Using Trust To Boost Revenue: A Simple Guide
As mentioned in our 2015 Christmas blog, online consumption and spending have been growing consistently year-on-year. This trend is a massive opportunity for businesses – like yours – to enhance revenue but many continue to underestimate – or entirely overlook – the relationship between trust and revenue, limiting potential gains as a result.
Example: Liberty Games gained a 35% boost in revenue1 after deploying visible signs of security to enhance trust, whereas TalkTalk lost 95,000 customers2 after it emerged little encryption had been deployed to protect consumers prior to the 2015 attacks – causing many to distrust the TalkTalk brand.
Source: "How trust really affects online shoppers' decision to buy," Symantec (2015)
How cybercriminals erode trust
Cybercriminals will do everything in their power to undermine the trust that businesses have painstakingly established – like accessing the bank or card details of 43,656 TalkTalk clients, and includes common tactics like:
- Spoofing – A common tactic to clone popular sites and mislead consumers into revealing passwords or other confidential information.
- Data capture – Malware injected by criminals for various purposes e.g. logging keystrokes or infiltrating servers and networks to steal information.
- Watering hole attacks – Malware that is deliberately designed to go undetected, it infiltrates a legitimate website's operating software to target visitors.
In 2014 384 million identities were exposed because of data breaches, if the security of client data cannot be guaranteed you are potentially following in TalkTalk's footsteps
Recommended actions to safeguard trust – and your revenue
Unfortunately, a portfolio full of web-security products alone is now insufficient to ensure your business's security. Management must be prepared for internal threats by restricting access to servers or certificates, educating staff about cybersecurity risks and implementing strict data security policies etc. – 51% of employees claim it is acceptable to transfer corporate data to their personal computers.
On the web-security products side, 'spoofing' is manageable by simply verifying your business identity beforehand with green bar EV SSL certificates, but to ensure your security – and your consumer's – it is highly recommended to conduct an accredited PenTest to identify and remedy vulnerabilities yourself BEFORE an attack can occur.
Set up a trust webpage on your site
Enforce strict data security policies
Educate employees of risks
Tools to maximise leads and revenue
SSL247® has been around long enough – 13 years – to know which tools are favoured by websites for generating leads, but not all tools are secure. Your website needs to remain a trusted online business, therefore we strongly urge all communication channels to be encrypted and for visual signs of security to be deployed where information is exchanged – indicating your site's security stance to consumers.
Securing your landing page
Many sites have found inbound marketing strategies on landing pages as an effective method of maximising lead conversions – achieving almost double the conversion rate and costs 61% less per lead. However for landing pages to be effective, consumers must feel safe and reassured before information can be submitted – a lesson TalkTalk has since learnt by adopting EV SSL certificates.
The trust generated by the green padlock significantly impacts online businesses – you do not want to put visitors off sharing their personal information, especially if the only obstacle is a missing green padlock in the URL bar.
Securing consumer trust before they land
Online research plays a large part for most purchases, 60% of consumers are known to start by visiting search engines – and being ranked favourably via SSL for the 'HTTPS' prefix on Google is a good start – as we’ve argued since 2014 – it also informs consumers their security is taken seriously.
Securing consumer communication channels
44% of online consumers say that having questions answered live during an online purchase is among the most important features a website can offer. Live chats and contact forms all help to meet and exceed consumer expectations, but they always involve exchanging potentially sensitve information – meaning it needs to be secured against being intercepted.
For the full report about securing your website please download the full Symantec report above or if you have any questions, contact our accredited specialists for a FREE no-commitment consultation now.
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