Over the last few years, the value of consumer data has posed new challenges for businesses. This is primarily because the way companies advertise their business is entirely dependent on the information collected through various platforms.
While the marketers are aware of how valuable personal data is, it seems that they are not completely aware of the different ways in which they can keep this data secure. Personal data is highly vulnerable to misuse and theft and according to Symantec’s State of European Privacy Report, 41% of the marketers were found to be unaware of the legal regulations and the safest practices that concern personal data.
In an attempt to address all these concerns, the European Union has introduced GDPR (General Data Protection Regulation) under which, several new privacy regulations have to be followed by businesses. A failure to comply with these regulations will result in damaging consequences. In this article, we will discuss how the GDPR is expected to affect the marketing practices followed by businesses.
Because of the introduction of GDPR, marketers will witness a significant change in the way data is gathered. While the current data collecting efforts were regarded as somewhat vague, marketers will need to comply with the following after its implementation.
Transparency – There will be more transparency required by the marketers when collecting the data and the subjects will have to be clearly told where the data will be used. The
Relevance – Marketers around the world are guilty of collecting irrelevant data at times as well. To eliminate this practice, GDPR has made sure that marketers only gather data that is relevant and required for their marketing efforts.
2. Use, Access and Storage
Because of the transparency of the data, users will now be able to tell the marketers whenever they feel the information is not accurate. This, however, works in favor of your marketing efforts since you will be able to have access to accurate data. Moreover, the business will be required to store the data in a secure way that is considered to be appropriate under the GDPR rules.
The access to the data will also be limited to the business only and no other party is allowed to make use of the data. Also, the clarity of the purpose of data collected and how it can be used will help the marketers streamline their marketing efforts. However, since there is a thin line between using the data for the intended purpose and misusing it, the marketers will have to first educate themselves about the different rules and regulations.
3. Termination of Relationship
The right to be forgotten will let the subjects have their data deleted which gives them more control over the information. This regulation is considered to have a great impact on your marketing efforts since you will need to have a data retention policy in place that will outline specifically how long the business is going to keep the data and for what purpose. Moreover, if the user has chosen to opt out, you will need to make sure that the deletion of data is carried out.
GDPR is expected to make marketers rethink their data usage and collection strategy significantly. To make sure that your current marketing practices are complying with GDPR, you need to first become aware of what is expected of you under the new rules. You can also seek help from a government marketing agency that can help you understand the details of GDPR and the changes that you will have to make to comply.