Business and marketing is driven by data. We’re amassing massive amounts of data to target people with advertising, engage them on social media sites, interact with them directly, and to power predictive-automated marketing models. This will enable us to reach and sell people at the micro-moments that matter. Yet, I wonder how many marketers consider the relationship between data collection efforts and the importance of trust in the relationships they build with their audience and the people they serve.
We know that establishing trust with people is crucial. If people trust your business they’ll be more inclined to share data with you, which will make it easier for you to serve them. Yet, we’re clearly not doing enough to assuage their distrust.
Last year, Edelman reported that “71% of people thought most companies with access to their personal data did not use it ethically.” In January 2017 PEW Research Centre found that 51% of people don’t trust the ability of social sites to protect their data. Furthermore, for first party relationships like brands and retailers, the results are not that much better with 36% of people reporting that they are not confident that companies/retailers can protect their data, and only 14% are confident in their ability to do so.
So what? You ask. Well, a 2016 MEF study showed that 33% of the study’s subjects have cancelled a commercial transaction for fear of their data being misused. In other words, a lack of trust in your business may be directly linked lost revenue.
Here’s the challenge for the day, ask yourself, do the people you serve trust you and your business? How do you know? Getting answers to this question will be critical as you look to reach and engage people in the age of the connected individual.