This discussion will be about consumer data, trust & privacy. We will explore why consumers might discount some brands over others in terms of the trust equation.
Think of an example of a company or brand you trust (or would trust) to handle your private consumer information.
Then, think of an example of a company or brand you do not trust (or would not trust) to handle your private consumer information.
Write down the names of those two brands and get ready to discuss them in the content of specific research on consumer value & trust.
Read “What shoppers really want from personalized marketing” (Boudet, Gregg, Wong & Schuler, 2017) from the W5 Readings.
This is Boudet, Gregg, Wong & Schuler’s personalization value equation:
See attachment
Apply the personalization value equation to your interactions with the brand you trust. Name the brand and discuss each element.
Then, apply the same formula to the brand you do not trust. Name the brand and discuss each element and why you no longer trust that brand.
Use the names of these brands in the title of your post.
Note: please confine your examples to brands you trust or do not trust based on privacy concerns. For example, if you no longer trust a fast food brand because you believe that brand’s advertising is misleading…that’s interesting…but that example would not really fit brand trust based on privacy concerns.
Thinking
Target vs Walmart
Facebook vs Instagram
Google vs Aol
Sources
Consumer Privacy Issues. (2003). In D. J. Baker (Ed.), Gale E-Commerce Sourcebook (Vol. 1, pp. 21-23). Gale. https://link.gale.com/apps/doc/CX3405000022/GVRL?u=umd_umuc&sid=GVRL&xid=cda24080
Martin, K. D., Borah, A., & Palmatier, R. W. (2017b). How should marketers manage data privacy? https://www.ama.org/2017/11/01/how-should-marketers-manage-data-privacy/
Boudet, J. Gregg, B. Wong J. & Schuler G. (2017) What shoppers really want from personalized marketing. Retrieved from https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/what-shoppers-really-want-from-personalized-marketing
Children’s Online Privacy Protection (COPPA) Rule. (n.d.). Six Steps for Compliance for Business. FTC. Retrieved from https://www.ftc.gov/tips-advice/business-center/guidance/childrens-online-privacy-protection-rule-six-step-compliance