What is the main focus of GDPR?
The new General Data Protection Regulation will protect the personal data of all individuals residing within the EU, irrespective of where the company holding the data is based, and includes rules around holding, processing, profiling, maintaining and deleting that data to name a few.
An opportunity to build trust
Many companies will be solely focused on the cost implications associated with GDPR, whether that be the cost of becoming compliant or the potential fines (up to €10m or 2% of annual global turnover, whichever is greater) they could face if they don’t comply. For those who haven’t already memorised this important date, the deadline is 25th May 2018, or 299 days to be precise.
However, the savvier businessmen and women amongst us will have recognised (every cloud has a silver lining after all) that there’s an opportunity here. An opportunity to build trust with our customers, clients or end users, however you choose to refer to them, and the chance to grow your market share. That is to say that in this highly competitive and increasingly digitalised world we live in, trust is a critical component, and what better way to build trust, than by being transparent.
GDPR is a requirement for sustainable marketing
As a business if we’re able to demonstrate to our customers that the way we use their data will benefit them, we’ll be able to effectively communicate our marketing messages, whilst building the foundations of a relationship based on trust. In my mind this this makes good business sense, whether GDPR exists or not, so for those who do take action and meet the requirements, you will be rewarded.
My background is in Marketing, so for me, ignoring for a moment that GDPR compliance is a legal requirement from next May, GDPR is a must for sustainable marketing and as such data privacy should be core to everything we do.
Top three key marketing requirements
- GDPR introduces new requirements for ‘explicit consent’ and the ‘right to be forgotten’, meaning you must remodel workflows and processes to accommodate these new changes in terms of data collection, CRM, audit trails etc.
- GDPR controls data privacy and consumers’ right to privacy, so you must gain consent from consumers for their ‘personal data’ to be used to contact them regarding offers, products or services.
- GDPR also defines consent, including retrospectively, so you will need to re-permission existing lists to establish clear consent before targeting.
GDPR applies to everyone
Don’t be misled by the GDPR myths circulating, the clock is ticking and you need to ensure you’re compliant before the looming deadline.
- As the UK is exiting the EU we will not need to comply with GDPR – FALSE
- Our business is based outside of the EU, so GDPR won’t apply to us – FALSE
- GDPR only affects data collected after the May 2018 deadline – FALSE
It’s safe to say that when it comes to GDPR you WILL need to comply or be prepared to face the financial penalties. However, let’s not forget that hidden under the GDPR umbrella is also opportunity, you just need to reach out and grab it.