This has been an extraordinarily bright few months for our Vision Critical business. We celebrated our customers at Insights Day events across the globe, presented our vision and business strategy at Forrester’s CX SF, and went online with Argyle to talk about the customer experience with hundreds of marketing and CX professionals. The density of conversations globally on the role of customer trust in the context of business impacting insight and action punctuate the opportunity and responsibility of customer insights professionals to continuously earn and maintain customer trust through the collection and use of actively consented customer data.
In all of our recent discussions, there was one overwhelming theme—customer trust is essential to the future of any and every business, regardless of B2B, B2C, or vertical. As choice is ubiquitous, organizations must differentiate themselves beyond the products and services they offer. Trust is a critical factor in that differentiation and is built by consistently serving the well-understood needs of the buyer. Trust can be created and fractured in a variety of ways. Therefore it is now the responsibility of every part of the organization to consider their role in building customer trust that results in increased loyalty and lifetime value.
We Are All Responsible for Building Trust
To be successful, organizations need to take a team approach to building consumer trust. At our own Insights Days events, we brought Sweeney Williams, Vision Critical’s head of security and privacy, to speak with attendees about the changing regulatory landscape and the impact on customer trust. Many attendees, both marketing and insights professionals alike, initially considered security and privacy as a back-office responsibility. By the time Insights Days concluded, attendees were thinking critically and actively discussing their role in building trust with customers.
One longtime customer shared with me that they’d “always been of the mindset that privacy concerns were more important for other industries or for their vendor to manage." However, she left the event with a newfound respect for the role customer insights professionals have to play as users of personal information and customer data. This will require adjustments to workflows, processes, protocols, and procedures and will necessitate cross-functional teams and customer insights professionals alike to "lean in” on the topic of customer trust. It's in the hard work that one discovers that what initially seemed procedural, is highly strategic and relevant to building transparent relationships with customers that create meaningful business outcomes and impacts.
“Data trust pacesetters bring the value creators (from the business side) and value protectors (from the risk, IT, and cybersecurity sides) together to develop data policies and practices that meet the needs of customers, employees, and regulators, as well as the business.” — PwC Study
Trust Pacesetters Bring the Value Creators
A recent study conducted by PwC highlights how critical it is to have an “all hands on deck” philosophy with regards to consumer trust. By moving beyond a simple data strategy to a data trust strategy, businesses improve their ability to extract value from their data securely and ethically. The data trust strategy brings together c-level executives, marketing teams, with risk management, IT, and security and privacy, creating collaborative, action-oriented teams.
As stated in “Understand Your Customers To Build Trust: Forrester’s 2019 Consumer Privacy Segmentation”, Forrester’s recent report on customer trust, “the savviest customers are also the most willing to opt-out of marketing." When your business’s data trust pacesetters work cohesively to actively engage customers, you will establish not only trust but be in a position to activate insights and deliver timely, relevant products and services to consumers—a winning combination for both you and your customers.
How Is Your Business Encouraging Trust-Building?
Has your business deployed a customer and data trust strategy that calls for an all-hands-on-deck effort? Share this post on social and tell us how your customer and data trust pacesetters are seizing the opportunity to build customer trust through the collection and use of actively consented customer data.