How to Grow Your Business Faster and Better in the Digital Age
Digital trust is the confidence that your online audience has in your ability to protect their data, offer secure and reliable digital services, and use ethical and transparent practices. It is not only something that customers expect from you, but also something that can help you grow your business faster and better. In this article, you’ll learn why digital trust is so important for your business and how you can use it to your advantage.
Why digital trust matters for your business
According to a recent survey by McKinsey, the companies that are good at building digital trust are more likely to see their revenue and profit grow by at least 10 percent each year.
That’s because customers value digital trust and will reward or punish you based on how well you do it. The survey found that:
- Most customers want you to be transparent about how you use their data and what your digital-trust policies are.
- Almost half of the customers will ditch you and switch to another brand if you are not clear about how you use their data.
- Customers think that some aspects of digital trust are almost as important as other factors like cost and delivery time when they buy something online.
- More than half of the customers will only buy from you online or use your digital services if they know that you have a good reputation for protecting their data.
- Forty percent of the customers will stop doing business with you if they find out that you don’t care about their data.
These findings mean that digital trust can give you a huge edge over your competitors, increase your customer loyalty, reduce your customer churn, improve your brand image and attract new customers.
But wait, there’s more! Digital trust can also bring you other benefits, such as:
- Positive reputation. According to a study by ISACA, 66 percent of respondents said that high levels of digital trust lead to a positive reputation. This means that customers will be more likely to recommend you to others, write positive reviews about you, and trust your brand more.
- Fewer privacy breaches. Another study by ISACA found that 58 percent of respondents said that high levels of digital trust lead to fewer privacy breaches. This means that you will be less likely to face legal issues, regulatory fines, customer complaints, and reputational damage due to data breaches.
- Fewer cybersecurity incidents. The same study by ISACA also reported that 57 percent of respondents said that high levels of digital trust lead to fewer cybersecurity incidents. This means that you will be less likely to suffer from cyberattacks, malware infections, ransomware demands, and data loss or corruption due to cyber threats.
- Enhanced customer experience. According to a report by Deloitte, digital trust can also enhance customer experience by enabling more personalized, convenient and seamless interactions. This means that customers will be more satisfied with your products and services, more loyal to your brand, and more willing to spend more with you.
As you can see, digital trust is not only a necessity but also an opportunity for your business in the digital age. By building and maintaining digital trust with your customers, partners and stakeholders, you can create a secure digital world that benefits everyone. You can also gain a competitive advantage, increase your revenue growth, enhance your brand reputation and attract new customers.
How to Build and Maintain Digital Trust
- Set your digital-trust vision and strategy. Figure out what your goals, objectives, values and principles are for creating a trustworthy digital environment. Tell them to everyone who works with you or for you.
- Check your current state of digital trust. See what you are doing well and what you need to work on in terms of security, privacy, safety, reliability and data ethics. Find out where the gaps and risks are. Compare yourself with your competitors and industry standards.
- Follow best practices and frameworks for digital trust. Use proven methods and tools to improve your digital-trust skills. For example, you can use the zero trust model to limit who can access your network and data. You can also use standards like ISO 27001 for information security management or ISO 27701 for privacy information management.
- Keep track of your digital-trust performance. Set up some indicators and metrics to measure your progress and impact on digital trust. Ask your customers, partners and stakeholders how they feel about your digital offerings. Use data analytics and AI to spot trends, patterns and anomalies that could affect your digital trust.
- Learn and improve all the time. Review your digital-trust performance regularly and find ways to make it better. Fix any problems or incidents that happen. Try new technologies and solutions that could make your digital trust stronger.
- And don’t forget to have some fun along the way! Building and maintaining it can be challenging, but also rewarding and enjoyable. You can celebrate your achievements, learn from your mistakes, share your insights, collaborate with others, and discover new possibilities.
Bottom line
Digital trust is not only a must-have but also a win-win for your business in the digital age. By building and maintaining it with your customers, partners and stakeholders, you can create a secure digital world that benefits everyone. You can also get ahead of your competitors, increase your revenue growth, boost your brand image and attract new customers.
And did we mention that it can also make you feel good about yourself and your business? That’s right! Digital trust is not only good for business, but also good for the soul.
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