Trust – it’s the foundation of everything we do in business. Every customer who chooses to buy a product or service from you is also trusting you with some level of personal or financial information, and safeguarding this information becomes especially important with cybersecurity incidents on the rise. In addition to the high financial repercussions of a security breach, these events come with a hefty reputational cost. Consider that approximately 40 percent of consumers will stop doing business with a company if it is the victim of a hack that exposes customer data.1
Additionally, with the end of third-party tracking cookies in sight, data is becoming an increasingly important business commodity. Business longevity depends on data-driven customer insights, and more companies are doing their own firsthand research to better understand their customers and create personalized experiences. To succeed in this endeavor, it’s important that businesses prove they are worthy of having data shared with them and then deliver on that promise by keeping the data safe.
The question becomes, how do we increase consumer confidence so they feel comfortable sharing their data with us?
One way businesses can create customer trust is by investing in digital identity security measures such as facial ID recognition and PIN codes that are sent via email or text to verify identity. Not only do these extra measures provide an additional layer of protection for your company, they foster consumer confidence. Approximately 60 percent of customers report they are more likely to engage digitally with companies who offer these protections.1
Additionally, being transparent and creating a customer value proposition can go a long way. The overwhelming majority of consumers (91 percent) are more likely to divulge personal information if the company explains how they will use the data to deliver a better experience. And, approximately half of consumers will trade personal data for product recommendations, providing a convenient opportunity for cross-selling.2
One important thing for companies to remember is that it’s not just how they protect customer data that counts; it’s also every company that they partner with. At Matrix, we take that responsibility very seriously and are proud to be secure and compliant, going above and beyond to tackle this issue from many different angles. Our two locations are each highly secured, both in terms of cybersecurity and physical points of entry, and Matrix remains HIPAA compliant and SOC 2 Type 2 certified. With our data-protection, compliance and security processes, you can have peace of mind and certainty for business continuity.
Customer trust is a business imperative, and we can help you run effective, customer-centric campaigns while protecting that trust. Contact us today to get started.
1 Communications Insights: Broadridge
2 DirectMail2.0 webinar
