Among the professionals who spend their careers managing and optimizing customer data, it isn’t a secret just how powerful it is. In today’s experience economy, it is the most important ingredient for crafting deeply personalized experiences, delighting customers, and delivering exceptional value.
That said, that undertaking entails significant responsibility: Managing a customer’s data is a critical trust point in any business relationship.
Moreover, a seismic change is happening within the wider population, which is also embracing the power of data and becoming more educated on its far-reaching impact. In fact, among the US population, 73% say they are more concerned about their online privacy than they were a few years ago, and just one in five of those in EU businesses do not care about their privacy.
To address this shift, governments around the globe are setting new standards for how businesses can use customer data. From 2018’s General Data Protection Regulation (GDPR) in the EU to the California Consumer Privacy Act (CCPA) and Brazilian General Data Protection Law (LGPD) this year, businesses are racing to meet these standards and re-establish trust.
But that creates a dilemma for businesses: Without collecting customer data, they are fundamentally unable to deliver the hyper-personalized experiences customers want.