In Love and in Business, Trust Is the Beginning, Middle and End of the Story
Relationships are built on trust. You do what you say you are going to do. You show up when you say you are going to show up. You respect boundaries.
While that's true for your friends and lovers, it's also true for your customers. Brands these days have more access than ever to customers' personal information – and a new survey by marketing tech company SDL reveals two-thirds of adults are concerned about how marketers use that information.
The thing about trust is that while you can work a lifetime to earn it, it can be completely lost in an instant. Four out of five respondents said they would be more likely to give their personal information to a “trusted” brand, according to the survey, which involved surveying 4,000 consumers in the U.S., the U.K, and in Australia.
“Marketers and brands need to earn that trust to be successful. They need to ensure the customer data they use translates to a better experience for their customers and give customers a compelling reason to share their data,” said Mark Lancaster, the CEO and founder of SDL in a statement. “Marketers that understand their customers’ privacy concerns and commit to using customer data judiciously will create a strong customer commitment.”
Older customers tend to be more anxious sharing their personal information with brands. And while consumers tend to be comfortable revealing their gender, age and income, the hair on the back of their neck starts to stand up when consumers ask about friends, family and Social Security numbers. Also, customers reported being especially creeped out by brands that track their in-store movements via their smartphone.
Check out the infographic below, generated by SDL, for more details on customers' feelings about what data marketers ask for and how personal information is used.
Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.