Making privacy a brand differentiator

- We are living in unique times. Cloud computing, advances in artificial intelligence, and the development of the Internet of Things means that there are endless streams of data created about us and our behavior every minute of every day. That means that you and your customers are making decisions on a daily basis as to which companies you trust with the details of your life. You may not even realize you're doing it, but subconsciously, you're making a decision of trust each time you make an online purchase from a company, do a search, send an email, or take any action online. And therein lies the opportunity that building a culture of privacy within your organization offers. It's a brand differentiator, a way of communicating to your customer that they can trust you. You've probably had the experience of having an ad follow you around as you search the web. That lovely bench you saw on your favorite home goods website is now appearing on your screen as you try to read your morning news or conduct research for an upcoming presentation. You may wonder, "Why does my favorite store keep showing me this bench? "Why am I now seeing benches from other companies "popping up all over my screen? "Did my favorite website share my data with a third party, "or even worse, sell it?" There are plenty of companies out there today who are failing to answer these questions for their customers in a satisfactory way. If a company simply points their customer in the direction of their privacy policy each time they get a question about privacy, that company is missing an opportunity. As we continue into a world in which our car will know where we are at all times, and our connected homes will know what time we go to bed, privacy will become even more of a factor in consumers' decisions about one brand over another. As we become more interconnected and interdependent, there's increased concern for many executives that a lack of trust among consumers could harm company growth, and there is a recognition that retaining a customer's trust will only become harder over time. So, what should you do? Well, first, continue to build on the trust of your customers. Invest in privacy by taking the issue seriously. Be transparent with your customers about what data you collect and how you use it. Don't assume your privacy policy is enough. Work with your engineers, designers, and marketers to find new ways to engage with your customers on privacy. Get creative. Second, put in place the infrastructure to successfully respond to and resolve a breach or privacy snafu. If you take the time to build a strong set of internal checks and balances, and a process for communicating to your customers about privacy, you may even find that your company is a step ahead of what the law requires. Be guided by the question, "What is the right thing to do," and not, "What does the law require?" Moving forward, privacy protection should be a practice as fundamental to the business as customer service. Privacy is an essential element of being a good business partner. The added value of privacy is intrinsic no matter where your company sits in the digital economy. From consumer goods to healthcare services, every business will benefit from proactively tackling privacy issues. It may take time for this idea to sink in at the highest executive levels of some companies, but establishing a culture of privacy will help to rapidly advance the conversation. Finally, the businesses that choose to use data in responsible ways will not only be rewarded with loyal customers, but they'll have opportunities to create new solutions and business models. What I mean here is that when you show your customers that you value their data and the privacy of it, you build trust. And over time, that trust will lead to a relationship where customers are comfortable sharing data that will offer you valuable insights into who they are, why they buy your products, and what they want in the future.