The GDPR which will replace existing data protection laws from May 2018 is intended to bring greater strength and consistency to the data protection given to individuals in the UK. GDPR rules and regulations will completely change the way most businesses today generate leads and data. Businesses will no longer be able to buys lists of data, use pre-tick boxes for marketing correspondence or use IP addresses and cookies to target consumers with items they have been browsing without their consent.
This is a bold move by the European Commission which will give far more protection to consumer data, and as a result make direct Marketing more challenging than ever. Much of the data companies hold for Marketing communications will no longer be valid and business need to act now if they are going to be prepared for the new rules which come into effect from May 2018.
The full impact of GDPR is not yet clear however it will impact some more than others. Companies whose business model is reliant on the sales of data will fundamentally need to change their entire business approach. Many companies that buy data will need to adopt new lead generation strategies to become compliant.
As many as 84% of small business owners and 43% of senior executives from large companies are currently unaware of the forthcoming GDPR according to research by Shred-It, and of those who claimed to be aware of the changes, only 40% had begun to prepare.
There is good news for Marketers however, despite these new challenges, the data acquired via a GDPR compliant approach will be of a higher quality and more genuine. It’s likely that the volume of databases will decrease, and yet engagement rates are expected to be better than ever. There is a huge opportunity for brands to build trust with the consumer, and to show their audience that they can keep them engaged with relevant communications.
There are a few businesses who have already made a success of GDPR and quite honestly, is there any alternative?
At FanFinders we have always prided ourselves on the strength of data and lead generation we provide for our clients, because we have never sold data. All leads and data generated for clients has been ‘opted-in’ for by consumers, making their communications more honest.
Adam Gillett of FanFinders says, “Businesses using data for their marketing have many challenges ahead, if they don’t act immediately any data collected between now and the enforcement date next May will end up being largely worthless after that, it will need to be re-permissioned or they will need to stop using consumer data not collected in a compliant manner. This calls for an entirely new approach to data acquisition and using 3rd party suppliers, bought lists will be a thing of the past. In testing we’ve seen partners lose up to 50% of their opt-ins on their own sites through compliance, many brands haven’t yet fully grasped the scale of change needed nor the impact on their data marketing programs.”
At FanFinders we developed our business model before GDPR was announced, based on the belief that the consumer needs to opt in in order to provide genuine leads, data and insight. Our method has been successful proves that GDPR compliant campaigns are popular with brands and consumer and that GDPR will be a positive move forward for everyone.
FanFinders is a tech start-up which is working with the likes of Asda, Amazon, Mothercare, Tesco and more. Since our humble roots in 2013, we have grown considerably and we’re now a team of 10 members, with additional freelancers and contractors working remotely, we have a central London head office and a projected turnover of 4 million for 2017 (Being GDPR compliant works!)
If you would like more information about how FanFinders have already made a success of GDPR, please contact: Charlotte Allister via email: email@example.com