Fresh research published by Transactis has found that an overwhelming 95% of consumers would turn to a competitor if they perceived a company to have mishandled their personal data.
The findings further showed that this was no mere bluster, with 69% adhering to this hard line stance by actually terminating a relationship.
On the flipside however companies which demonstrate competence in handling personal data are rewarded with 83% of respondents saying they would continue buying from that firm.
Michael Green, Director of Insight, Transactis said: “The careful and intelligent use of personal data engenders consumer confidence and, ultimately, trust – allowing a stronger relationship to flourish. When companies alienate customers by handling personal details irresponsibly, however, consumer punishment is harsh and damaging... Firms that fail to learn that lesson will feel the financial impact in a very direct way.”