This document discusses the strategic importance of trust in managing customer data and relationships. It argues that trust should be the goal of every company as trustworthiness is profitable. It suggests that companies can build trust by maintaining an ongoing dialogue with customers about privacy, educating them on privacy efforts, creating industry standards, and lobbying for sensible regulation. The document also notes that trusted brands are able to charge premium prices and develop loyal, long-lasting relationships with customers.

1. Trust! A strategic tool in the management of customer data Thom Poole May 2006

3. Data privacy what? when? where? who? how? why?

8. Data privacy – noise! Remember this? A linear model of communication (based on Schramm (1995) and Shannon & Weaver (1962) – from Fill (1999))

10. Friendship = Trust Friendship = showing or expressing liking, goodwill, or trust Collins English Dictionary. Retrieved 10 July 2003, from xreferplus

12. Trust lifecycle Poole (2005), adapted from Reynolds (2000)

13. Asymmetric information flow Spremann, 2001

14. Trust in marketing Abuse demonstrates untrustworthiness, but to demonstrate trustworthiness is more difficult Trust = firm reliance on the integrity, ability or character of a person or thing

19. Trust in account management “… they were always being watched for symptoms of unorthodoxy” ‘ 1984’, George Orwell

22. Procurement behaviour low high high Procurement skills Business skills Butterfly buyers Strategic purchasing professionals Order takers Rottweiler buyers buy on value buy on cost buy on price

23. The competitive advantage of trust “The marketing art of the opt-in” “Being trustworthy is profitable”

25. Getting your nose in front …

26. … but so is everyone else!

27. Summary

29. Thom Poole Managing Consultant Jack Marketing Solutions [email_address] Trust - A strategic tool in the management of customer data Thank you