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2 Business Strategies to Balance Data Privacy and Personalization
Amidst growing concerns over data privacy, enterprises need to establish clear policies that empower customers to choose the desired level of personalization.
FREMONT, CA: Personalization is gaining grounds in the market space with the brands eyeing to establish a sustainable, personal, and non-intrusive relationship with its customers. Organizations are trying innovative business tactics to gain customers’ attention. As personalization transcends the life of the customers, brands are faced with the challenge of addressing the growing data privacy concerns among the customers. The volume of personal data collected by a brand is growing exponentially. However, brands haven’t been able to address the ever-increasing customer awareness at the same rate.
According to a report, customers are more open to sharing their private data if they can get something valuable from the data trade-off. Enterprises need to take measures to gain the consumers’ trust and make them more comfortable with the idea of data sharing for personalization purposes. Here are some of the means through which enterprises can uphold the consumers’ trust.
Respecting Customers’ Personal Choice
It is important for enterprises to provide customers with an option to select from among the various levels of personalization. Further, such options must be comprehensible to the customers in order to speed up the decision-making process for the customers. Apart from the options to choose, enterprises need to set clear ground rules in terms of handling of the data collected. It is essential to ensure that the customers’ data aren’t misused in any way. Any irrelevant data must be erased from the brands’ data repositories. Further, the customers’ decision to withhold the data rights must be respected by the enterprises.
Conventionally, consumers were unaware of how the enterprises were using personal customer data. However, with an increase in awareness over the data privacy concerns, consumers expect to be stated clearly how the enterprises are planning to use the data. Enterprises that are expecting a smooth influx of consumer data for business growth needs to offer the consumers with simpler and comprehensible data policies for consent.
With an ever-increasing case of data breaches, consumers are getting sensitive when it comes to sharing their personal data. Enterprises need to adopt policies that encourage consumers to assume that customers are in control of their data. On the contrary, a company that overlooks the need to establish clear data privacy rules will run the risk of a significant customer and business losses.