If brands implicitly and explicitly communicate that they are trustworthy stewards of consumer data, it drives willing customer engagement and brand health metrics.
Here are just a few ways to achieve the status of “trusted brand” in the stewardship of consumer data.Consumers often don’t understand what data companies collect, why they collect it or what they do with it., 56% of Americans don’t even know what a privacy policy is, let alone how to interpret the complicated jargon that attempts to explain the company’s data collection policies.
By embracing transparency about their data collection and use standards, brands cultivate trust with consumers, allowing them to innovate responsibly while ensuring privacy standards.Unsurprisingly, consumers want more control over how brands collect, store and use their information. PwC’s 2023highlights that “...control over all of that data has become a source of friction for consumers.”
Ethical brands will innovate responsibly by acquiring customers’ consent before collecting data, capitalizing on transparent data collection practices to solicit support and build trust.they are more likely to share information with brands with transparent data practices and policies, 77% say it impacts their purchases and 50% say they will purchase more from transparent brands.from individuals before collecting data. Users should be able to easily opt in or out.
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