Is GDPR a Risk or Opportunity for Your Business?
After the European Union (EU) General Data Protection Regulation (GDPR) comes into force, companies across the globe needed to update their customer data platforms to ensure compliance. Once you take the time to really dig into the new set of consumer data privacy guidelines, however, you’ll likely find that they actually put your business in a better position to engage customers and foster brand loyalty.
What is GDPR?
If you need a refresher on GDPR, here’s a quick primer to get you up to speed:
- GDPR is a set of new regulations detailing how European customer data is managed and shared.
- GDPR grants new data management and access rights to EU consumers.
- GDPR expands the definition of personal identifiable information to include cookies, location data and mobile device IDs, among other sources of data.
The ramifications of falling out of compliance with GDPR are extremely costly. Officials can fine offenders as much as 20 million EUR or four percent of their global revenue (whichever is higher) if found in violation of GDPR regulations. If your company has to access European consumer data, you need to meet the GDPR challenge head on. In fact, we recently announced how we’re helping our clients get ready for the GDPR.
GDPR: The chance to solidify consumer trust
At its core, GDPR is about establishing trust between businesses and consumers in the EU. Think of it as a golden opportunity to cultivate better relationships with your customers.
Many consumers today are more comfortable providing their PII as long as they receive better and more targeted service in return. The old model of data acquisition had its fair share of problems, however, which affected the quality of data and created a rift between customers and the organizations collecting their information.
Dubbed the “privacy-personalization paradox” by Forrester, this disconnect between consumer demand for more personalized services and concern for data security can be challenging to balance out.
GDPR may seem like yet another data management headache, but it’s really an opportunity to re-establish your commitment to consumer data privacy, which is always good for business.
How Better Data Protection Can Drive Greater Value For Your Customers
Preparing for General Data Protection Regulation (GDPR) compliance should not just be a top priority for privacy and security teams but for marketers too. GDPR will change the way global brands can market to users and how they collect and store their personal data. Best practices for user consent and preference management will change as more control and transparency is given back to the user.
-
A marketer-tailored primer on what GDPR is, and why it matters to you
-
How better privacy strengthens customer relationships via permission-based personalization
-
How data transparency can increase your conversion rates
-
Guidance on becoming GDPR compliant while delivering customer value
We encourage you to invite colleagues and business partners you believe will benefit from learning about GDPR.
