We’ve heard a lot of negative and scare talk about GDPR and what it means for businesses. But what about the positives, if any? We’ve been looking at the positive outcomes your business could see and there may be some surprising benefits of GDPR:
Control where your data is and how it’s stored, shared and accessed
Increased Value From Your Data
GDPR is a big opportunity to unleash the business-generating potential of your data and content. All organisations have to change some of their data gathering and processing methods anyway, and new controls have to be put in place to meet ongoing compliance; so you may as well do a proper spring clean and really transform the way your company organises data.
Done right it will help your company increase the value you get from your data and help your business to become better and more focussed in serving customers – essential in this data-driven age.
GDPR is a big opportunity to unleash the business-generating potential of your data Click To Tweet
GDPR Helps Businesses Keep Pace with Changing Technology
As the world has become digital we are seeing a radical shift in the amount, variety, granularity and the speed of data that is produced.
GDPR acknowledges this shift and acknowledges the new ways in which our data is gathered and used; it aims to create a regime to keep pace with ever-changing technologies that are unlocking even more data.
Recommended reading: 5 Key Things About Data Not to Miss in the GDPR
Unique Opportunities to Build Trust
What’s particularly transformative is that GDPR puts the focus squarely on protecting individuals; it significantly enhances the digital rights of individuals and creates a level playing field for individuals and the organisations that collect and hold all sorts of data on them.
The responsibilities and accountabilities of organisations across all sectors dramatically increase under the new regulation. Some aspects pose challenges and much attention has been placed on the fines and penalties for non-compliance.
However there are also very worthy incentives for organisations that get this right, nor least amongst them, the gaining of enhanced trust amongst a data weary and skeptical customer base.
Recommended reading: Has Your Business Answered these Key Questions About Personal Data?
Becoming Customer-Data Focussed Brings Tangible Benefits
By creating this focus on the customer, the benefits of being GDPR compliant can be actual and tangible.
#1. Consumers will know exactly what they are signing up to
Your customers will now know what they are signing up to and what they can expect from your organisation. Your sign up rates for marketing may go down, but the upside is, you will only be engaging with genuinely interested consumers. Quality not quantity is the name of the game.
#2. Organised Data Drives Efficiencies and Value
GDPR should be seen as an opportunity for small businesses to get your house in order and create operational efficiencies.
Having organised, relevant and usable data can drive greater operational efficiencies by reducing lengthy manual processes. Instead of collecting too much data that never gets used, your streamlined data collection will ensure efficiency.
Disciplined, process driven data gathering creates more useful information. By giving the customer clear opt-ins this keeps data cleaner and, again, more useful. This leads to high quality, better data; data that can be more efficiently analysed for better business.
Disciplined, process driven data gathering creates more useful information. Click To Tweet
#3. Better Databases Result in Better Targeting
If your database is one where customers have opted in for engagement, this creates more efficient targeting of needs.
Your business will be able to make specific relevant offers that will be cost effective to deliver and therefore, increase marketing/selling ROI.
#4. Happier Customers = More Referrals
If offers to customers are relevant and add value, if they’re delivered in an appropriate way, if ongoing communication with the customer is authentic, then you will have happier customers. And happy customers buy more and refer others.
#5. Reduced Costs of Marketing
Instead of carrying additional mailing list cost, your streamlined new list for marketing and your marketing communications will cost your business significantly less.
Recommended reading: A Practical Guide to the Principles of GDPR
Embracing GDPR to Build Trust and Confidence
The new regulatory environment requires businesses to really act on the way they gather, store, share and collaborate over data. Embracing the regulations – that puts customers interest first – will create transparency and play a huge role in building trust and confidence.
Building trust will deliver better business outcomes.
Building trust will deliver better business outcomes. Click To Tweet
As consumers develop trust in an organisation they are more likely to provide more data in order to take advantage of better, more targeted services. But, the opposite is also true – a lack of transparency and ‘shotgun approach’ messages will do more than damage a reputation – they will jeopardise the consumer’s willingness to share their data in future.
Developing robust practices around data management and ensuring customer data is secure and well-maintained with regular cleansing helps every organisation to safeguard its reputation. Not only that but it:
- improves customer service
- optimises ROI
- potentially enhances the brand.
It also protects against data breaches, ransomware, malware and general misuse of data that could lead to fines, litigation and of course loss of reputation. You may even see lower business insurance costs as a result of implementing secure processes and systems for data.
Recommended reading: These are the Colossal Facts and Costs of a Data Breach
Designing services and systems that put the consumer firmly in control and which build in privacy and security, provide an excellent platform to enable new technology and innovation that will drive value for both businesses and consumers. These are the positives of GDPR.
GDPR should be seen as a chance to transform a business for all the right reasons. Its provisions enforce responsible data practices that can only improve relationships with customers. Now is the time to create a truly consumer-centric approach to data governance and strategy. Those organisation that grasp this opportunity will truly put customers at the heart of the business.
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Have we convinced you of the some of the benefits of GDPR? What’s your experience of preparing for GDPR so far? Share your thoughts below.
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