Now That You’re GDPR Ready, Here Are Some Reasons to Embrace GDPR
After months of companies across the world rushing to become GDPR ready, GDPR finally came into play on the 25th of May 2018. Our inboxes were bombarded with emails and privacy updates, both from our favourite companies and others we haven’t engaged with for years!
We all waited to see if any companies were going to be named, shamed, and hit with a huge fine for failure to comply when GDPR launched, but nothing really happened.
Facebook and Google walked the GDPR tightrope on its launch day, as they were accused of ‘forcing users to agree to their new terms of service’ – which undoubtedly shook up anyone not paying too much attention to GDPR. But, still, at the time of writing this – we are yet to see a high-profile casualty.
So now that you are GDPR ready (we hope), how should you view GDPR?
There are many sides to it. We all know that failure to comply will result in a devastating fine – either 4 million euros or 4% of your annual turnover, whichever is the highest – but GDPR shouldn’t just be seen as a set of rules to comply with or else. There are some important things to remember, which will only help your company strengthen your relationship with customers.
Why all companies should embrace GDPR
1. GDPR keeps you accountable
Tech giants, such as Facebook, are responsible for GDPR coming into play. Users were tired of seeing companies manipulate them into giving them more and more information, only for them to use it for self-serving purposes – some of which put customers data at great risk.
GDPR forces companies to become accountable. Now customers can request for data brokers to alter/erase their data – or be hit with a crushing financial penalty – it makes companies think twice about their actions and how they communicate with their customers.
2. GDPR helps you deliver a stronger customer experience
Plenty of business publications scared companies senseless with long lists of things that needed to change in order to become GDPR ready, but most of them ignored the positive aspects – GDPR actually helps you create an improved customer-centric experience.
None of us like receiving marketing emails which cover events or topics that we’ve expressed no interest in whatsoever; GDPR should stop this from happening. As giving customers more detailed opt-in options for newsletters etc. ensures they only receive relevant content.
Everyone wants to feel understood, whether it be by a company or a friend, so following GDPR’s guidelines will only improve your user experiences.
3. GDPR improves customer loyalty
Security breaches and data scandals are devastating, both your reputation and bottom line will take a catastrophic blow should they occur. Facebook’s stock plummeted rapidly after their data scandal, and it was reported that TalkTalk’s data breach cost them over 42 million pounds.
A 2016 report from FireEye shed light on just how costly security breaches are:
- 76% of consumers responded, admitting they were likely to take their business elsewhere if a company was guilty of negligent data handling.
- 75% said they would stop buying from a company if they suffered a data breach following boardroom failure to prioritise cybersecurity.
- 59% confirmed they would take legal action if their personal details were stolen and then used for criminal purposes.
Keeping your company cyber safe is a vital step in maintaining customer loyalty. Customer loyalty is difficult to win; it’s even more difficult to win it back once lost.
4. GDPR improves data accuracy
HR teams around the globe sighed when they learned that customers could now request to view, update or delete their data. However, the obvious upside to this is that your data records will be far more accurate and reliable moving forward.
Do you need help improving your data management processes to remain GDPR ready?
Whether you need technical support or some guidance to help your speed up internal processes, while ensuring full-GDPR compliance, Get in touch with us today and speak with one of our experts to see how we can help your company stay safe and save time.