As businesses collect more personal data, consumer concerns are rising. Learn how businesses can take action to reclaim consumer trust.
Businesses have a voracious appetite for consumer data—it helps them feed predictive analytics, personalize marketing campaigns, and introduce/improve products and services. But how do consumers feel about companies using their data and what are their expectations of privacy?
According to a KPMG survey of 2,000 U.S. adults and 250 business leaders, over the past year 70% of companies increased their collection of personal consumer data. Meanwhile, consumers have become increasingly concerned about how their data is being used. It’s clear that businesses need to take action now to bridge the chasm between their activities and consumer expectations—or risk losing access to the data they need for growth.
When consumers opt in to share their data, it can indicate they are interested in a deeper level of engagement with a business, and businesses shouldn’t miss these opportunites to engage. Businesses can use these opportunities to establish more productive and mutually-beneficial relationships with their customers and prospects.
Principal, Advisory, US Privacy Services Leader
Given the critical and growing importance of consumer data, it makes sense for businesses to develop policies and practices that address consumer concerns around how their data is being collected, used and protected, and to be forthright and empathetic in developing and sharing those policies and practices. By taking the right approach to data—by becoming more transparent and giving consumers more control—businesses have an opportunity to build consumer trust and solidify access to this critical resource.
✓ Being more transparent about how consumer data will be used
✓ Giving consumers more direct control over their personal data
✓ Making data anonymous to whatever extent possible
✓ Taking the lead in establishing corporate data responsibility
Corporate data responsibility: Bridging the consumer trust gap
As consumer concerns over personal data collection rise, companies should consider placing data protection at the forefront and build consumer trust.Download PDF