Why You Need To Protect Your Customers’ Data

Now that customers are grounded within the online world, they are generating data that can significantly increase a business’s profits. But according to recent surveys, the vast majority of Americans are concerned about companies collecting their information.
Nowadays, businesses are inextricably connected with each other. Many might be using different email marketing providers or website hosts and still, others are associated with affiliate marketing or use customer referral services. Each of these individual organizations might treat customers’ data differently.
Businesses now need to think about how their customers’ data might be exposed and what this means to consumer confidence. Products and services can be impacted by a lack of privacy. Not protecting customers’ data means your company’s reputation will take a hit. And unlike Facebook, most businesses can’t absorb that kind of damage.
Protecting Your Customers’ Data Can Help Your Business Grow
Recently, in an article from Harvard Business Review, 72% of Americans stated they didn’t want to share their information with businesses and wanted to maintain their privacy.
Putting safeguards on your customers’ data can actually enable companies to increase the value of their brand and grow their client base.
News headlines are full of stories about big companies being hacked and millions of customers’ data being compromised. Seeing this, means customers are increasingly more concerned about their personal information being compromised. They are now more careful than ever about doing business with someone who doesn’t protect their data.
Many of the larger companies are now instituting tougher consumer privacy policies so they can win over people who care about data protection. And as these companies put more protections in place, smaller companies are feeling pressured to behave in a similar way thus ensuring trust in their product and securing future growth.
But no matter how big your business is, it’s now imperative to put protecting your customers’ data at the top of your priority list.

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