In a recent survey, Pew Research Center found that “81% of the public say that the potential risks they face because of data collection by companies outweigh the benefits.” And “79% of consumers are concerned about how companies use the data collected.”
It’s clear – businesses need to prioritize customer trust and data privacy.
The e-book, In Data We Trust, shows you how customer data platforms (CDP) help obtain customer trust through privacy-driven personalization.
Check out the e-book to discover how a CDP can benefit your brand and keep reading to discover the five key ways a CDP establishes trust.
5 ways a CDP establishes trust in data with customers
1. Reduce risk from siloed data
Data silos result in costly processes and increased risk in multiple areas, such as inaccurate customer insights, including privacy preferences. With a CDP, first-party data is collected, meaning it’s consented and directly from the source.
2. Propagate privacy preferences
If your consent data is not real-time, you could breach privacy regulations while consent preferences are waiting to be updated. For example, if someone requests their data to be deleted and it takes your organization longer than is legally mandated to fulfill that request, your brand can face significant penalties for non-compliance. A CDP propagates privacy preferences throughout the entire customer journey across all channels and maintains them through the lens of the customer.
3. Enable operational efficiency and business agility
To be a privacy-driven organization, businesses must break down communication and data silos to understand what data is being processed and why. Some CDPs enforce a common nomenclature for data, allowing business and IT units to speak one common language. This shared language prevents departments from falling behind whenever privacy requirements change or new technology investments call for new integrations.
4. Give customers transparency and control over their data
Customers are empowered by global privacy regulations to manage when their data is collected, stored, and utilized. A CDP becomes a trusted repository of customer data and the governed supply chain that connects customer devices to the platforms that deliver value. As a trusted steward of their data, your customers will have access to the most accurate set of their personal data when they request it.
5. The ultimate customer experience
A CDP helps brands better understand customer behavior and preferences through a single customer view. Customers want to be known and understood regardless of where and how they’re engaging with your brand. That said, customer data can reside in different systems with different privacy settings. CDPs enable you to collect trusted customer data from all touchpoints to produce a 360 view of your customers, enabling real-time engagement on any channel based on customer preferences. And this level of personalization can be done at scale through a vendor-neutral, real-time CDP like Tealium, which you can learn more about here.