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• Fintech Content Marketing : 10 Best Practices & Growth Strategies

  24 juillet 2024, par Erin

  Content marketing is an effective strategy for growth and building trust. This is especially true in the fintech industry, where competition is intense and trust is crucial. Content marketing helps you strengthen customer relationships, engage your audience, and differentiate yourself from competitors.

  To get the most out of your fintech content marketing, you need to develop the right strategy.

  In this guide, we’ll cover everything you need to know about content marketing for fintech companies so you can expand your reach and grow your business.

  What is fintech content marketing ?

  Fintech content marketing is creating content around financial topics on the internet to attract, engage, and convert audiences.

  Fintech companies can use a content strategy to drive leads by creating educational content.

  

  While financial content is important, it’s easy for it to feel boring, unrelatable, or confusing. But, when done right, fintech companies can educate their audiences with great content marketing that helps their audience understand financial topics in-depth.

  Fintech companies can create written, audio, or video content to inform their audiences about financial topics they’re interested in.

  From there, each piece of content can then be distributed to different mediums :

  • Blogs
  • Website
  • Facebook
  • YouTube
  • Instagram
  • Other websites
  • Apps
  • And more

  Once content is distributed, fintech companies can then analyse how effective the content is by tracking web analytics data like search engine traffic, social media engagement, and new customers.

  7 reasons fintech companies need content marketing

  Before we dive into fintech content marketing best practices, let’s recap why fintech companies need to lean into content to grow their business.

  Here are seven reasons your financial company needs to deploy a robust content strategy :

  

  1. Reach new audiences

  If you want to grow your fintech company, you need to find new customers. Creating content is a proven path to marketing yourself online and attracting a larger audience.

  By using search engine optimisation (SEO), social media marketing, and YouTube, you can expand your audience and grow your customer base.

  With content marketing, you can find new audiences without needing a massive budget, making scaling easier.

  2. Engage current audience

  While content can be a powerful method to reach new customers, it isn’t the only thing it’s good for.

  If you want to grow your business, another way to leverage your content is to keep your current audience engaged.

  You can create financial content to educate, inform, and add value to your current audience who already knows you. Repurposing content between the different platforms your audience is on keeps them engaged with you and your brand.

  It’s a simple way to capture and keep the attention of your audience, build trust, and convert more prospects into customers.

  3. Build relationships with customers

  You should leverage content marketing in various spaces, such as social media, your website, a blog, or even YouTube. Creating content on different channels allows you to build relationships with your customers on autopilot.

  The general rule in marketing is that the more touch points you have with your customers, the more you’ll sell. Creating more content means you always have new opportunities to increase those touchpoints, build deeper relationships, and sell more.

  4. Grow authority in a space

  If you want people to trust you and your financial tech, you need to be seen as an authority. How can someone trust that your app or web platform will help them with their finances if they don’t trust you’re a financial expert ?

  You should use informative content to become a thought leader in your space. You can post content on social media or your own platforms.

  You can also spread your authority by leveraging other brands’ or influencers’ audiences through guest blog posting and guest podcasting.

  5. Drive new leads

  Content marketing isn’t just a fun hobby for businesses. It’s one of the smartest ways to drive new leads.

  You should be crafting content for your top-of-funnel marketing strategy to attract potential customers.

  Creating content consistently is a great way to bring in new audience members into your funnel.

  Once you grow your top-of-funnel audience, you can convert them into leads by getting them to join your email list or trial your financial software.

  One tip to get more out of your content strategy is creating evergreen content to continually drive leads. For example, create “set-it-and-forget it” blog posts or YouTube videos that will continue working for you daily to attract new audience members searching for helpful financial information. Then, provide a call to action on that content to join your email list (by leveraging a lead magnet).

  6. Convert prospects to customers

  When you have a continual flow of new top-of-funnel prospects, you always have a fresh cycle of prospects you can convert into customers.

  Content is primarily used to attract new audience members and engage your current audience at the top of your funnel. But it can also be used to convert your audience into customers.

  Try mixing up your content types to drive conversions :

  • Educational
  • Entertaining
  • Promotional

  Don’t just show off educational content.

  You should also mix in “authority” content by displaying case studies of user success stories and calling to action to sign up for a free trial or request a demo.

  7. Lower Customer Acquisition Cost (CAC)

  On the business side, if you want a marketing strategy that will keep expenses low long term, you’ll want to invest more in content.

  Content marketing has a great return on investment (ROI) for your time and effort.

  Why ?

  Because the customer acquisition costs (CAC) are so low.

  You can create content that can bring in leads for months if not years.

  If you only use Google or Facebook ads to drive new leads, you always have to “pay-to-play.” When you turn the advertising tap off, your leads dry up.

  But, with blogs and videos, you can create content that can bring in organic customers on repeat. It’s like a snowball effect that keeps going long after you’ve completed the initial work.

  10 fintech content marketing best practices

  Here are ten best practices to establish a strong content marketing strategy as a fintech company :

  

  1. Set SMART goals

  A good content strategy starts with goal-setting. You’ll never get there if you don’t know where you’re going.

  To make sure your fintech content marketing strategy is a success, you need to set SMART goals :

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Time-bound

  For example, you might set a goal to reach 20,000 blog visits in one year and convert blog visits at a rate of 3%.

  Setting clear content goals will streamline operations, so you stay consistent and get the most out of your efforts.

  3. Be transparent

  Transparency is crucial for fintech companies, as they handle sensitive financial data and, in many cases, monetary transactions.

  It’s essential for you to be open and clear about your products, services, and data practices. By being honest about privacy and security measures, fintechs can build and maintain trust with their customers.

  This transparency not only helps in establishing credibility but also ensures customers feel confident about how their financial information is managed and protected.

  

  4. Take an education-first approach

  Content isn’t just about “hooking” or entertaining your audience. That’s just one aspect of a content strategy.

  The best approach to building authority and converting leads from your content is to take an education-first approach.

  Remember above, when we touched on understanding your ICP ? You need to know your ICP’s interests and pain points inside and out and then map your product’s strengths to those that are relevant.

  Always start with your ICP, then build the content strategy around them based on your product.

  Find connections and identify how your product can address the ICP’s interests and pain points.

  For example, let’s say your ICPs are Gen Z consumers. They’re interested in independence and saving for future goals. Their pain points might include lack of investment knowledge and managing student debts and other loans.

  Let’s say your product is a personal finance app. Some of your benefits might be budget tracking and beginner-friendly investment options. You could create a content strategy around budgeting in your 20s and investing for beginners.

  Content strategies will vary widely based on your ICP. For instance, content for a fintech company targeting those approaching retirement will need a different focus compared to that aimed at younger consumers.

  Remember : practical, step-by-step, value-driven content performs best regarding conversions.

  5. Leverage the right tools

  If you’re going to succeed with content, you need to lean on the right tools.

  Here are a few types of tools you should consider (and recommendations) :

  • Project management (i.e., Asana)
  • Content management system (i.e., WordPress)
  • Content scheduling (i.e., Hootsuite)
  • Design (i.e., Canva)
  • SEO (i.e., Ahrefs)
  • Web analytics (i.e., Matomo)

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  6. Promote your content on different platforms

  You’ll want to promote your fintech content marketing strategy on different channels and platforms to get the most out of your fintech content marketing strategy.

  Start with one core platform before you pick a few platforms to promote your content. You should leverage at least one social media platform.

  Then, create a blog and an email newsletter to ensure you create multiple touchpoints.

  Here are some tips on how to pick the right platform :

  • Consider age range (i.e. TikTok for a younger audience, Facebook for an older audience)
  • Consider your preferred content type (YouTube for long-form video, X for short-form written content
  • Consider your competition (i.e. go where competitive fintech companies already are)

  7. Track results 

  How do you know if you’re on pace to reach the SMART goals you set earlier ?

  By tracking your results. 

  You should dive into your data regularly to ensure your content is working. Make sure to track social media, email marketing, and web results.

  Keep a close eye on your website KPIs and track your conversions to ensure a return on investment (ROI). For more detailed guidance on monitoring your website’s performance, check out our blog on how to check website traffic as accurately as possible.

  Remember, a data-driven approach is the best way to stay on track with your content goals.

  8. Establish a content leader

  Your content marketing needs a leader. You should establish someone on your marketing team to oversee your content plan. 

  They should ensure they collaborate well with different teams, understand social media and SEO, and know how to manage projects.

  Most of all, don’t forget that they’re in charge of tracking your data and reporting to higher-ups, so they should be comfortable with web analytics and know how to track performance well.

  9. Optimise for SEO

  It’s not enough to create a weekly blog post. You could craft the most valuable content on your website, but nobody will find it online if it isn’t optimised for SEO.

  Your content leader should analyse SEO data using a tool like Ahrefs or SEMrush to analyse different keywords to target in your content. 

  A web analytics tool like Matomo can then be used to track results. Matomo offers traditional web analytics, including pageviews, bounce rate, and sources of traffic, alongside features like heatmaps, session recordings, and A/B testing.

  These advanced features provide deeper insights into how users interact with your site and content, helping you pinpoint areas for improvement. Improving the user experience based on these insights can then positively impact your Google rankings.

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  10. Stay compliant

  Fintech is a highly regulated industry. Keeping this in mind, you need to ensure you take the necessary steps to ensure you remain compliant with all applicable laws and regulations.

  Non-compliance can result in severe penalties.

  Given these high standards, it’s crucial to ensure that user data remains private and secure. Matomo helps with this by providing a compliant web analytics solution that respects user privacy. With Matomo, you can confidently manage compliance and build trust with your customers while also reliably tracking the performance of your content marketing.

  

  Drive your content marketing strategy with Matomo

  Leaning into content marketing can be one of the best ways your fintech company can attract, engage, convert, and retain your audience.

  By creating high-quality content for your audience on social media, YouTube, and your website, you can establish your brand as an authority to grow your business for years to come.

  But remember, you need to make sure you’re only using privacy-friendly, compliant tools to protect your audience’s data.

  Thankfully, Matomo has you covered.

  As a privacy-friendly web analytics tool, Matomo ensures that your website data is tracked and stored in compliance with privacy laws.

  Trusted by over 1 million websites, it offers reliable data without sampling, guaranteeing accuracy. Matomo is designed to be fully compliant with privacy regulations such as GDPR and CCPA, while also providing advanced features like heatmaps, session recordings, and A/B testing to help you track and enhance your website’s performance.

  Request a demo to see how Matomo can benefit your fintech business now.

  Try Matomo for Free

  21 day free trial. No credit card required.

  
  

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• What Is Ethical SEO & Why Does It Matter ?

  7 mai 2024, par Erin

  Do you want to generate more revenue ?

  Then, you need to ensure you have a steady stream of traffic flowing to your site.

  Search engines like Google, Bing and Yahoo are powerful mediums you can use to scale your business.

  Search engine optimisation (SEO) is the process of creating search engine-friendly content to draw in traffic to your website. But, if you aren’t careful, you could be crossing the line of ethical SEO into unethical SEO.

  In this article, we break down what ethical SEO is, why it’s important in business and how you can implement effective SEO into your business while remaining ethical.

  Let’s begin.

  What is ethical SEO ?

  Since the early days of the internet and search engines, business owners and marketers have tried using all kinds of SEO tactics to rank atop the search engines for relevant keywords.

  The problem ?

  Some of these practices are ethical, while others aren’t.

  What exactly is ethical SEO ?

  It’s the practice of optimising your website’s rankings in search engines by following search engine guidelines and prioritising user experience.

  

  Ethical SEO is also referred to as “white hat SEO.”

  On the other hand, businesses that break search engine rules and guidelines to “hack” their way to the top with faulty and questionable practices use unethical SEO, or “black hat SEO.”

  Ethical SEO aims to achieve higher rankings in search engines through sustainable, legitimate and fair methods.

  Black hat, or unethical SEO, aims to manipulate or “game” the system with deceptive strategies to bypass the search engine’s guidelines to rank higher.

  The two core branches of ethical SEO include :

  1. Strategies that align with search engine guidelines.
  2. Accessibility to broad audiences.

  Some examples of ethical SEO principles include :

  • Natural link building
  • Compliance with search engine guidelines
  • Establishing great user experiences
  • Creating reader-focused content

  By sticking to the right guidelines and implementing proper SEO practices, businesses can establish ethical SEO to generate more traffic and grow their brands.

  8 ethical SEO practices to implement

  If you want to grow your organic search traffic, then there’s no doubt you’ll need to have some SEO knowledge.

  While there are dozens of ways to “game” SEO, it’s best to stick to proven, ethical SEO techniques to improve your rankings.

  Stick to these best practices to increase your rankings in the search engine results pages (SERPs), increase organic traffic and improve your website conversions.

  

  1. Crafting high-quality content

  The most important piece of any ethical SEO strategy is content.

  Forget about rankings, keywords and links for a second.

  Step back and think about why people go to Google, Bing and Yahoo in the first place.

  They’re there looking for information. They have a question they need answered. That’s where you can come in and give them the answer they want. 

  How ? In the form of content.

  The best long-term ethical SEO strategy is to create the highest-quality content possible. Crafting high-quality content should be where you focus 90% of your SEO efforts.

  2. Following search engine guidelines

  Once you’ve got a solid content creation strategy, where you’re producing in-depth, quality content, you need to ensure you’re following the guidelines and rules put in place by the major search engines.

  This means you need to stay compliant with the best practices and guidelines laid out by the top search engines.

  If you fail to follow these rules, you could be penalised, your content could be downgraded or removed from search engines, and you could even have your entire website flagged, impacting your entire organic search traffic from your site.

  You need to ensure you align with the guidelines so you’re set up for long-term success with your SEO.

  3. Conducting keyword research and optimisation

  Now that we’ve covered content and guidelines, let’s talk about the technical stuff, starting with keywords.

  In the early days of SEO (late 90s), just about anyone could rank a web page high by stuffing keywords all over the page.

  While those black hat techniques used to work to “game” the system, it doesn’t work like that anymore. Google and other major search engines have much more advanced algorithms that can detect keyword stuffing and manipulation.

  Keywords are still a major part of a successful SEO strategy. You can ethically incorporate keywords into your content (and you should) if you want to rank higher. 

  Your main goal with your content is to match it with the search intent. So, incorporating keywords should come naturally throughout your content. If you try to stuff in unnecessary keywords or use spammy techniques, you may not even rank at all and could harm your website’s rankings.

  4. Incorporating natural link building

  After you’ve covered content and keywords, it’s time to dive into links. Backlinks are any links that point back to your website from another website.

  These are a crucial part of the SEO pie. Without them, it’s hard to rank high on Google. They work well because they tell Google your web page or website has authority on a subject matter.

  But you could be penalised if you try to manipulate backlinks by purchasing them or spamming them from other websites.

  Instead, you should aim to draw in natural backlinks by creating content that attracts them.

  How ? There are several options :

  • Content marketing
  • Email outreach
  • Brand mentions
  • Public relations
  • Ethical guest posting

  Get involved in other people’s communities. Get on podcasts. Write guest posts. Connect with other brands. Provide value in your niche and create content worth linking to.

  5. Respecting the intellectual property of other brands

  Content creation is moving at lightspeed in the creator economy and social media era. For better or for worse, content is going viral every day. People share content, place their spin on it, revise it, optimise it, and spread it around the internet.

  Unfortunately, this means the content is sometimes shared without the owner’s permission. Content is one form of intellectual property (IP). 

  If you share copyrighted material, you could face legal consequences.

  6. Ensuring transparency

  Transparency is one of the pillars of ethical marketing.

  If you’re running the SEO in your company or an agency, you should always explain the SEO strategies and tactics you’re implementing to your stakeholders.

  It’s best to lean on transparency and honesty to ensure your team knows you’re running operations ethically.

  7. Implementing a great user experience

  The final pillar of ethical SEO practices is offering a great user experience on your website.

  Major search engines like Google are favouring user experience more and more every year. This means knowing how to track and analyse website metrics like page load times, time on page, pageviews, media plays and event tracking.

  8. Use an ethical web analytics solution

  Last but certainly not least. Tracking your website visitors ethically is key to maintaining SEO ethics.

  You can do this by using an ethical web analytics solution like Matomo, Plausible or Fathom. All three are committed to respecting user privacy and offer ethical tracking of visitors.

  We’re a bit biassed towards Matomo, of course, but for good reasons.

  Matomo offers accurate, unsampled data along with advanced features like heatmaps, session recording, and A/B testing. These features enhance user experience and support ethical SEO practices by providing insights into user behaviour, helping optimise content. 

  Try Matomo for Free

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  6 unethical SEO practices to avoid

  Now that we’ve covered the ethical SEO best practices let’s talk about what kind of unethical SEO practices you want to avoid.

  Remember, SEO isn’t as easy to manipulate as it once was 20 years ago.

  Algorithms are much more sophisticated now, and search engines are getting better at detecting fraudulent, scammy or unethical SEO practices every year.

  Avoid these eight unethical SEO practices to ensure you can rank high in the long term :

  

  1. Keyword stuffing

  Keyword stuffing is probably the most common unethical SEO practice. This is where someone deliberately stuffs keywords onto a page to manipulate the search engines to rank a web page higher.

  Where this is unethical isn’t always easy to detect, but in some cases, it is. It comes down to whether it’s relevant and natural or intentionally stuffing.

  2. Cloaking

  Cloaking is another unethical SEO practice where someone manipulates the information search engines see on their website.

  For example, someone may show search engines one web page on their website, but when someone clicks on it in Google, they can direct someone to a completely different page. They do this by detecting the incoming request from the user agent and presenting different content.

  3. Deceiving functionality

  Another way companies are unethically implementing SEO tactics is by deceiving people with misleading information. For example, a website may claim to provide a free resource or directory but may intentionally lead visitors to paid products.

  4. Fraudulent redirects

  Another way to deceive or mislead searchers is by creating fraudulent redirects. A redirect is a way to take someone to a different web page when they click on another one. Redirects can be useful if a page is broken or outdated. However, they can be used to deceptively take someone to a website they didn’t intend to view.

  5. Negative SEO

  Negative SEO is the intentional attempt to harm a competitor’s search engine rankings through unethical tactics.

  These tactics include duplicating their content or generating spammy links by creating low quality or irrelevant backlinks to their site.

  6. Hidden text

  Placing hidden text on a website typically has one purpose : keyword stuffing.

  Instead of making it visible to users reading the content, websites will place invisible text or text that’s hard to read on a website to try to rank the content higher and manipulate the search engines.

  3 reasons you need to implement ethical SEO

  So, why should you ensure you only implement ethical SEO in your organic traffic strategy ?

  It’s not just about what’s morally right or wrong. Implementing ethical SEO is the smartest long-term marketing strategy :

  1. Better long-term SEO

  Search engine optimisation is about implementing the “right” tactics to get your website to rank higher.

  The funny thing is many people are trying to get quick fixes by manipulating search engines to see results now.

  However, the ones who implement shady tactics and “hacks” to game the system almost always end up losing their rankings in the long term. 

  The best long-term SEO strategy is to do things ethically. Create content that helps people. Make higher quality content than your competitors. If you do those two things right, you’ll have better search traffic for years.

  2. Great brand reputation

  Not only is ethical SEO a great way to get long-term results, but it’s also a good way to maintain a solid brand reputation.

  Reputation management is a crucial aspect of SEO. All it takes is one bad incident, and your SEO could be negatively impacted.

  3. Lower chance of penalties

  If you play by the rules, you have a lower risk of being penalised by Google.

  The reality is that Google owns the search engine, not you. While we can benefit from the traffic generation of major search engines, you could lose all your rankings if you break their guidelines.

  Track SEO data ethically with Matomo

  Ethical SEO is all about :

  • Serving your audience
  • Getting better traffic in the long run

  If you fail to follow ethical SEO practices, you could be de-ranked or have your reputation on the line.

  However, if you implement ethical SEO, you could reap the rewards of a sustainable marketing strategy that helps you grow your traffic correctly and increase conversions in the long term.

  If you’re ready to start implementing ethical SEO, you need to ensure you depend on an ethical web analytics solution like Matomo.

  Unlike other web analytics solutions, Matomo prioritises user privacy, maintains transparent, ethical data collection practices, and does not sell user data to advertisers. Matomo provides 100% data ownership, ensuring that your data remains yours to own and control.

  As the leading privacy-friendly web analytics solution globally, trusted by over 1 million websites, Matomo ensures :

  • Accurate data without data sampling for confident insights and better results
  • Privacy-friendly and GDPR-compliant web analytics
  • Open-source access for transparency and creating a custom solution tailored to your needs

  Try Matomo free for 21-days. No credit card required.

  Try Matomo for Free

  21 day free trial. No credit card required.

  
  

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• What Is Data Ethics & Why Is It Important in Business ?

  9 mai 2024, par Erin

  Data is powerful — every business on earth uses data. But some are leveraging it more than others.

  The problem ?

  Not all businesses are using data ethically.

  You need to collect, store, and analyse data to grow your business. But, if you aren’t careful, you could be crossing the line with your data usage into unethical territories.

  In a society where data is more valuable than ever, it’s crucial you perform ethical practices.

  In this article, we break down what data ethics is, why it’s important in business and how you can implement proper data ethics to ensure you stay compliant while growing your business.

  What is data ethics ?

  Data ethics are how a business collects, protects and uses data.

  It’s one field of ethics focused on organisations’ moral obligation to collect, track, analyse and interpret data correctly.

  

  Data ethics analyses multiple ways we use data :

  • Collecting data
  • Generating data
  • Tracking data
  • Analysing data
  • Interpreting data
  • Implementing activities based on data

  Data ethics is a field that asks, “Is this right or wrong ?”

  And it also asks, “Can we use data for good ?”

  If businesses use data unethically, they could get into serious hot water with their customers and even with the law.

  You need to use data to ensure you grow your business to the best of your ability. But, to maintain a clean slate in the eyes of your customers and authorities, you need to ensure you have strong data ethics.

  Why you need to follow data ethics principles

  In 2018, hackers broke into British Airways’ website by inserting harmful code, leading website visitors to a fraudulent site. 

  The result ? 

  British Airways customers gave their information to the hackers without realising it : credit cards, personal information, login information, addresses and more.

  While this was a malicious attack, the reality is that data is an integral part of everyday life. Businesses need to do everything they can to protect their customers’ data and use it ethically.

  Data ethics is crucial to understand as it sets the standard for what’s right and wrong for businesses. Without a clear grasp of data ethics, companies will willingly or neglectfully misuse data.

  With a firm foundation of data ethics, businesses worldwide can make a collective effort to function smoothly, protect their customers, and, of course, protect their own reputation. 

  3 benefits of leaning into data ethics

  We’re currently transitioning to a new world led by artificial intelligence.

  While AI presents endless opportunities for innovation in the business world, there are also countless risks at play, and it’s never been more important to develop trust with your customers and stakeholders.

  With an influx of data being created and tracked daily, you need to ensure your business is prioritising data ethics to ensure you maintain trust with your customers moving forward.

  

  Here are three benefits of data ethics that will help you develop trust, maintain a solid reputation and stay compliant to continue growing your business :

  1. Compliance with data privacy

  Privacy is everything. 

  In a world where our data is being collected nonstop, and we live more public lives than ever with social media, AI and an influx of recording and tracking in everyday life, you need to protect the privacy of your customers.

  One crucial way to protect that privacy is by complying with major data privacy regulations.

  Some of the most common regulations you need to remain compliant with include :

  • General Data Protection Regulation (GDPR)
  • California Consumer Privacy Act (CCPA)
  • Health Insurance Portability and Accountability Act (HIPAA)
  • General Personal Data Protection Law (LGPD)
  • Privacy and Electronic Communications (EC Directive) Regulations (PECR)

  While these regulations don’t directly address ethics, there’s a core overlap between privacy requirements like accountability, lawfulness and AI ethics.

  Matomo ensures you protect the privacy of your web and app users so you can track and improve your website performance with peace of mind.

  2. Maintain a good reputation

  While data ethics can help you maintain data privacy compliance, it can also help you maintain a good reputation online and offline.

  All it takes is one bad event like the British Airways breach for your company’s reputation to be ruined.

  If you want to keep a solid reputation and maintain trust with your stakeholders, customers and lawmakers, then you need to focus on developing strong data ethics.

  Businesses that invest time in establishing proper data ethics set the right foundation to protect their reputation, develop trust with stakeholders and create goodwill and loyalty.

  3. Increased trust means greater revenue

  What happens when you establish proper data ethics ?

  You’ll gain the trust of your customers, maintain a solid reputation and increase your brand image.

  Customers who trust you to protect their privacy and data want to keep doing business with you.

  So, what’s the end result for a business that values data ethics ?

  You’ll generate more revenue in the long run. Trust is one thing you should never put on the back burner if you have plans to keep growing your business. By leaning more into data ethics, you’ll be able to build that brand reputation that helps people feel comfortable buying your products and services on repeat.

  While spending time and money on data ethics may seem like an annoyance, the reality is that it’s a business investment that will pay dividends for years to come.

  5 core data ethics principles

  So, what exactly is involved in data ethics ?

  For most people, data ethics is a pretty broad and vague term. If you’re curious about the core pillars of data ethics, then keep reading.

  Here are five core data ethical principles you need to follow to ensure you’re protecting your customers’ data and maintaining trust :

  

  1. Data ownership

  The individual owns the data, not you. This is the first principle of data ethics. You don’t have control over someone else’s data. It’s theirs, and they have full ownership over it.

  Just as stealing a TV from an electronics store is a crime, stealing (or collecting) someone’s personal data without their consent is considered unlawful and unethical.

  Consent is the only way to ethically “own” someone’s data.

  How can you collect someone’s data ethically ?

  • Digital privacy policies
  • Signed, written agreements
  • Popups with checkboxes that allow you to track users’ behaviour

  Essentially, anytime you’re collecting data from your website or app users, you need to ensure you’re asking permission for that data.

  You should never assume a website visitor or customer is okay with you collecting your data automatically. Instead, ask permission to collect, track and use their data to avoid legal and ethical issues.

  2. Transparency

  The second core principle of data ethics within business is transparency. This means you need to be fully transparent on when, where and how you :

  • Collect data
  • Store data
  • Use data

  In other words, you need to allow your customers and website visitors to have a window inside your data activities.

  They need to be able to see exactly how you plan on using the data you’re collecting from them.

  For example, imagine you implemented a new initiative to personalise the website experience for each user based on individual behaviour. To do this, you’ll need to track cookies. In this case, you’d need to write up a new policy stating how this behavioural data is going to be collected, tracked and used.

  It’s within your website visitors’ rights to access this information so they can choose whether or not they want to accept or decline your website’s cookies.

  With any new data collection or tracking, you need to be 100% clear about how you’re going to use the data. You can’t be deceptive, misleading, or withholding any information on how you will use the data, as this is unethical and, in many cases, unlawful.

  3. Privacy

  Another important branch of ethics is privacy. The ethical implications of this should be obvious.

  When your users, visitors, or customers enter your sphere of influence and you begin collecting data on them, you are responsible for keeping that data private.

  When someone accepts the terms of your data usage, they’re not agreeing to have their data released to the public. They’re agreeing to let you leverage that data as their trusted business provider to better serve them. They expect you to maintain privacy.

  You can’t spread private information to third parties. You can’t blast this data to the public. 

  This is especially important if someone allows you to collect and use their personally identifiable information (PII), such as :

  • First and last name
  • Email address
  • Date of birth
  • Home address
  • Phone number

  To protect your audience’s data, you should only store it in a secure database. 

  

  For example, Matomo’s web analytics solution guarantees the privacy of both your users and analytics data.

  With Matomo, you have complete ownership of your data. Unlike other web analytics solutions that exploit your data for advertising purposes, Matomo users can use analytics with confidence, knowing that their data won’t be sold to advertisers.

  Learn more about data privacy with Matomo here.

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  4. Intention

  When you collect and store data, you need to tell your users why you’re collecting their data. But there’s another principle of data ethics that goes beyond the reason you give your customers.

  Intention is the reason you give yourself for collecting and using the data.

  Before you start collecting and storing data, you should ask yourself the following :

  • Why you need it
  • What you’ll gain from it
  • What changes you’ll be able to make after you analyse the data

  If your intention is wrong in any way, it’s unethical to collect the data :

  • You’re collecting data to hurt others
  • You’re collecting data to profit from your users’ weaknesses
  • You’re collecting data for any other malicious reason

  When you collect data, you need to have the right intentions to maintain proper data ethics ; otherwise, you could harm your brand, break trust and ruin your reputation.

  5. Outcomes

  You may have the best intentions, but sometimes, there are negative outcomes from data use.

  For example, British Airways’ intention was not to allow hackers to gain access and harm their users. But the reality is that their customers’ data was stolen and used for malicious purposes. While this isn’t technically unlawful, the outcome of collecting data ended badly.

  To ensure proper data ethics, you must have good standing with your data. This means protecting your users at all costs, maintaining a good reputation and ensuring proper privacy measures are set up.

  How to implement data ethics as a business leader

  As a business leader, CTO or CEO, it’s your responsibility to implement data ethics within your organisation. Here are some tips to implement data ethics based on the size and stage of your organisation :

  Startups

  If you’re a startup, you need to be mindful of which technology and tools you use to collect, store and use data to help you grow your business.

  It can be a real challenge to juggle all the moving parts of a startup since things can change so quickly. However, it’s crucial to establish a leader and allow easy access to ethical analysis resources to maintain proper data ethics early on.

  Small and medium-sized businesses

  As you begin scaling, you’ll likely be using even more technology. With each new business technique you implement, there will be new ways you’ll be collecting user data. 

  One of the key processes involved in managing data as you grow is to hire engineers who build out different technologies. You must have protocols, best practices and management overseeing the new technologies being built to ensure proper data ethics.

  Global businesses

  Have you scaled internationally ?

  There will be even more rules, laws, regulations and organisations to answer to if you start managing data unethically.

  You should have established teams or departments to ensure you follow proper privacy and data protocols worldwide. When you have a large organisation, you have more money and vast amounts of data. This makes you a bigger target for leaks, ransomware and hackers.

  You should ensure you have cross-departmental groups working to establish ongoing protocols and training to keep your data management in good standing.

  Leverage data ethically with Matomo

  Data is powerful.

  It’s a crucial point of leverage that’s required to stay competitive.

  However, improper use and management of data can give you a bad reputation, break trust and even cause you legal trouble.

  That’s why you must maintain good data ethics within your organisation.

  One of the most important places to set up proper data ethics and privacy measures is with your website analytics.

  Matomo is the leading, privacy-friendly web analytics solution in the world. It automatically collects, stores, and tracks data across your website ethically.

  With over 1 million websites using Matomo, you get to take full control over your website performance with :

  • Accurate data (no data sampling)
  • Privacy-friendly and GDPR-compliant analytics
  • Open-source for transparency and to create a custom solution for you

  Try Matomo free for 21-days. No credit card required.

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