How Business Benefits by Investing in Privacy-Centric Approach

The more your consumers trust you, the more they will inherently value it. A company’s most valuable asset is the confidence customers have in its commitment and ability to protect their online privacy. 

The arrival of the GDPR in May 2018 and the subsequent privacy storm aggravated the lack of faith in online data privacy - leading to user trust in companies handling and manipulating data being at an all-time low. According to research, 93% of Internet users are concerned about their privacy online, 45% do not trust companies with their personal information, and 89% avoid doing business with companies that they believe don’t protect their data. Thus, it is more crucial than ever for brands to take into consideration their consumer confidence in their data collection practices. 

Key Benefits for Adopting Privacy-Centric Approach

Adopting a privacy-first strategy can provide a number of benefits to a business. Some of the key benefits include:

1. Improved customer trust and loyalty: Customers are increasingly concerned about their privacy and the protection of their personal data. By adopting a privacy-first approach, businesses can demonstrate to their customers that they value their privacy and are taking steps to protect their personal information. This can lead to increased customer trust and loyalty.

2. Increased brand reputation: A business that is seen as being transparent and responsible when it comes to privacy is likely to have a better reputation in the market. This can lead to increased brand recognition and positive word-of-mouth advertising.

3. Competitive advantage: As consumers become more aware of privacy issues, they may seek out businesses that prioritize privacy. By adopting a privacy-first strategy, businesses can differentiate themselves from their competitors and gain a competitive advantage in the market.

4. Legal compliance: Adopting a privacy-first approach can also help businesses to ensure that they are complying with relevant privacy laws and regulations. This can help to avoid costly legal issues and protect the business from potential fines and penalties.

5. Improved data security: A privacy-first approach often involves implementing strong data protection measures, such as encryption and secure storage. This can help to prevent data breaches and protect the business from cyber attacks.

Companies and organizations that treat data privacy as more than a compliance exercise are going to stand out in the marketplace and earn the loyalty of customers who value their privacy. While a privacy-first approach may seem unusual to some businesses, however, this is going to be a reality soon as cookies are going to disappear in 2024. Thus, prioritizing customers' needs above those of your organization, in this case, will provide significant long-term benefits.