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Is Consumer Privacy the New Business Differentiator?

I was recently asked by Information Age to write an article addressing what consumer privacy means in today’s world. It’s no surprise that the average consumer’s definition of privacy has changed. As more and more of our lives are conducted online, the notion of privacy is discussed in digital terms. So what does that mean for businesses?

In my article, Consumer Trust in the Digital Age, I explain what makes up a consumer’s digital identity—the short answer is a person’s name, phone number, address and email. The way that most people weigh their digital privacy is by the give-to-get factor: What will I gain by sharing my personal information with this business? For consumers, the answer to that question is speed. Think about it, if you’re in financial services or e-commerce, you need to verify the consumer’s identity to process their transaction quickly, and you need their basic information to do so. With the consumer’s info given up front, it takes you less time to complete the transaction, which creates a happier customer experience.

By being more upfront with consumers in regards to their privacy, your business will be able to demonstrate what consumers stand to gain, and as a result, becomes a brand that they trust. Read the full article to get more in-depth tips on how you can turn consumer digital privacy into an important brand differentiator.

 

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