Most consumers understand that they may have to provide personal information to businesses and apps that they used to receive perks, access to exclusive content, and special promotions and deals. But, at the same time, people are deeply concerned about protecting their privacy and personal data, and so are we. Data is at the heart of the economy, and much of this is consumer data. The key to making the digital economy work is getting consumer consent to use their data for various activities and earn their trust.
The increase in internet use has provided companies more ways to collect data about site visitors and current and past customers. This information is often gathered without the website visitor even realizing it, due to the use of unobtrusive data collection methods. Hence a lot of privacy regulations and policies — such as the EU’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) — have emerged and helped to build trust with consumers.
Why Is It Important for Your Business?
As more consumers become aware of privacy issues, many companies are discovering the need to change the way they do business to meet consumer concerns. Privacy isn’t just a compliance requirement; it’s a business imperative and ethical responsibility.
Consumers want to engage with companies that voluntarily value consumer privacy and exhibit transparency in their data collection practices. Firms that use privacy as a brand attribute receive customer satisfaction and loyalty ratings that are significantly higher. According to Gartner, brands that integrate user-level control of marketing data by 2023 will increase customer lifetime value (CLV) by 25% and lower churn by 40%.
How Do You Establish Consumer Privacy in Your Business Strategy?
Speaking of privacy regulations, there are certain guidelines to be followed in order to be compliant with GDPR and CCPA. If you’d like to learn more about those requirements, check out these resources:
How Can NextRoll Help?
NextRoll values consumer privacy, and we want to stand by our privacy by design approach. This is best symbolized by two of our core cultural values that have influenced our approach have been to always:
- Do right by our customers and community.
- Be open and transparent.
We get it! Running a business is very hard. With the growing changes in regulations and the addition of new regulations, it has become immensely hard to operate, which impacts your business growth and customer trust.
Hence, we built a free cookie consent tool in 2018 to help our customers be compliant with GDPR regulations and ePrivacy Directive. This tool is easy to use and comes along with our pixel. Our cookie consent tool is trusted by over 9,000 customers across the globe and exceeds the regulatory standards of offering explicit consent and adheres to the TCF v1 framework. Our dedicated product, engineering, and legal teams are always finding ways to enhance the user experience and comply with new TCF frameworks (i.e., TCF v2) and regulations.
Are you interested in learning more about consumer privacy? Feel free to contact your account manager, or you can reach us at email@example.com if you have any questions.
Pavan is a Sr. Product Manager at NextRoll.