A new EU directive is coming your way on 25 May 2018.
So is it time to think about altering your digital marketing strategies now – if you haven’t done so already?
Anyone exporting to Europe will want to know that the new data protection law, the General Data Protection Regulation (GDPR), is set to replace the current Data Protection Directive.
A chance for marketers to get ahead
We’re all leaving behind bigger digital footprints as we do more online. And marketers have long-benefited from the financial rewards of tapping into the rich mine of data information to target potential new customers.
But the new directive requires that organizations make it very clear to individuals they’re collecting information from how any data will be used and protected, and where it might be transferred to.
Non-compliance can result in fines
There will be financial penalties for misuse. In some cases, failure to comply may result in charges of 2%-4% of a company’s annual turnover.
Lead generators and advertisers will need to be totally transparent in the consents that they require for data processing and safely handling the transfer of data across borders.
Data is the most important currency
Personal data is today’s most valuable currency and, even if you’re not based in the EU, but the citizen from whom you’ve got data is, you’ll need to abide by the new rules.
Are global organizations ready for the impact of change?
The UK’s Chartered Institute of Marketing suggests only 6% of firms have an understanding of the new directive, but 90% of global businesses believe it’s too difficult to delete customer data (Symantec).
It might feel like a distant problem for US-based and non-European companies, but it represents a new dawn for marketers around the world. Who’s going to take on these new rules and become world leaders in data handling?
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Another factor to consider when targeting the EU is language. By talking to customers in their own language, as well as sticking to data legislation, businesses will reap rewards. After all, 73% of customers are more likely to buy a product or service in their native language.