Business Strategy

GDPR: Just Fear-Mongering & Hype?

By 26th April 2018 May 22nd, 2018 No Comments

GDPR.

The buzz word/phrase for almost every organisation in the EU at the moment with it’s impending implementation on 25th May 2018.

Most articles out there will be from businesses claiming they can get you ready for GDPR or reassure you that you personal data is safe with them.

Our interest, instead, has been peaked by how GDPR has gone from ‘just another set of regulations we need to comply with’ to the fear-mongering hype-machine marketing tool we can’t get away from.

But why has this become such a huge marketing opportunity for so many businesses?

Compliance is boring

Compliance is important but let’s face it, its labourious, tiresome and most of us don’t like doing it. This means we will jump at the chance of getting information from those who profess to know what they’re talking about or even better, paying someone else to ensure we are compliant.

Any implementation of new regulations is a big issue for businesses as it not only forces them to become compliant but whilst revisiting your processes you often stumble upon a number of other compliance issues that have been brushed under the carpet for months, or even years.

This means that if you get an external party involved in the process and they notify you of other failures or areas you could improve, you feel more compelled to seek further help from them to remedy any compliance issues.

GDPR is therefore a way in to sell further products and services to you.

No one really knows what it means

GDPR. GPDR. GDP. And let’s not even get started on what some people think those letters actually stand for.

Aside from the acronym that is thrown around in business circles, often incorrectly, the important thing is that upon reading the actual regulations, it is clear that they not as scary as marketeers would have you believe.

The regulations are a simple and natural extension of current data protection law and in many cases, provided you have been sensible with data in the past and complied to previous regulations, do not require a complete overhaul of all processes.

Whilst many of the articles out there will probably have some sort of spin included, to scare you (or reassure you) into engaging with them on a business or consumer level, there are a number of basic step by step instructions on how to ensure compliance, without the need for external help.

Don’t fall foul to the fear-mongering, do your research and apply it to your business.

The data phenomenon

Since Facebook and Cambridge Analytica have got themselves in hot water about the use of personal data, we have all been feeling a little vulnerable about our personal data.

In the modern age (that of ‘big data’), data has become one of the most valuable assets for businesses. It is a gateway to the consumer and it has become a business asset beyond imagination.

Scandals aside, Facebook raked in the region of $40 billion in advertising revenue in 2017. Whilst advertisers are buying distribution, access & views, the key element of Facebook’s success is data. Without the user data, like age, location, social relationships, interests, and browsing history, this revenue would be impossible.

With the value of data only increasing and our abilities to do more with it, marketing to businesses and consumers worrying about their personal information being used with a data conscious angle is becoming commonplace.

GDPR is a positive and necessary move

It is no wonder that given the above reasons, GDPR has become the go to marketing tool for so many businesses that work with any types of personal data; which is pretty much all of them.

With data’s value in business and consumer experience, it is necessary that it is regulated in this way. Although, we wonder whether the government will be able to keep up with the technological advancements that are bound to surpass the rules.

Over the course of the next month, consumers and businesses alike will be receiving countless emails asking us to opt-in to the use of their data.

If anything, at least we might be able to clear some of the spam from our inboxes!

 

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