The Facebook IPO finally arrived this week and so did a new era for all internet companies and the topic of privacy.
We are rapidly moving to a “Trust Economy” and those companies that have earned the trust of their users and customers will be able to monetize those relationships. Those that violate and abuse trust will suffer severely with an ever increasing backlash from users and government.
So what should companies do?
1. Be transparent – be upfront and tell people what you are doing.
2. Don’t bury privacy issues in long and lengthy T&C’s that no one reads.
3. Need to explain what you are disclosing and how it doesn’t violate any privacy concerns.
4. Give them an easy way to opt out should they want to.
5. Share the revenue with them by providing them incentives to opt in. Cheaper monthly service or add significant value to a service
6. Create service that have benefits to the user.
7. Provide training and easy ways for them to configure their privacy settings.
8. Don’t violate their trust…. ever.
Read more details on each of these tips on Privacy and building trust at storify.