Big Tech Company Admits It’s Listening To You & Airline Ticket Scams Are Soaring
Today, most business transactions – whether buying shampoo or tonight’s dinner – are faceless. That’s why, in our digital world, trust is the new currency. This shift in consumer behavior, sometimes called the “trust economy,” is more than the quality of products or services you offer; it’s about constructing a bedrock of reliability and transparency so customers choose you over competitors.
“Trust keeps society running. Even the most trivial interactions rely on small acts of trust,” the Economist reported. This isn’t lost on company leaders either. PwC’s 25th Annual Global CEO Survey reported that behind industry conditions, consumer trust is the most important predictor of a company’s past and future financial performance.
However, trust is increasingly difficult to earn. Thanks to the recent emergence of AI, frequent mishandling of personal data by companies and relentless cyber-attacks, customers are more skeptical than ever. As product and service providers, PwC points out that we are constantly evaluated by our customers on whether or not we are “forces for good in society.” Make one slipup and that trust is gone, perhaps for good.
How you handle data and use technology to influence your customers’ experience will decide your fate in the trust economy. Prioritize the most important drivers of trust – empathy, reliability and integrity – and grow your customer loyalty this year and in the years to come.
1. Technology’s Role In Improving Customer Trust
Our dependence on technology is undeniable, yet this very reliance makes us vulnerable. Computer pioneer Willis Ware once said, “The only computer that’s completely secure is a computer no one can use.”
This statement hits a nerve, especially for businesses navigating the complexities of digital security. The challenge, then, is to harness technology in a way that boosts, rather than undermines, customer trust.
2. Be Transparent About Data Usage
Ever been shopping for a new shirt only to have an online ad pop up later for the same shirt? It’s not a coincidence – it’s data. Although customers expect you to collect data, they want a say in it. According to a report by Qonsent, 94% of consumers feel that having control over the data they share with companies is important.
Make sure you have a clear privacy policy that tells customers:?
Additionally, don’t collect more data than you need, and ensure your team is well-versed in data security, drawing from clear internal processes around data management. Slack’s “Privacy Policy” page is an excellent example of data transparency. It’s written for the consumer (not in legalese), and it clearly explains what data is collected and why, and how users can change their preferences.
3. Take Cyber Security Seriously
Customers want to know if you have a good reputation for protecting their data and information. According to a 2022 McKinsey survey, 53% of consumers will only engage with a company after checking for a good security track record. Even one breach could mean losing a significant amount of your customer base.
To build trust with your customers, make sure your company’s cyber security strategy includes:
4. Leverage Technology To Improve Your Customers’ Experience
According to a 2018 report by Deloitte, customers spent 140% more with companies they had a positive experience with. Additionally, companies with positive interactions reduced customer service costs by as much as 33%.
Technology enables businesses to offer personalized, seamless experiences that resonate with customers. Consider how e-commerce platforms use encrypted payment transactions and tailored shopping recommendations to provide secure and helpful interactions. Or CRM systems that act like an assistant who never forgets a face or a conversation, so you can manage customer interactions with greater personalization.
Above all, though, it’s the quality of every interaction you have with customers that builds trust. Whether over the phone, by e-mail or across a store counter, remember that your customer wants to trust you. You just have to deliver.
5. Embrace Trust And Earn Loyalty
Nearly half (46%) of consumers say they’ll consider another brand if data practices are unclear, according to the McKinsey survey. On the flip side, organizations prioritizing digital trust are more likely to experience a 10% annual boost to their top and bottom lines. Listen to your customers. Prioritize a trust-based approach to your business and digital security, and you’re not just winning trust now. You’re setting up for years of loyal customers.
Skip The Detox: How To Be Well In The Digital Age
Whenever we feel irritable, sad or anxious after scrolling on social media, we often prescribe ourselves a weeklong digital detox. However, new research suggests detoxing isn’t as effective as we thought.?
In 2020, collaborative research from Oxford University found “no evidence to suggest abstaining from social media has a positive effect on an individual’s well-being.” Dr. Hannah Rose from Ness Labs says that to be well in the digital age, we need to be mindful of our technology use so it’s both healthy and realistic. She suggests we become active participants in social media (not passive scrollers), make small changes to reduce screen time, choose healthy sources of information, increase awareness through journaling and make deeper connections with people on social media.
When we’re well, our work is well, and our businesses are well too.?
Big Tech Company Admits It’s Listening To You
We’ve all suspected our devices are listening to us. How else could the clothing company you just told your sister about over brunch show up as a targeted ad on your Instagram feed? The tech community has largely denied listening without our permission. In fact, in 2017, Facebook had to publicly deny that it listens to its users (that’s what they use location services and ad tracking for).
But Cox Media Group (CMG), a multibillion-dollar media empire that owns and operates TV and radio stations worldwide, admitted it’s doing just that.
How Are They Doing It?
404 Media gathered published marketing information from CMG and determined that it uses AI to identify conversations via smart devices – collecting information about our spending behaviors, interests and how we spend our time – to deliver ads to us. CMG calls it “Active Listening.” Though any mention of CMG’s Active Listening platform has been removed from its website, the archived information is still accessible.
A document published by CMG’s VP of digital strategy said, “Yes, our phones are listening to us,” and “CMG has tech capabilities to use to your business advantage.” For example, it claimed to use audio data to create detailed customer profiles, which benefits consumers (fewer irrelevant ads) and businesses (targeted marketing). Still, no one knows exactly how they do it, technically speaking. Would it still adhere to safety restrictions imposed by companies like Apple that prevent other companies from listening to its devices? No one knows.
CMG later published a statement saying, “CMG businesses do not listen to any conversations or have access to anything beyond a third-party aggregated, anonymized and fully encrypted data set that can be used for ad placement. We regret any confusion…”
Business Insider states, “It’s important to note that it’s not clear whether this technology and marketing is actually happening.” Nevertheless, this incident is an important reminder to refresh your privacy settings and pay attention to the real possibilities of companies listening in.
领英推荐
Adjust Your Privacy Settings Now
Although tech leaders like Google and Apple have policies around how and when they listen to you, fake apps and shady companies do not. Any app with access to your microphone could listen to your most private conversations.
Take a moment and really look at the permissions you’ve given your apps. Ask yourself, does this app really need to listen in? If it’s not essential, it’s better to revoke that microphone access in your device’s settings. Another smart move is to tweak your settings so that an app can only use the microphone while you’re actively using it. Finally, never download apps unless you know how, when and why they collect data about you, especially voice data.
TRIVIA!
Who Else Wants To Win A $25 Gift Card??
?
Congratulations to Paul C. for winning last month’s Trivia Challenge! You can be the Grand Prize Winner of this month’s Trivia Challenge Quiz! Just be the first person to correctly answer this month’s trivia question and receive a $25 gift card to Chipotle. Ready? Email us now with your answer to [email protected]!?
QR codes were invented back in 1994 as a way to track??
A. Packages behind the scenes at UPS
B. Vehicles as they were assembled
C. As an alternative to website URLs
D. To initiate phone calls
Preventing Cyberattacks Free Infographic:
Did you know that one in five small businesses will suffer a cyber breach this year? A whopping 81 percent of all cyber breaches occur to small and medium sized businesses. Make sure to have all your security precautions in place. Be sure to get your FREE “15 Ways to Protect Your Business from a Cyber Attack” checklist by emailing us today at [email protected].
Airline Ticket Scams Are Soaring?
Scammers love travel season. They know your eyes are peeled for a cheap ticket and have devised convincing ways to get their hands on your money. Tricked consumers have spent months of their lives dealing with the consequences of these scams and lost thousands of dollars in the process.?
In a recent plague of travel scams, criminals are pretending to be “travel agents” selling plane tickets. Between 2020 and 2021, digital fraud in travel and leisure increased 68.4% globally, according to TransUnion’s 2022 Global Digital Fraud Trends Report.
How Plane Ticket Scams Work
There are a handful of tactics travel scammers use to steal your information. They create fake websites, pose as travel agents and send you “confirmation” e-mails that don’t include an airline ticket. Some call your phone to “confirm your information” for a flight, asking for your credit card, bank or personal information. Or they use social media ads or e-mails advertising free or cheap tickets. These are all major red flags to watch out for. Before clicking or booking anything, pay attention to these travel tips to avoid getting scammed out of thousands of dollars of your hard-earned vacation savings.?
Here’s How To Avoid Travel Scams
1. Always verify that an agent or agency is legit. In the US and Canada, you can use the Better Business Bureau (BBB) or travel associations like the International Air Transport Association to verify agent credentials. Read customer reviews and look for weird grammar errors in e-mails and on websites. However, the BBB recommends booking directly through hotels or airlines.?
2. Check for a ticket confirmation number. If you don’t get a ticket number with your confirmation e-mail, a scammer may have reserved you a seat instead and stolen your money.?
3. Watch out for online deals. Scammers use fake e-mails and ads to boast amazing deals on hotels or flights. If you think they are too good to be true, they are.?
4. Be skeptical of “confirmation calls.” If you get a follow-up call from an agent to verify your personal information, it’s probably a scam.?
Stay informed, pay attention and implement these practical tips for your next adventure. Safe travels!
Shiny New Gadget Of The Month
Proven by science to help boost your mood in the winter months or decrease the side effects of jet lag, light therapy lamps – also called SAD amps – use LED lights to mimic natural sunlight to help regulate your mood and sleep-wake cycle.?
Featured in the Strategist’s “9 Very Best SAD Lamps,” the Theralite Aura Bright Light Therapy Lamp is a standout choice. With 10,000 lux LED lights, it delivers the ideal light intensity for therapy. Plus, it’s compact and versatile, fitting perfectly on your desktop, table or nightstand. It’s affordable too – only $52 on Amazon. Brighten any winter day with the Theralite Aura Bright Light Therapy Lamp.
Your Next Five Moves by Patrick Bet-David
If being an entrepreneur and business leader were easy, more people would do it. Being successful in business today means constantly innovating and rethinking how you do things. And that’s exhausting.
Your Next Five Moves by Patrick Bet-David is a strategy playbook for entrepreneurs feeling stagnant, lacking motivation or searching for innovative tactics to improve their business. It promises clarity and offers strategic thinking for different scenarios, growth tactics for good and bad times, guidance in building a value-driven team and insights into leveraging power effectively.
Rooted in Bet-David’s journey to becoming a successful CEO, this book is more than a manual: it’s a strategic advisor for anyone serious about reinvigorating their business and making impactful decisions for its future.
Share this newsletter with your colleagues!