There is no doubt that technology and digital tools have helped business grow. From more effective lead generation to highly-targeted marketing campaigns, there is a lot that organization can gain from using such tools. And, there is a lot that consumers gain in terms of ease, cost and convenience.
Follow the adage that “there is no free lunch”, consumers do pay a number of costs related to the access to their data — the costs related to their ability to learn, costs related to their ability to expand beyond their narrow world past decisions, choices and interactions, costs related to their ability to feel and act independent and costs related to their privacy or their ability to choose how and with whom they share information about themselves.
Regulations such as the European GDPR and the California CCPA are upping the ante for businesses to install more privacy mechanisms in place. And typically, when business hears regulation it hears disruption (in the bad way, not the sexy positive way disruption is used most times today).
But it doesn’t have to be that way. Set aside the regulation and focus on your brand. Focus on your relationship with your customer. Then ask yourself the following questions:
- Am I willing to be transparent of what I do with my customer’s data?
- Am I willing to tell my customers to whom their data may be shared (and hold those parties to the standards I am committing ourselves to with regards to the customer’s data)?
- Am I willing to ask my customers if it is ok to use their data for specific purposes?
- Am I willing to assist my customers if they wish to change or delete their data from our systems?
- Am I focused on only asking for or tracking data that I absolutely need in order to delight them and enhance our combined experience?
- Am I prepared to put in necessary safeguards to protect their data while it is on our systems?
If you can say ‘yes’ to each of these questions, not only will you have an opportunity to comply with privacy regulations, but you put yourself in the position of respecting your customer and enhancing your brand.
Perhaps privacy does sell.