Who do you trust? Monash Marketing Business Breakfast 2019
At some point in time, salt, gold, crude oil were all highly revered as profitable trading commodities. In today’s world, the highest commodity is personal data – yours, mine, ours.
While we value our personal data, so does business. Our banking activities, shopping patterns, personal preferences are all pieces of information that is highly valuable to business.
But when it comes to giving your information to business, who do you trust?
This was the theme of Monash Marketing Business Breakfast 2019 where speakers sharing some fascinating insights included Professor Simon Wilkie (former Chief Economic Policy Strategist, Microsoft); Stephanie Atto (Senior Research Consultant, ACRS) and Paul Dobson (Partner, Deloitte) at our Monash Marketing Business Breakfast on Friday.
The cloud computing Industry - Amazon, Google, Microsoft –reassures us that we can trust the integrity and security of our personal data. But can we? That seems to be a lot of trust!
And the consequences of them breaching out trust leads to situations such Facebook failing to warn 1.5 million users hit by a breach of privacy and the Snowden Revelation, where whistle-blower Edward Snowden released thousands of NSA security documents to the public.
With 87% of consumers ‘switching’ brands when given reason not to trust a business, that’s a good motivator to invest in building trust.
But there are also big rewards when consumers trust your brand leading to a significantly higher:
- intention to purchase
- loyalty preference
- likelihood to recommend
So, how does your business build trust?
You may want to take a look at some of the PowerPoint presentations from our speakers:
Sustainability Partner, Deloitte
Head, Monash Business School
Senior Research Consultant, ACRS
Stephanie will provide key insights in ethical consumption and consumer responsibility.