When we were young, we treasured certain things: a special ‘My Little Pony’, a beaten-up football, a stuffed animal cuddled until it fell apart. Whoever thought that what we treasure would change so drastically as we grew up? Because data—that amorphous and intangible thing—is now one of our most prized possessions. And we as consumers don’t want to share our data toys with just anyone.
According to a recent YouGov survey reported on in Campaign magazine, seven out of ten consumers would boycott a brand that mishandled their data. A similar volume of respondents to the survey (70 percent), which was conducted among 7,500 consumers across the UK, France, Germany and Italy, claimed they were more aware of data threats now than they were five years ago.
What does this mean for brands? Consumers are increasingly weighing their decisions based not only on the quality of the end product or service provided, but also judging the experience the brand gives them in other ways. If a consumer thinks their personal information will be manipulated or used maliciously, they simply won’t part with their funds, no matter how much they want to transact with a company.
Poorly designed websites filled with typos, requests for over-the-top amounts of personal information, badly targeted emails or spam all ring warning bells in the minds of customers saying: “Do not shop here.”
Even social media sites are being attacked for allowing data breaches to occur in very sneaky ways. Have you ever posted your “drag queen name” or “Christmas elf identity” as a comment under one of those name-generating posts based on the month and day of your birth? It might seem fun and sharable at the time, but guess what, you’ve probably just broadcast your birthday (and one of the most commonly used passwords people use to access their accounts) to millions of people around the world.
What is your brand doing to prevent data breaches? Have you ever thought twice about working with a business because of data concerns? Is data the next big challenge for your company on its journey to becoming an experience business? Add your comment and questions below to share your story.