One of the most important elements of a business for consumers is the safe storage of personal data. As more stories trickle through of data leaks and insufficiencies, this remains on the forefront of the general public’s mind.
The way that your company handles privacy data compliance extends far beyond simple GDPR and CCPA regulations. While these laws are often inadequate in keeping data safe, consumers expect businesses to go the extra mile.
Today, most people understand that there is no such thing as digital privacy. There is hardly a purchase that you can make that doesn’t have some string of data attached to it. Rather, it seems that their focus has shifted to the stewardship of that data.
One of the best ways to manage this data is through a Customer Data Management (CDM) platform like Epica. These enable businesses to see all of their data in one location and track it across multiple platforms and channels.
Let’s touch on why this is important, how it builds the trust of your customers, and how you can take advantage of it today.
Why Customer Trust Matters
Customer experience is long-cherished in the business world and for good reason. The happier a customer is, the more likely they are to recommend you to their friends and family. In the world of sales, nothing goes smoother than a sale with a person who is already prepped for greatness by a loved one.
Trust is one of the most important elements of that. Eighty-one percent of customers list trust as a deciding factor for making a purchase. Compare this to just 34 percent of consumers who actually trust the brands that they use. Within this discrepancy is a tremendous benefit to businesses that foster trust.
Your customers expect that you will take and use their data. Between cookies, webhooks, and any other way to collect information, we expect a personalized experience, whether we want to admit it or not. While many are starting to turn on data giants like Facebook, they are still using Amazon, enabling cookies on their browser, and giving their information to companies they trust.
That is because it’s now a way of life for our internet experience to be personalized and simplified for us. Instead of expecting that companies get rid of our data altogether, the shift in importance seems to be toward its proper storage and usage.
Through this, consumers are able to have their cake (recommended products, companies, and services) and eat it too (trust the company that is providing these.)
Building Customer Trust With Customer Data Management
As customers continue to grow more and more privacy-conscious, how can companies use CDPs to build trust?
For starters, CDPs like that provided by Epica centralize all of your data. That means that data from any platform can come together in one place. Whether it is from mobile, server, or web information, it is discoverable and addable to your account.
Taking this data, businesses can then create a persona of their customer, following the journey of the customer across multiple user sessions, devices, and platforms to get a sense of what they really want. By better understanding the personality of your customers, it is easier to steer your business in a way that is favorable to them.
Finally, real-time audiences allow companies to build and launch campaigns without relying on other teams or software. All this adds up to your own data in a much easier format, enabling you to fully harness its power, understand your data like never before, make predictions with confidence based on that, and generate better results for you and your brand. Both in the privacy of your data and in the bold exposure of your brand, a CDP tool can take your relationship with customers to the next level.
With all the benefits of a CDP, it’s no wonder that so many businesses are finding success in them. Without a platform to house all of your content in one place, it’s easy for something to slip through the cracks. While there are many places in life where this isn’t that big of a deal, slippage in business is often significant.
Security leaks or non-compliance can devastate a business. One report found that companies can expect to lose around half of their customers after a breach. While there are legal ramifications, fines, and other serious consequences of compromised security, none is greater than this.
Businesses that lose that many customers can expect a steep uphill battle trying to reclaim them. The best way to avoid this is to proactively take an interest in your customers and their data through a CDP.
Epica offers comprehensive software solutions for businesses to manage their customer data in a single location. Check out our website and schedule a free demo with us today.