Business owners have multiple priorities: keeping profits high, providing high-quality products and/or services, retaining employees, and many more. Prioritizing customer privacy can all too easily fall by the wayside. But just how important is privacy, really? Let’s take a closer look at why privacy matters for your business.

CISCO 2022 Data Privacy Benchmark Study Findings

CISCO’s most recent Data Privacy Benchmark Study, an annual survey of 4900 security professionals in 27 countries, shows something of a disconnect between how corporations view privacy and how consumers do. Companies seem very confident that they’re doing a good job already. Most notably:

• 91% of surveyed experts claim that their companies view privacy as a “business imperative”
• 83% have a positive opinion of privacy laws
• 92% state that privacy is a critical part of their company culture

On the other hand, many consumers aren’t as happy with how most companies approach privacy. For instance:

• 46% of surveyed consumers feel that they are unable to adequately protect their data. When asked to elaborate:
  • 76% answered that it was too hard to find out how companies used their data
  • 47% felt that they had no choice but to accept the companies’ data usage habits to receive the services they needed
  • 37% didn’t understand their other options
  • 36% stated that they did not trust companies to adhere to their privacy policies

This report highlights two significant areas of focus for consumers: data privacy and company transparency.

The Undeniable Impact of Privacy Laws

Following the standard set by the GDPR, privacy laws passed in the last several years have emphasized both privacy and transparency. And enforcement officials take them very seriously. A quick look at the GDPR enforcement tracker will show that businesses that play fast and loose with customer data, or with the law, will face consequences.

And don’t make the mistake of assuming you’re safe if your particular area doesn’t yet have its own privacy law. The rise of e-commerce, global shipping, and digital products means you probably have customers or prospects around the world. To serve them, you must understand the privacy compliance laws wherever you do business. If you do not take action yourself, your competitors will exploit the opportunity and you will be left behind. One thing is evident: more countries and states will continue to add or update privacy laws, and they show no signs of slowing down.

Finally, these laws can and will impact your business operations in ways that may not be obvious at first. For instance:

• Your CRM data may include information manually input by salespeople or entered automatically through integration
• Live events and webinars rely heavily on consumer data collection and analysis
• Conventional marketing methods, like snail mail or email marketing, absolutely rely on data subject to privacy laws

Moving Forward in a Privacy-Conscious World

At 4Thought Marketing, we believe companies should view privacy compliance laws and regulations not as an unwanted obligation but as an opportunity to build a foundation for creating better, more profitable customer experiences built on privacy compliance. 

Market leaders who embrace consumers’ demand for greater control over their data can then harness this information for improved personalization and customer journeys. The first step is changing the customer’s perception that you are collecting data indiscriminately and without consent by actively presenting opportunities for customers to control their data. Tell them exactly what data you are requesting, how you will use it, and then deliver a great customer experience.  Your reward will be better engaged and loyal customers.

Contact us if you would like more information about our privacy compliance products and services.