Navigating the European Union’s General Data Protection Regulation (EU GDPR) is going to be a huge challenge for marketers. But appreciating the underlying drivers of this new regulation will help brands improve their ability to communicate with customers.
Most marketers are aware of the advantages that data-driven technology can bring. Yet the way data is harnessed for good hasn’t necessarily been the central part of a brand’s strategy. The GDPR means that brands will be able to use data to put the customer first.
It’s worth pointing out here that while customers are aware of the value of their data it doesn’t mean they are shying away from sharing it.
A recent survey we ran found that 69% of respondents were happy for brands to use their personal information to send them discounts on products and services that they ‘really want’.
This shows that using data to tailor marketing to make it more relevant, accurate and, above all, helpful, remains a central pillar of marketing.
With this in mind GDPR needs to be seen as a positive force in changing the way organisations communicate with their customers. Organisations have a responsibility to build trust with consumers, by demonstrating their integrity through better data stewardship, transparency and accuracy.
Brands that embrace the difficulties and use best practice techniques to honestly and transparently use data will thrive by putting their customers first and delivering relevant, accurate and effective experiences. This is the core of ‘responsible marketing’. Using data in an honest and transparent way to add value to consumers.
Best practice marketing techniques such as modelling, enrichment and the use of compliant and relevant third party data will help to bridge the ‘consent gap’ and improve the way we communicate with our customers.
Moving forward, brands with a strong foundation of data governance and clear strategies informing who they speak to, when and about what, will deliver better experiences and reap the rewards for doing so with happier customers and more accurate and higher performing marketing.
For a brand to thrive it needs to put the customer into the heart of all its retention and acquisition strategies. Only through a compliance-driven and responsibly executed marketing approach will brands be able to deliver the experiences their customers deserve.
What is clear is that with regulation coming, this type of joined-up thinking will need to become the new normal, as the datafication of our world continues.
Now is the time to create a truly consumer-centric approach to data governance and strategy, placing your customer’s interests at the heart of your data powered future.
To find out more about how Experian can help you with your responsible marketing please click here.
For help understanding the GDPR please download and read our recent white paper Defining the data powered future – An Experian guide to EU GDPR