When evaluating the top 10 critical success factors that will determine who wins and loses in the Age of the Customer in 2016, it comes as no surprise that privacy is one of them. In fact, privacy considerations and strategy augments all of the 10 critical factors to drive business success in the next 12 months.
So, what does this mean for businesses moving forward?
In 2016, privacy strategy can no longer merely focus on aligning with compliance requirements. Forward-thinking organizations will take their privacy strategy a step further: they will seize the opportunity to champion privacy to build trusted customer relationships and drive business growth.
Forrester has developed a set of nine privacy predictions for 2016, two of which are more likely to come to fruition within forward-thinking firms. Mobile wallet adoption will break traditional customer data collection practices, and tiered service models for privacy conscious consumers will emerge. Both provide consumers with the ability to choose privacy. Both also require organizations to elevate privacy strategy beyond the legal and compliance teams, pulling in the expertise of cross-company stakeholders like marketing and security. For example, as firms consider introducing premium pricing for privacy-enhancing services, security professionals must have a more prominent role in development to recommend technologies to enforce consumer privacy preferences.
In the Age of the Customer, privacy strategy, culture, and capabilities can no longer be an afterthought. Privacy is a game changer; it will be to organizations in 2016 what websites were to companies in 2000. Regulators, business partners, and consumers will increasingly expect businesses to address privacy – and so they must. But those who do it well with privacy-led business mindsets will stand out from their competition.