Does Your Brand Value Privacy?
February 05, 2015 at 11:46 AM
While digital spaces become the main channel for many commercial activities, consumers remain doubtful about how companies handle their personal information. According to a 2014 survey conducted by GfK, 88% of U.S. consumers felt at least a little concerned about the security of their data with nearly one in three reporting having personally been impacted by the misuse of data.
With the daily press coverage of privacy and data security hammering prospective clients, simply having a crisis communications plan ready in the event there is an information breach might not be the most reassuring. Positioning your brand as better than your competition in terms of valuing privacy, data security, and having better systems to protect clients will set your brand apart and give your brand a competitive edge in the market.
Companies that show they take data privacy seriously can expect positive results in their sales. Findings from Radius Global Market Research revealed that 78% of American Internet users confirmed they would only do business with organizations they can trust to keep their data private, with 53% of those polled willing to pay higher prices if they feel the company can keep their data safe.
Potential customers should have a positive perception of your brand. Creating a compelling brand position will help you do this and give your brand an advantage when trying to win over consumers. In doing so, you need to figure out the emotional benefit (security) that you offer your customer.
In an age when most people have little time or desire to deeply contemplate product or service options, a brand that can clearly relay and consistently deliver on a positioning structured around privacy and secure data for target customers will see much higher levels of emotional connection.
As privacy becomes a mainstream concern, you should begin to ask yourself if your company is doing enough to showcase its commitment to privacy. Improving your security mechanisms should be your first priority. Beyond that, you should begin to develop strategies to position your brand as one that goes above and beyond to protect the privacy of its clients.