Customers trust brands that offer them value and keep their data secure. When critical privacy factors like data is involved, customers are reluctant to trust brands and it is on this factor brand building should start. In the MLM industry, with numerous regulations, unfortunate incidents, and complex compensation plans, businesses thrive on the pillars of trust, loyalty, and transparency.
Cyber criminals are also on the rise, targeting MLM companies that are a powerhouse of data. They use several attack methods such as phishing, malware, ransomware, and DDoS attacks to steal organizational data. Added to this MLM companies also have insider threats that may or may not be intentional.
How do MLM companies amass customer trust to thrive in the ever-evolving threat landscape and competitive market?
Rightly catering to customer interests and promising them that their data is secure with the brand is one way. The other way is to continually ensuring that this happens.
Yes! Data security is paramount in MLM businesses.
Customers are very much particular on how they use their data and where. MLM companies must respect the customer’s right to privacy and security. Not only does this improve trust, but also builds an ever-lasting connection with the brand. With all the regulatory policies established by different countries across the globe, maintaining a strict data security standard in MLM companies can turn out to be a competitive advantage.
So, how do MLM companies ensure this and stay ahead of the race?
Multi-level marketing companies must have a robust security infrastructure to identify and mitigate security threats in real-time. This should not be confined to data security alone. Critical organizational assets must be safeguarded with competent security methodologies so that it covers the wider aspect of data security while also securing business processes, salesforce, and every thing associated within its capacity.
The system must comply with all international data security regulations such as GDPR, CCPA, HIPAA, DORA, etc. Data security regulations change from time to time. Employing data security officers and automating most of the security-related processes can take the humungous burden of ensuring and constantly monitoring security, a breeze for businesses.
Organizations must also train their salesforce on data security policies and on how to use customer data for their marketing purpose.
Regulatory organizations like DSA snd DSSRC are continually monitoring and releasing new policies to help businesses and its salesforce maintain ethical business standards. This will also help businesses save themselves from legal and regulatory penalties.
Thus MLM companies can instill brand trust and successfully establish themselves in the market. Businesses must also minimize data usage and remove unnecessary user data. Communicating how, when, and why their data is used and providing crisp and clear information on how it is handled can help users trust the brand and entrust their data. For this organizations need to establish a data privacy policy and communicate it over to their customers. Putting it in the corner of the website won’t serve the purpose. Organizations must ensure that it reaches every customer who intend to share their personal data with the brand.
