Think Your Customers Are Intensely Loyal? Well, About That…
Your customers have sworn to you that they are with you for the long haul. The quality of service you provide and the level of dedication you have for your company simply cannot be matched. Taking their business to one of your competitors? Not a chance. But although the bond you have with your customers seems to be comprised of steel, would they actually stick with you through thick and thin? The answer, according to the 2015 Vormetric Insider Threat Report, is a resounding no. In fact, they will probably desert you faster than you can blink an eye if given reason to do so.
So what is the situation that would lead loyal customers to walk away from their favorite companies? A single data breach. The Vormetric study focused on consumers and their loyalties to their favorite retailers, and despite feelings of immense satisfaction, it was concluded that should personal or financial information be compromised, more than half of Americans would instantly slash their relationships with offending retailers. When the results of the separate polls are combined, however, it shows that an astounding 85% of Americans would never again do business with a favorite retailer should a data breach occur.
So unless your business could survive the costs of a data breach and continue onward with only 15% of your original customer base, these findings should be truly alarming. Obviously, consumers are more fickle than they care to admit, considering how companies like Target would be out of business by now based on the standards customers have laid out. At the very least, however, the information shows that consumers have a deep fear of having their information stolen and simultaneously put tremendous value on the trust they loan to retailers. Not only does an organization have to earn consumer confidence, but there are no second chances when it comes to losing it.
Trust Must Be Earned And Sustained
We no longer live in a time where a lack of options effectively tie a customer to a particular business. You may still be safe if you are the only doctor in a small country town, but if you are reaching your customers through online means, they have a near-infinite selection of other companies vying for the business. The customers you have acquired have undoubtedly been earned, but continued business is a privilege that can be stripped in a heartbeat.
With the public as a whole unsettled by the massive influx of data breaches in recent years, it is up to organizations to step up to the challenge of combating threats. Encrypting customer information and guarding it all with layers of ironclad security may have been advisable in the past, but it has now become a mandatory staple of modern commerce.
So secure your cloud servers, internal databases, and employee accounts, because your loyal customers are far more loyal to their principles than they are to your services.