News and Insight
Why the latest GDPR rules should spell good news for your business
“The scattergun approach of marketing sometimes adopted by businesses can only go so far in achieving long-term success. Data now drives so many of our marketing decisions, and it’s never been easier to get the right message, to the right person, at the right time, to drive the right actions.”
Ben Buckton, Head of Marketing at Experian Business Assist
Following the implementation of the General Data Protection Regulation (GDPR) in May 2018, compliance to the new legislation continues to be high on the agenda for most businesses.
Now that the dust has settled, businesses are beginning to reap the benefits of a more streamlined approach to collecting and storing data, as well as a fresh opportunity to really understand their customers.
The requirement to have a lawful ground for processing data is nothing new, and the new GDPR legislation brings the 1998 Data Protection Act up to date in an increasingly data-driven world. The new legislation, however, places greater emphasis on businesses being accountable and transparent about how they are lawfully processing personal data.
The GDPR requires businesses to provide a lawful basis as to why they need to process personal data. Businesses may process information on the grounds of one of six lawful bases, which include: consent, contract, legal obligation, vital interests, public task and legitimate interests – businesses are also required to prove that the processing of personal data is necessary.
According to the Information Commissioner’s Office legitimate interest can be used as a basis for marketing activities if you can show that the use of data is relevant, unlikely to cause any issues of privacy, and that the data is not stored for longer than necessary.
To comply with this, you must also show that there is a legitimate interest in the first place, and that processing the customer’s data will enable your business to meet its objectives.
But what exactly does that mean for you as a business owner and why is it so important?
Experian Business Assist’s Head of Marketing, Ben Buckton, explains:
“The requirement to define legitimate interest can be an opportunity for a business to streamline their approach to B2B Marketing and refine their current list of targets to those who would be more receptive to your business. GDPR provides an opportunity to create a credible and compliant basis with which you can start to market to the right people. From there, you’re then able to target those specific customers with effective marketing through email marketing, direct mail and other marketing channels for more all-round successful marketing campaigns.”
Though some might see the new GDPR rules as an extra obstacle they need to overcome, savvy marketers and business owners should recognise the opportunity it presents for a fresh approach to their current marketing strategies.
When collected and processed correctly, data can be an effective way to gain a better understanding of your customers and prospects, so you can start to target and engage with them in new and exciting ways.
Find out more about how the new GDPR rules could help your business, here.
Speak to a B2B Prospector Account Manager today by phoning 0870 012 1111 and find out how they can assist with your marketing data management. Or click here for more information.
Please note that while we can support businesses with their preparations for the GDPR, we cannot offer legal counsel or compliance advice and this blog should not be considered as such.