What is GDPR?
The new regulation referred to is of course the EU General Data Protection Regulation (GDPR) which goes into effect this month on May 25, 2018. This is just the tip of the iceberg in data privacy regulations evolving globally. It requires forced discipline of companies to strengthen the data rights of people living in the EU. In short, GDPR requires companies – and subsequently marketers – to obtain permission of those they market to (or anyone they save personal data on).
GDPR is about companies and people – enabling the right fit or matching of both by requiring people to opt-in essentially reducing the interaction of companies with a wide, random range of unqualified leads. This will be enforced by the EU governing body, imposing fines of up to €20 million or 4% of turnover – whichever is greater – on known data breaches.
How does GDPR impact your business as usual?
The new regulation for all companies marketing to the EU means these companies must ensure they have opt-in capability and can prove it. This may require policy/process updates regarding how data will be handled, technology updates regarding clear opt-in/opt-out tools, and database clean-ups to delete all data held on past contacts yet to opt-in.
- E-mail requires opt-in
- Direct mail doesn’t require opt-in, but requires ability to opt-out
- Social media requires the 3rd party provider to comply and get opt-in permission. As mentioned above, site such as Facebook, LinkedIn, etc. will have privacy notices built in, shouldering the compliance requirements
- Field events require leads to opt in at the event with the recommendation of collecting business cards
The theme of the above is clear – the future of marketing and personal data storage is one of meaningful consent. After overcoming the hurdles of policy, technology and process changes, these new regulations encourage better demand generation practices and can expand the role of marketing in driving revenue.
Campaign data should have higher accuracy throughout the campaign and customer lifecycle. Approaches can be more data driven in a meaningful way that provides relevant content to those wanting to receive it. Companies can build deeper relationships with customers by better understanding, respecting and enhancing their experience.
Better position your ABM strategy
Embrace it. GDPR execution creates an environment that better supports Account Based Marketing (ABM) strategy for a better ROI through genuine marketing interactions. These interactions shift marketing to the right of the Customization Spectrum towards greater customization and relevance. Meaningful nurturing becomes easier.
ABM is a coordinated effort of strategy, sales, marketing, and product for personalized efforts to land and expand high value accounts. This long-term approach is steered at the executive level to drive marketing investments while increasing pipeline closure rate.
Based on the technology you choose to utilize (e.g. marketing, automation, email mining, ABM platform, etc.), patterns and trends will emerge in the data of customers opting-in, helping drive content creation and dissemination.
The need for synthesizing sales, marketing, and product development is crucial to keeping up with changing technology while continuing to drive revenue growth.