In the digital world, the question of where trust comes from has quietly changed hands in recent years. For a long time we built trust through the product; if the product worked, there was trust, and quality and trust were almost the same thing. Today quality is something customers simply expect, and on its own it is no longer enough to create trust.
Trust now lives in data. Customers increasingly decide how much to trust a brand by looking at what happens to their data. In this relationship they expect transparency, and they are really looking for answers to four simple questions: why is my data being collected, who can access it, how long is it kept, and is it used for anything else?
A relationship built on data is fragile. Trust is earned slowly but can be lost very quickly. A data breach, or a use of data customers discover they were never told about, can wear away years of reputation in a few days, and a large share of customers consider leaving the brand when that happens.
That puts a question in front of companies that they cannot avoid. Are we really managing customer data, or only accumulating it? Could your company give a clear answer to those four questions today?