From the course: Privacy Strategies for Business Leaders

The big picture: Privacy, your business, and the economy

From the course: Privacy Strategies for Business Leaders

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The big picture: Privacy, your business, and the economy

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- [Instructor] As a teenager in 1999, one of my favorite possessions was the Bill Gates book, "Business at the Speed of Thought." The book explained how technology would transform business and the economy. I'm a huge fan of Bill Gates, but I doubt that even he knew back in 1999, how clairvoyant he was. As it turns out, increasingly, online traffic helps grow your business much more than foot traffic in so many cases. Now, how do you grow your business and your revenue online? Online business could involve selling food, groceries, pet supplies, services like ride sharing, hotels, airline tickets, what have you. Regardless of the product, if you wish to grow your business, you need to probably do three things at least. First, attract and then retain customers. Second, grow sales and revenue per customer. And third, maximize profits using automation and scale. If you were to compare your online business growth strategy to a wall, it would be made of several bricks. Some of those bricks are as follows. First, website traffic, which refers to the customer traffic your online presence generates. Second, traffic conversion rate, which refers to the portion of your traffic that converts to customers, sales, returns, et cetera. Third, email opt-in conversion rate, which refers to the percentage of users who opt in to get email promotions, who you could then potentially sell more merchandise to. Fourth, customer acquisition costs. Fifth, average order value, et cetera, et cetera. You pretty much understand how all of these are components in an overall growth in sales strategy. Now how safe your customers feel and how much they trust you with data online is a key driver for most if not all of those metrics. Our online economy and your online business, both of which make for a growing share of overall customer spending, depend upon trust, and therefore on privacy.

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