What CMOs Should Know About GDPR
What is the GDPR?
Essentially, the GDPR (General Data Protection Regulation) is a regulation from the European Parliament that replaces the current outdated law and aims to give consumers more control over their personal data. Businesses must now obtain proper consent from consumers to collect data and use it. This will affect all types of businesses, no matter where they are located and where their data travels.
To comply with new regulation, CMOs should prepare by:
- Keeping their company informed on changes being made to data processes
- Reviewing how data is stored and update methods to comply with new rules
- Meeting with legal team or hire a Chief Data Officer to fill in possible gaps with data collection
- Communicating with advertising and publishing partners to state contractual obligations
- Focusing on people-based marketing to reach their audience and enhance the customer experience in efforts of GDPR marketing impact
To remain competitive in the industry, brands are working hard to optimize the experience they are giving their customers. The fast-paced environment of digital marketing makes it easy for brands to lose their voice in such a crowded space. Now more than ever, it is important to build meaningful, one-on-one interactions to win over your potential customers.
With the GDRP coming into the mix on May 25th, 2018, how can your company benefit from the new regulation and prepare before the day comes? See how GDPR and marketing must work together and understand the rules before the new adaptation takes place.
How can companies become GDPR-compliant?
Companies must ensure that data is handled and protected. If your company works with multiple sites for collecting data, they must give your publishers notice and choice with terms of service. In addition, they must be able to provide customers with different ways to keep an eye on their information and apply GDPR marketing consent.
Here are some steps your company should take:
- Be transparent: Although the GDRP is mainly the concern of your security staff, it’s important to keep everyone informed on the topic that is involved in handling customer data.
- Complete an audit of your security systems: Identify areas in your data processes that might need to be worked on before the regulation begins. That way, you won’t run into problems in the long run that could result in serious fines.
- Work with a Chief Data Officer: There are standards that controllers under the GDPR are regarding such as data security, transparency, and allowing users to review their data. Hiring a Chief Data Officer will fill in the gaps in terms of contracts and obligations.
- Communicate with your advertising partners: Review your existing contracts and make the necessary changes so everyone is on the same page. This also includes your CRM service and GDPR email service provider. You don’t want to be held responsible for any miscommunication that arises if you don’t discuss compliance with them.
How can companies win with this regulation in place?
With the GDRP in effect, your marketing teams will need to focus on the customer more effectively and be ready to make any necessary changes. Your company should be ready to transform with the new compliance rules in place, and work effectively with sales teams to meet the needs of potential customers.
To connect with the right customers at the right time, companies need to take data across every interaction and target those connected devices, otherwise known as cross-device marketing. Giving users a personalized experience will further help companies develop a deep understanding of their audience. However, personalization is only one piece of the puzzle. Your company should research the latest tech trends and utilize them to your advantage. This will help measure your efforts and apply insight to grow your audience.