Marketing after GDPR: Futureproof your business

A date has finally been set for the General Data Protection Regulation (GDPR) initiative to be introduced. We're sure of one thing - marketing after GDPR will change the way the world collects and uses consumer data.

People will soon be given more powers in regards to how their data is stored and used, while companies will have to be more transparent and – frankly – more honest with consumers about how their data is used when the policy is introduced on 25 May 2018.

It’s something every business should be aware of, especially with potential fines of €20 million or 4% of global turnover on the cards for breaches.

Worryingly though, the Chartered Institute of Marketing (CIM) says that only 5% of marketers fully understand the implications of GDPR. Even worse, 50% say they don’t have a clue what it’s all about and have straight-up never heard of it.

Overall, only 11% of businesses in the UK have systems in place to fully comply with GDPR according to CIM research in conjunction with YouGov.

What were EU thinking?

The Brexit effect has also had a sway on how businesses are looking to approach marketing after GDPR. Worryingly, 24% of firms across the UK have decided to cancel all GDPR preparation since the referendum result to leave the EU. Amazingly, 44% think that GDPR won’t apply to UK businesses post-Brexit.

They couldn’t be more wrong. GDPR will come into effect during the Brexit process and, even then, when we’ve left the EU, GDPR will apply to anybody who wants to do business with firms within the EU.

It’s highly likely, too, that there will be a similar mirror bill passed to keep the UK in the EU’s good books when it comes to trade. Whatever happens, what’s certain is that UK markets will have to adjust and adapt to new ways of collecting and respecting data.

UK firms who are wilfully ignoring the looming spectre of GDPR or are pleading ignorance have the best part of a year to rewrite their privacy policies, the way they collect data, store it, share it and more.

What is General Data Protection Regulation anyway?

Few can argue that marketing after GDPR will improve consumer experience the world over. The EU is taking no prisoners; GDPR is “intended to strengthen and unify data protection for individuals within the European Union (EU) along with addressing the export of personal data outside the EU” according to the regulation.

With personal information classed as “any information relating to an identified or identifiable person” it means that consent will have to be given ‘at activity level’ with other stipulations required.   

That heralds a privacy utopia for consumers, especially those utterly fed up with being called at all hours with marketing pitches from unknown companies who have bought their details from a marketing list.

Consumer consent and the ability to withdraw it is going to be one of the biggest change, meaning some of the companies hardest hit will be smaller and medium-sized businesses that are using data to scale growth of their business, especially those that are collecting contact information to reach out to people to encourage them to become repeat customers.

Companies who will also be in choppy waters will be those who rely heavily on an outbound marketing model and who use cold-calling techniques to attract leads and convert sales. 

Call of the dialled

Consumers will have to be given the option to withdraw their data when GDPR comes into play. With the Annual Track survey by the Information Commissioners Office (ICO) saying that 72% hate being bothered by nuisance and cold calls and 63% put off by marketing texts, outbound marketing looks set to be a bigger waste of your sales floor’s time than it already likely is.

Why say that, and what’s the solution? Various studies over the years have shown why firms should consider adopting an inbound marketing strategy over outbound methods such as cold-calling and some direct marketing tactics.

Companies are three times more likely to see higher returns using inbound marketing when compared against outbound, according to HubSpot, while inbound costs per lead are likely to cost up to 62% less than through traditional outbound methods.

From within the industry too, many outbound marketers are fed up with the practice themselves. Only 17% believe that outbound techniques provide high quality leads while a third of marketers believe outbound marketing is overrated.

If you still want to cold call, it’s likely that the lists you invest in will be decimated incredibly quickly and won’t be in any state to sell on to third-party partners if the majority of respondents request to be taken off the list as soon as their phone rings. With the alternative being an enormous fine, what choice do you feasibly have?

You have a few options to consider between now and May 2018, but by far and away the easiest to implement, the least disruptive for business growth and the best for GDPR compliance is adopting a bespoke, tailored inbound marketing strategy.

Building strong consumer trust with a creative inbound model

Transitioning from outbound to inbound needn’t be as difficult as you think it may be, either. For companies that have already futureproofed their inbound data collection services in preparation for marketing after GDPR, growth marketing efforts can be accelerated with little to no worry of breaching new EU regulations.

Most importantly, those that have created an inbound marketing strategy around collecting and using data in a transparent, ethical way will also be less likely to attract the ire of potential and existing customers, helping to build brand trust in the long-term.

In a survey of 2,000 UK adults by Informatica in their ‘The State of the Data Nation’ report, 73% said they were wary of how their personal data and information is used and shared amongst online brands.

Having a clear privacy policy in place, though, was the second most important thing that brands can do to earn consumer trust according to 43% of respondents.

Again, businesses can be building that trust right now amongst potentially high-value leads in their market with a transparent and creative inbound marketing strategy that attracts a targeted market and collects data in ethical ways to scale business growth in the long-term.

That includes creating visually attractive, entertaining content that excites and informs in equal measure. It includes reaching out to people and building relationships on individual levels through social media. It means building a strong search presence that puts you in front of people who want to find you, and other techniques that respect them and the data they choose to pass your way.

To learn even more about marketing after GDPR, get in touch with Six & Flow or read our helpful guide.