Jul 2019 James Vincent
Exceeding the Requirements of the Trust Economy
Filling the Role of Champion to Secure the Trust in Brand Experiences
Program Details
Sponsors and Partners:
About sponsor
Akamai secures and delivers digital experiences for the world’s largest companies. Akamai’s intelligent edge platform surrounds everything, from the enterprise to the cloud, so customers and their businesses can be fast, smart, and secure. Top brands globally rely on Akamai to help them realize competitive advantage through agile solutions that extend the power of their multi-cloud architectures. Akamai keeps decisions, apps and experiences closer to users than anyone — and attacks and threats far away. Akamai’s portfolio of edge security, web and mobile performance, enterprise access and video delivery solutions is supported by unmatched customer service, analytics and 24/7/365 monitoring. To learn why the world’s top brands trust Akamai, visit www.akamai.com.
Overview
Marketers know the modern consumer expects trust and transparency from the brands they do business with. Trust now outweighs brand advocacy and purpose, and consumers are walking away from brands that fail to behave responsibly. Is now the moment the CMO must adopt the mantle of Champion of Trust, or should securing brand trust be left to others to advance?
CMO Council in partnership with Akamai, will develop a timely strategic brief focused on the steps marketers must take to adopt a strong security posture to serve as the brand’s champion of trust. To better understand the opportunities that an elevated trust stance can deliver, and to outline the roadblocks and challenges brands face in today’s threat landscape, the CMO Council will interview marketers with brands focused on transforming their customer engagement strategies through optimized trust, frictionless engagements and crystal-clear transparency.
background
When the CMO Council asked global marketing leaders what they believed the most critical demand of the modern connected customer was today, 57 percent pointed to data security, privacy and accountability, elevating the demand for trust and transparency to top the CMO's agenda. As much as today’s customer craves personalization and being part of brand experiences that are as exciting as they are relevant, transparency and accountability out-weighted brand advocacy and purpose.
Consumers are also clear about the consequence of breaking that bond: Fail to behave responsibly and we will walk with our wallets. According to a recent PwC study, 87 percent of consumers said they would take their business elsewhere if they don’t trust that a company is handling their data responsibly. Consumers also understand that their data is currency, as 88 percent indicate that the extent of their willingness to share personal information with a company is directly tied to how much they trust that company.
This leaves CMOs with a critical question each leader must ask: Is now the moment the CMO must adopt the mantle of Champion of Trust, or is securing this trust in brand experiences going to be left to others to advance?
To elevate the discussion and kick off a peer-powered knowledge exchange, the CMO Council, in partnership with Akamai, will develop a timely strategic brief focused on the steps marketers need to take to adopt a strong security posture to serve as the brand’s champion of trust. To better understand the opportunities that an elevated trust stance can deliver, and to outline the roadblocks and challenges brands face in today’s threat landscape, the CMO Council will interview marketers with brands focused on transforming their customer engagement strategies through optimized trust, frictionless engagements and crystal-clear transparency.
This look into where and how marketers are getting involved in the security discussion is intended to reveal the critical partnerships, conversations and strategies marketers are advancing in order to make security a brand differentiator and revenue driver, not just an IT task and cost line item.
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Facts & Stats
Jul 2019
Consumers ranked social networks third-lowest in trustworthiness to keep their data safe, following media companies and home telecom service providers.
Source: ForresterJul 2019
62 percent of consumers would place higher trust in a company whose AI interactions they perceived as ethical and 59 percent would have higher loyalty to the company.
Source: CapgeminiJun 2019
81 percent of consumers ranked brand trust among the top five buying considerations, after ingredients (82 percent), value (84 percent), convenience (84 percent) and quality (85 percent).
Source: EdelmanJun 2019
Nearly 90 percent of executives confessed that they are concerned about the recent rise in data breaches globally, but only 34.5 percent say they have fully implemented policies related to client-side website security of customer data.
Source: EnsightenJun 2019
85 percent of brands have used safety technology for more than a year, 11 percent have started using these solutions in the past year, and 3 percent plan to implement them in the next 12 months.
Source: CHEQ & DigidayMay 2019
The average total cost of a data breach reached $7.91 million in the United States in 2018.
Source: IBMMay 2019
Compared to last year, 19 percent more consumers abandoned page during account openings, due to high consumer expectations for convenience and low tolerances for friction.
Source: IDologyMay 2019
75 percent of US consumers would stop doing business with organizations who misuse their data, and consumers are taking actions such as reducing their digital footprint (45 percent), installing ad blockers (24 percent), limiting time online (20 percent) and deactivating social media (12 percent).
Source: Dentsu Aegis NetworkMay 2019
86 percent of consumers are concerned about their data privacy, but Millennials and Gen Z are 47 percent less concerned and more trusting of companies with their data than older generations.
Source: SmarterHQMay 2019