In this new series, we’ll unpack one statistic or number in each post, and explore the implications for companies working to implement best-in-class data privacy experiences.
If given the option, 93% of Americans would switch to a company that prioritizes data privacy. That’s according to our 2020 Data Privacy Feedback Loop, which surveyed over 1,000 Americans on their consumer privacy expectations and experiences.
Why it matters: Data privacy has traditionally been viewed as a risk reduction and mitigation strategy, but this finding suggests that elevating privacy is more than that — it’s a smart return on investment.
Going deeper: In addition to a willingness to switch to a company that prioritizes data privacy, the survey results reveal a very real consumer preference for companies that prioritize ease of access to their data, and a willingness to spend more.
- 91% of Americans prefer to buy from companies that always guarantee access to their information.
- Nearly 2-in-5 Americans (38%) believe it’s worth spending more money with companies that prioritize data privacy.
The implications: Consumers believe that companies that provide access to their data are trustworthy, transparent, and helpful. These positive brand perceptions can translate to financial gains. Those that miss the mark? 59% would rate them as “untrustworthy.”
Privacy is becoming an increasingly important part of the consumer decision-making process. Americans now expect to be able to quickly access and control their data, according to our research. By starting to prioritize data privacy today, organizations can not only be compliant, but earn customer loyalty and drive preference.
- Proof point: After partnering with Transcend to offer immediate data access to customers, Patreon found that customers were very appreciative. “We fundamentally shifted our approach to data privacy to be more user-centric. When we took this approach, we were flooded with hundreds of thank you tickets,” Deputy Legal Counsel Priya Sanger said.
Read more: Transcend’s 2020 Data Privacy Feedback Loop