19–20 May 2020, University of Applied Sciences Wiener Neustadt, Austria
GDPR (General Data Protection Regulation) is dominating the headlines for all the wrong reasons. Whilst industry commentators and journalists have focused on the huge fines and reputational damage associated with non-compliance, few have actually pinpointed the advantages for businesses.
GDPR brings a lot of opportunities on the table and it will raise the bar for quality and innovative marketing.
1. Personalized and more efficient marketing
When it comes to digital marketing, we know that personalization is key. And marketers have been saying for a while. Now, more than ever, this is crucial. Make sure your data is up to date, accurate and well structured. Just by going through a data audit (usually the first step while implementing GDPR rules), companies will start to better understand customers and start building compelling and personalized offers. On the other hand, customers who give permission for businesses to use their data in line with GDPR are much more likely to engage, giving businesses a list of ready-qualified, open targets for relevant communications.
2. Intelligent, data-driven marketing.
Facts and figures! Finally, more businesses will have to take the guess factor out of their marketing!
A recent Jaywing research says that most marketing teams have still been unable to implement data-driven marketing in their companies, even though most want to. Although 92% of marketers see better management of their data as a priority, only 8% are currently personalizing customer communications across all channels.
Even more, just 57% of teams said they had the right data skills and resources to support data-driven marketing and only 50% think they are using the right data management approach. GDPR is an opportunity for marketers to get back on track with data-driven marketing.
3. The marketer becomes the VIP
There is a huge opportunity now to raise the profile of marketing within the organization. Marketers need to step up to the challenge presented by GDPR and take the lead in developing the culture of privacy demanded by the ICO. This should highlight the importance of marketing among senior leaders and increase the credibility of the function within the business.
4. Sales gets more qualified leads
Because contacts will need to clearly opt in to receive your communications, only the most engaged prospects are likely to remain in your databases. You will be communicating only with the most valuable customers and prospects; those that really want to hear and buy from you!
With smaller numbers of contacts, you will have more time to enhance the data you hold. With better data on these already-engaged prospects, your sales will benefit from more qualified leads out of the investment and spend less time on nurturing and chasing lost cases.
5. (More) Push towards social marketing
No more mass emailing campaigns and no more spam newsletters (hopefully)!
In contrast to direct marketing, all social marketing channels (should) have by default an opt-in from the consumer and therefore the move towards social communication and social selling should be a major focus for marketers. We foresee a major negative business impact on companies that try to remain on the traditional path of direct marketing and do not switch to new, innovative ways of personalized social communication.
Moving to a permission-based marketing approach requires significant changes within the business and the technology linked to it. Compliant marketing automation solutions will also see a rise.
Source: NNC Services (2020)