5 upsides of the GDPROctober 16, 2017
We’ve talked in earlier posts about some of the challenges of complying with the European General Data Protection Regulation (GDPR), which goes into effect on May 25, 2018. Now, let’s look at the bright side. As you go through the process of getting compliant, there are quite a few benefits for your organization:
Keep everything safer
A natural side effect of complying with the GDPR is that you’ll strengthen the cyber security across your organization. As you go through the rigor of keeping your personal data safer, you’ll get better at keeping all your systems safer. Which will mean fewer data breaches across the board. And even if there’s a breach, you’ll have better systems in place to make sure that your exposure is minimal.
You should also come out of this effort with a clear understanding of how you handle data across your organization. As you do this discovery and map your flows, you’ll also probably find some ways that you can do things more efficiently and consistently across your business units. And also as you collaborate with external partners, this will likely translate into cost savings.
Create a golden record
Even if it wasn’t required by the new regulations, having a single source of truth is actually a great thing for your organization all around. As part of this effort, you’ll need to consolidate your customer data into a single place. The result is a higher-quality list of customers, with fewer dupes and less noise. (Insurance companies call this a “golden record.”) There are all sorts of innovative ways to use clean, accurate customer records like this.
Improve your brand image
This is an opportunity to show your customers how you stand out from your competitors. It’s harder for customers to buy your products and invest in you if you suffer from cyber-attacks and do only the bare minimum to protect their personal information. So this is an opportunity to elevate everyone’s perception of your brand. You can show that you’re transparent and ethical in the way you do business.
Market more effectively
Because customers need to opt-in to hear from you, it means that only the most interested customers are likely to stay in touch. So from a marketing perspective, you no longer blast out emails and other targeted marketing to people who might only be marginally interested in your product. Or maybe they don’t even realize they signed up for something. Which means your marketing efforts are more focused on the right people. So you are likely to see a higher ROI.
At the end of the day, this new regulation will help you do even better by your customers. You can show that you treat them and their preferences with respect. It helps gain their trust. Which, in turn, will keep them coming back for more.
All around, the GDPR is good for business.