3 ways to benefit from EU’s new data regulation (GDPR)
citizenme recently took part in The Drum’s panel discussion regarding the EU’s General Data Protection Regulation (GDPR). citizenme’s perspective is summarised in the video and post below:
Here are 3 big opportunities brands can take from the GDPR:
This makes data fluid. It means that data created in one context can be used in another. Most importantly, it allows people to use their data to help them make better decisions and better manage their lives.
Whilst businesses might see this as a risk, we see it as an opportunity. The key positive is all businesses benefit from everyone else’s data, if, it is integrated around the individual. Furthermore, greater efficiencies in data processing, more accurate data and better verification of identity can be achieved through this approach. This means brands can develop a rich single view of their customers by creating direct trusted data relationships.
2.Data control for the data subject
This brings the individual back into the marketing process and the value exchange. Instead of marketing being something that is “done” to consumers, people can use their data when they want to buy something or get something done.
We see this as a bold new step towards real one-to-one marketing. A process where consumers have a voice at the table. For brands, marketing efforts can evolve away from educated guesswork (targeting), towards real intention and qualified lead generation.
In the GDPR, there is a requirement for explicit consent for specific uses of personal data. This will make blanket collection of data difficult and risky. Whilst the definition of consent is open to misinterpretation, getting it wrong poses huge risks. Risks, that could cost businesses 4% of annual revenue or €20 billion, whichever is highest.
The idea of leaving data on the table seems absurd right now because data has value. But brands have two years to adapt and implement the EU’s new GDPR. And with change comes opportunity. Opportunity to be an early mover and start testing new ways of engaging consumers through data.
For a refreshing and pragmatic perspective to your data strategy, feel free to get in touch.
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Ryan has provided insights to global brands, helping shape products and services around real customer needs. He has spent the past 3 years helping businesses think about the opportunities in the personal information economy. He now brings this experience to CitizenMe. As much as Ryan loves technology, he likes to escape by growing fruit and veg on an allotment with his kids. And if you have not already heard, Ryan is a very smug Leicester City supporter right now!All stories by: Ryan Garner