Data privacy concerns tend to elicit eye rolls from corporate marketers, who see restrictions on how they collect and use customer information as infringing on their ability to customize communications and experiences. But growing evidence indicates that respecting privacy is not only the right thing to do, but also a good way to grow your business.
Not that companies have much choice anymore. Nearly 130 countries have adopted data protection and privacy legislation. Colorado recently became the third U. S. state to sign a privacy bill into law, following California and Virginia. That means that organizations doing business in those states must observe regulations about responsible data retention and disposal, including consumer requests to opt-out of data collection. Gartner predicts that 65% of the world’s population will be covered under modern privacy regulations by 2023, up from just 10% last year.