By Jamie Beckland | Posted on May 02, 2017
As the European Union (EU) General Data Protection Regulation (GDPR) enforcement date of May 25, 2018, looms near, companies across the globe need to update their customer data platforms to ensure compliance. Once you take the time to really dig into the new set of consumer data privacy guidelines, however, you’ll likely find that they actually put your business in a better position to engage customers and foster brand loyalty.
The ramifications of falling out of compliance with GDPR are extremely costly. Officials can fine offenders as much as 20 million EUR or four percent of their global revenue (whichever is higher) if found in violation of GDPR regulations. If your company has to access European consumer data, you need to meet the GDPR challenge head on. In fact, we recently announced how we’re helping our clients get ready for the GDPR.
At its core, GDPR is about establishing trust between businesses and consumers in the EU. Think of it as a golden opportunity to cultivate better relationships with your customers.
Many consumers today are more comfortable providing their PII as long as they receive better and more targeted service in return. The old model of data acquisition had its fair share of problems, however, which affected the quality of data and created a rift between customers and the organizations collecting their information.
Dubbed the "privacy-personalization paradox" by Forrester, this disconnect between consumer demand for more personalized services and concern for data security can be challenging to balance out.
GDPR may seem like yet another data management headache, but it’s really an opportunity to re-establish your commitment to consumer data privacy, which is always good for business.
To learn more, be sure to watch our webinar, "GDPR: Risk or Opportunity? How Better Data Protection Can Drive Greater Value for Your Customers." You’ll find all the answers to your most pressing GDPR-related questions and see a few of our favorite examples of customer data collection done right. It’s the dawn of a new age in information sharing, and by embracing the intent of the GDPR, you can put your organization far ahead of the competition.
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