We know it: Customers are increasingly demanding protection for and control over their data. Firms that meet and exceed these expectations are recognizing and treating privacy as a value; they’ve successfully created a business reputation for privacy and security and thus inspire customer trust. As a result, their customers are more likely to choose to stay loyal to them and also expect to have better experiences, which directly correlates to higher profits and value. Come and join us at the Forrester Privacy & Security 2018 Forum in Washington, D.C., September 25–26 and at the Forrester Privacy & Security Europe 2018 Forum in London, October 9–10 to learn how these companies have earned this kind of reputation among customers. For example, they:
- Start with compliance, then extend with culture. Firms that used GDPR or other regulations as a catalyst for broader efforts to improve their data-handling practices report a number of positive business outcomes, including an improved privacy and security culture. For example, the GDPR project manager at an international food and drink company used its compliance program to 1) instill in the organization, across regions and roles, an understanding that privacy is core to what the company does and 2) future-proof the organization against continuously changing privacy regulation changes. Case in point, a data framework that supports data subject rights under GDPR can easily support firms’ efforts to comply with the new California Consumer Privacy Act of 2018.
- Inspire trust by reinforcing their privacy message. Privacy and security are important for most companies, but many prefer to keep a low profile when it comes to communicating about it. These companies will struggle to inspire trust in their customers, while firms that engage publicly in favor of privacy will experience opposite outcomes. The user of a multinational device and software manufacturer said: “They have made data privacy and security top priorities and publicize their commitment often via various media. I don’t think they could be so up front about it if they were lying.”
- Thrive on transparency. Customers trust companies that are transparent, and when it comes to privacy, they want to know what happens to their personal data. This means establishing new discipline around privacy communication that takes into account the use of language, timing, and format of messages, as well as their impact on customer experience. It’s a challenging task, but customers recognize and value it. The customer of an international mobile service provider told us: “I’ve always found them to be honest and straightforward regarding the use of my data when I’ve challenged them in the past.”
If you want to discover who these companies are, gather more insights about their strategies to inspire and inform yours, and meet some of those that have done it, come and join me during my keynote at the Forrester Privacy & Security 2018 Forum in Washington, D.C., September 25–26 and at the Forrester Privacy & Security Europe 2018 Forum in London, October 9–10. See you there!