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Have you seen The Customer-Focused Marketing Playbook?

This comprehensive and practical guide to the latest ideas in customer-focused marketing hands you over 200 packed pages of strategy, best practices, do's and don'ts, practical know-how, facts and figures, and ideas to optimise your marketing strategy, boost sales, market share, increase ROI and profit.

Get it on Amazon (Kindle/Print)

Data breaches don't have to destroy loyalty

In the same year as one of the largest data breaches in history, the misuse of breached consumer data hit a record high, raising the issue of data breaches into the public consciousness following years of complacency among businesses and indifference among consumers regarding data usage, storage and security, according to a report from Javelin Strategy & Research.

The report, entitled 2014 Data Breach Fraud Impact Report, examined consumers' current attitudes and behaviour toward companies that have exposed their customers to a data breach and found that, when things go wrong, consumers subsequently tend to avoid retailers the most - especially small online merchants and alternative payment providers - compared with other industries.

The report also compared two significant data breaches from recent history - TJX and Target - to uncover the key lessons and strategies for stakeholders when responding to data breaches as they try to maintain their reputations and retain the loyalty of customers.

Honesty is definitely the best policy, the report noted, finding that customer notifications that describe in detail how a breach occurred can bolster an organisation's claims that they have corrected the security vulnerability that enabled the breach to occur, restoring some degree of confidence among consumers.

Retailers are most likely to be targeted by criminals for their payment card data, resulting in a higher fraud rates. Coupled with insufficient detailed notifications about the data breaches, Javelin found that after a data breach, consumers tend to avoid retailers the most, followed by banks and credit card issuers.

"The changing nature of data breaches is not lost on affected consumers as they are punishing organisations that they perceive to have failed to protect their information and identity," said Al Pascual, Javelin's senior fraud and security analyst. "Unfortunately, their perception may not always match reality as they lay blame at the feet of the notifying organisation even if it was not the one that was breached."

Sources: Javelin Strategy & Research / The Marketing Factbook.
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Categorised as:

Customer Loyalty
Knowing The Customer
Marketing Know-How

Have you seen The Customer-Focused Marketing Playbook?

Learn the insider's tricks and techniques to turn every customers into a 'super spreader' for your brand. It's better than free advertising. Once you start this ball rolling, your brand can grow rapidly through word-of-mouth, advocacy, influencers, and customer loyalty. Super-charge your company's marketing strategy, build up your market share, and make more sales through repeat business and customer loyalty.

Find out what works - and what doesn't - and who's succeeded, and how they did it. See how the world's top brands keep their competitive edge against all odds.

The Customer-Focused Marketing Playbook walks you step-by-step through the techniques, metrics, reporting, analysis, marketing models, technologies, tools and innovations for successful marketing strategies - both traditional and emerging - with expert guidance from thought leaders in every major market. Find out the best ways to gather, analyse, and act on customer data to increase profitability, build your brand, empower your customers, beat the competition, reduce churn, and increase customer profitability. This is a marketing book you simply can't afford to be without.

This book aims to hand you all the facts, figures and research data you need for the best decisions for a more profitable, more engaging marketing strategy. It also highlights all the facts, forecasts and trends identified by our experts from the global Marketing Factbook's vast database of market data, news, studies, research and articles, and presents you with an invaluable library of ideas and practical support you can call upon at will.

With The Customer-Focused Marketing Playbook at your side, you'll have instant access to a true goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, research and market data, plus all the supporting arguments you need to build a solid, profitable marketing strategy.

Get it on Amazon (Kindle/Print)