Trust that personal data will be handled appropriately is gaining in importance as a brand differentiator. While companies are becoming increasingly effective at collecting and harvesting customer data to enhance the customer experience and drive profitability, they must also elevate their game when it comes to safeguarding that data. Customer privacy expectations are rising and companies will need to develop strategies that address key elements of this value exchange.
Brands that successfully harness customer data to create personalized experiences and communications to drive customer relationships, separate themselves from the competitive pack. A recent study by the Harvard Business Review indicates that personalization can lift revenues by up to 15 percent, and increase the efficiency of marketing spend by 10 to 30 percent.1 Delivering data-driven personalized experiences based on trust gets to the heart of all emotional loyalty efforts.