Did you know that 85% of consumers are at least a little bit worried about their privacy online, with one in five (19%) citing that they are “very worried"? That's what we found in a recent survey across our network of MSR app users. Our CMO Paul Neto writes more about the research and its implications in a new article for Street Fight Magazine called "New Study Shows the Impact of Transparency on Consumer Trust."
In the piece, he writes about consumer concerns surrounding data privacy and what it means for companies who are seeking insights to make important business decisions. If people won't share information due to lack of trust, then these insights don't exist. Paul says: "Companies should build privacy practices, based on transparency and accountability, into their marketing strategies."
Because the market research and consumer insights industry is so close to the consumer, Paul maintains that it should be leading the way in building trust. "As consumer behaviors and engagement become more complicated, obtaining data and insights that show the whole picture is essential to guiding brands through a complex marketplace."
Quoting actual open-ended responses from our survey, Paul illustrates in the article which key principles need extra attention. Some of these included: clean, intuitive user experiences; being upfront and transparent about efforts to protect privacy; giving consumers control over their own data; and having direct access to human beings for customer service. All of these things ladder up to an increased focus on transparency, accountability and communications.
Paul concludes with: "It’s time to start proactively addressing consumer privacy concerns...Start with building trust through simple actions like better communication and user experiences. Bake consumer trust initiatives into your corporate strategy by investing in technology, creating formal KPIs, and educating your internal audiences and stakeholders about its importance."
You can read the complete article here: https://streetfightmag.com/2020/09/04/new-study-shows-the-impact-of-transparency-on-consumer-trust/#.X1uGR2hKhPZ