From privacy to profit
Build loyalty and trust with your customers. It almost sounds like a cliché, but nevertheless, it’s the key factor for many companies when formulating ROI estimates.
Building that special relationship with your customers is vital for your online conversion rates. Vital for ensuring returning customers. Vital for building a strong brand.
It all begins with a good UX design and a solid approach to customer privacy. And those who invest in privacy also get a good return on their privacy investments.
One dollar spent on privacy gives you back $2.70
According to a Cisco analysis (2020), companies who have invested in privacy measures experience positive returns on investments.
Based on responses from 2,500 professionals across 13 countries, companies on average, received $2.70 for every $1 spent on their privacy program.
The investment saw financial benefits in six main categories:
- Reducing sales delays;
- Mitigating losses from data breaches;
- Enabling agility and innovation;
- Making the company attractive to investors;
- Building loyalty and trust with customers;
- Achieving operational efficiency from data controls.
The analysis also shows that more mature privacy programs see much better ROIs independent of company size. A hard investment in privacy could yield up to $3.50 return on investment.
Building trust with privacy is a key factor
The category perceived as most important by the respondents was “building loyalty and trust with customers” (74% of respondents deemed this category very significant when formulating their ROI estimates).
Privacy is here to stay, and the requirements are only getting tighter. Pioneering and investing in privacy not only builds trust with your customers. It also potentially increases your ROI up to a factor of 3.5.
Therefore, it’s valuable for companies to get started. Privacy will increasingly be seen as part of the brand, as part of the value your company provides.
Are you securing your customers' data online?
Where do your customers meet your company for the first time? Probably online on your website.
This is the first chance you get to demonstrate that you take their privacy seriously, and that you care about their data.
It is also the first chance you get to demonstrate compliance if your website uses cookies for marketing purposes.
But is your current cookie consent solution securing your visitors’ privacy?
3 tips for boosting your ROI with a privacy program
Be transparent and respect your users’ privacy.
Inform your visitors of cookies and data processing. Inform them what you use cookies for, and who (third parties) receives the data.
Offer your users the possibility to opt out of data processing, and respect that choice.
And if the user requests to change their consent, or even to withdraw it, then offer that solution.
With these simple measures, you show your customers that you take their privacy seriously. That you respect them as visitors on your website. And that will turn them into re-visitors, into conversions, and into re-conversions.
Try Cookie Information’s Cookie Consent Solution (cookie pop-up) free for 30 days or book an online meeting with us.
We assist big and small companies with becoming GDPR compliant on their website, and we handle more than +15 billion consents each year.