Consumers are growing increasingly paranoid over their own private information. This comes as no surprise as technology has allowed for the widespread dissemination of information that used to be difficult to obtain. However, things are not all doom and gloom as security and privacy are important not only to consumers, but to businesses as well. As a business owner, these concerns are important to counteract, as you do not want your customers to feel uneasy working with you. In order to continue to turn a profit, you need to be proactive to these concerns to send the message you are capable of keeping information secure. Read on for tips on how to calm consumer paranoia around security within your organization:
Tip 1: Learn from the Foibles of Others
This past January, Neiman Marcus joined the ranks of Target and Starbucks in perhaps one of the most talked about scandals of the year. The luxury retailer reported criminals hacked into its systems and stole credit and debit card information along with names, addresses and emails. This sent customers into a panic as they trusted a large corporation like Neiman Marcus to keep their information safe.
Consumers are right to worry. According to the Bureau of Justice Statistics, in 2012 approximately 16.6 million people reported an incident of identity theft. Dealing with this unfortunate truth is the best way for you to rise above your competitors and provide a service that others cannot offer. It should be a primary matter of concern that your customers feel safe doing business with you and, in order to restore their faith, you must provide clear solutions to their very real concerns.
Tip 2: Be Proactive not Reactive
As the case with Neiman Marcus shows us, cleaning up a mess is far more catastrophic and damaging then preparing for it in advance. You may have never had a problem with transaction security in the past, but now is the time to keep your clean record intact. Companies like LifeLock offer a way to prepare in advance for any sort of security breach within your system. By taking a preventative approach you can be ready 24/7 for anything that might come your way. You can also assure your customers that you have such safeguards in place, which will make you all the more appealing to conduct business with.
Tip 3: Maintain Customer Loyalty
A loyal customer base is the meat and potatoes of your business. Without the trust of your customer, you cannot continue to grow. If you implement security measures for email and customer transactions, you can maintain the trust you have worked hard to build. Once this trust is broken, chances are high you will never get it back. As the Gartner Group reports, 80 percent of your revenue will be generated from 20 percent of your current customer base. Loyal customers make your job easier, so it only makes sense that you provide peace of mind for people who will ultimately generate your income.