If you want to grow your bottom line, digital trust is essential. 📈
A recent McKinsey & Company research study indicates that companies who do this well are more likely to see annual growth rates of at least 10% on their top AND bottom lines.
Digital trust means that your consumers believe that you’re being responsible with their information through cybersecurity, data privacy, and AI.
Four (4) Realities About Digital Trust
1 – There’s a big discrepancy between confidence and reality - While nearly 90% of companies believe that they are at least somewhat effective at mitigating digital risks, less than 25% actually are - in the areas of AI models, data retention and quality, and lack of talent diversity.
2 – We have more trust in AI than humans - Frequent online shoppers report MORE trust in AI run products/services than human-reliant products/services
3 – A data or AI breach can lead to financial loss - 57% of executives report that their organizations suffered at least (1) data breach in the past (3) years, many of which resulted in financial loss (42% of the time), customer attrition (38%), or other consequences.
4 – It matters nearly as much as price, quality & convenience – 87% to 92% respectively, which is shockingly high.
Four (4) Ways Digital-Trust Leaders Achieve Growth
1 – Goal Setting: They set TWICE as many goals for trust building – for both digital risk management and risk mitigation.
2 – Types of Goals: Specifically, their goals focus on value-driving goals that center around strengthening existing customer relationships and acquiring new customers by building trust and developing competitive advantage.
3 – Variety + Regularity: They are TWICE as likely to regularly mitigate a variety of digital risks, not just a few – and more often!
4 – Promotion, Distribution + Transparency of Best Practices: They add specific best practices in cybersecurity, data protection, and the provision of trustworthy AI into policies and mission statements.
Do you consumers have digital trust in you?
About The CMO Syndicate
The CMO Syndicate is a diverse group of world-class Chief Marketing Officers who rapidly solve growth and profit problems for CEOs, VCs, CMOs, and PE firms. As global CMOs from the world’s top companies, The CMO Syndicate is not a traditional marketing consulting agency, and we are not typical marketing or growth consultants. We are growth experts and operators who actually do the work on a part-time or project basis as outsourced fractional and interim CMOs.