Do Your Customers Love You—Or Trust You?

iStock-491604402_resized.pngIf you’re part of an organization in today’s complex and competitive world, is it better to be trusted or loved?

While it’s likely true that almost every organization wants to be loved, it’s fairly tough to keep your customers if you aren’t trusted.

We all know gaining new customers isn’t easy—and sometimes keeping them can be even tougher.

So, what is the key to thriving for today’s modern organization? It’s data—critical to delivering an excellent customer experience and keeping your customers loyal. Organizations use all sorts of customer data, such as purchase history and previous customer interactions—as well as more personal information such as demographics, preferences and even search terms—to deliver excellent, personalized customer experiences.

However, with customer data comes great responsibility. As data breaches and hacks become increasingly common, the old saying ‘to be trusted is a greater compliment than being loved’ reigns true. Organizations must first earn a customer’s trust before that customer feels comfortable enough to hand over their personal data.

Verint and Opinium Research did some digging on this topic, recently speaking to more than 24,000 consumers across 12 countries. Researchers asked consumers about their data security and privacy concerns—and explored the complicated relationship these two items have with personalized service.

Not too surprisingly, the study found that nearly nine out of ten consumers are indeed concerned about data security and privacy. And—just to keep things interesting—80 percent still want personalized service. So clearly the need to strike the right balance between personalized service, data privacy and transparency has never been stronger. Some other study highlights:

  • Nearly 9 out of 10 (89%) consumers surveyed say it’s vital they know how secure their personal information is.
  • 86% want to know if their data will be passed on to third parties for marketing purposes.
  • Concerns are aligned, with businesses placing an emphasis on the importance of data privacy (94%), personalization (95%) and resolving queries quickly (92%).

So in an age of cyber-attacks, increasingly sophisticated hackers and data breaches, how can organizations collect and store the data they need to provide the high-quality customer experiences people expect—while also maintaining trust? It really comes down to getting the basics right, using technology and analytics to better understand what’s really driving your customers’ behavior, and then working to help ensure the right resources are in place to address evolving needs and requirements.

One basic organizations need to get right? Transparency—and we’ll explore that in part two of this blog series.

Learn more about the preferences of today’s customers—and how to find the balance that works for your organization. Click here

 

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