The Impact of Big Data on Customer Trust
In a distracted world accustomed to data loss and compromised privacy, where can a marketing professional find the latest research and customer insights?
Kelly Martin is Professor of Marketing and Dean’s Distinguished Research Fellow at Colorado State University. She teaches Quantitative Business Analysis across the College of Business MBA Programs. Kelly has twice received the CSU College of Business Excellence in (Graduate) Teaching Award and has been nominated for the CSU Alumni Association Best Teacher Award. Read more about Kelly Martin at the Colorado State University College of Business website.
Four Myths about Managing Data Privacy
The European Union’s General Data Protection Regulations (GDPR) took effect in May of 2018, which forced many managers who previously had not thought much about data privacy to seriously consider how their organization manages such practices.
So too, increasing scrutiny about the way companies transfer data and allow third party use of customers’ personal information have been made salient with Facebook and Google’s recent United States (U.S.) Congressional testimony.
Yet in spite of all this attention, managing the organization’s data privacy practices is no clearer than before these events, and in many ways, is likely to be more obfuscated and confused. As such, the point of this article is to help alleviate some of this confusion by dispelling some common myths about managing data privacy. Once managers can effectively sort through misinformation about these issues, taking steps to lead on data privacy become increasingly attainable.
In sum, navigating today’s technological landscape to promote great consumer data privacy protections is increasingly complex.
All too often, this conversation becomes mired in elements of one of the four myths I describe. Likewise, buying into these myths can prevent organizations from taking important, customer-centric approaches to managing data privacy. By understanding the truths behind these myths, organizations are empowered to avoid significant privacy failures, but also are well-poised to lead on privacy and mobilize it for competitive advantage.
Click on a Myth Buster to reveal more information: