GDPR is going to impact marketers and marketing technology big time unless you are focused on customer experience. Yaagneshwaran  Ganesh, Director of Marketing at Fiind explains what exactly you need to take care of, to be in sync with GDPR compliance and your customersÂ
As one would have seen in the recent keynote by Scott Brinker at the Martech Conference, the scope of martech is widening than ever before across marketing, technology and management. That said, if you look at the performance of martech across demand generation platforms, ad-exchanges or artificial intelligence solutions – the result is always dependent on the quality of data that goes in.
This means you need to be sure of the quality of customer data, how it is collected, and how it flows across your martech ecosystem. Now, if you are dependent on external data, then this is exactly where General Data Protection Regulation (GDPR) actually comes into play. So, at the outset – GDPR will have its impact on marketers as well as martech vendors.
This post will discuss how it impacts martech vendors. To know how it impacts marketers – check this out.Opens a new window
GDPR, at this point, is specific to EU citizen and it states:
- Before any Personally Identifiable Information (PII) is collected, you need to obtain consent from that individual/prospect or customer to collect the data.
- There needs to be a clear written agreement on what data is being collected from them and how you as an organization intend to use it.
- The individual should be able to withdraw their consent when they wish to and they can also request the deletion of all data collected about them till then.
GDPR is a regulation to protect the personal data of EU citizens. So, regardless of where your organization is geographically, as long as you handle the data of EU citizens, GDPR is applicable to you.
Martech vendors need to ensure consent and security
It is a question of adapting and evolving to circumstances. There are two major parts to GDPR adoption, of which the first one is “explicit consent for data collection†and the second “security aspect of dataâ€
In fact, marketers are re-negotiating contracts with martech vendors, especially in the adtech space and there is an impending need for martech vendors to showcase that they are GDPR-compliant.
This means martech vendors must thoroughly review in advance, the various types of personal data they need to collect, how they collect and store data, what it is used for and why is it critical to the services they provide.
As part of the GDPR act, companies found to be using inaccurate customer data or customer data without explicit consent could face a fine of up to 4% of global turnover or €20 million, whichever is greater.
The regulation is justified because it is directly proportional to the customer experience. No one wants to get unsolicited emails or calls or ads that are not relevant to them. With GDPR – it is straightforward that unless you have their permission to have their data, you cannot know what to offer them. And this reduces spam.
And with the increase in cybersecurity issues, GDPR also calls in the need for data security and storage as a key aspect of GDPR compliance. There a martech vendor, not only needs to know what information they need to collect from the customer but also have a clear picture of the entire data supply chain. This would help them identify loopholes or vulnerabilities to improve security against potential data breaches.
Martech vendors need Data Stewardship
One important aspect to note is that it is just about consent for data collection and clarification about using the data. Maintaining data quality and flow will determine customer experience. Almost every martech vendor needs to set up a Data StewardshipOpens a new window program.
Data Stewardship is not just about ensuring data correctness but majorly about continuously enriching data. If you take B2B scenarios, for example, people can switch jobs or change roles – so you need to continuously update customer information and fill the gaps. This will help drive relevant conversations with the customer, which in other words, is hyper-personal communications and meaningful relationships.
At Fiind Inc., we have seen that, with quality data you also need artificial intelligence tools to be able to contextualize the available in terms of customer intent and if your product is a fit for them.
Communicate your GDPR compliance by delivering great experience
Several martech vendors are already realizing the importance of being compliant and are into auditing their data, hiring specialist roles such as Chief Data Officers, thus integrating marketing and IT more tightly than ever.
Customers expect to get only relevant emails, ads and calls. In other words, they are seeking a better experience and rightly expect to be treated fairly. Once they know you are GDPR compliant, there is a sense of trust and open flow of information between you and your customer. Strengthen your commitment to the compliance with programs for data stewardship and effectively using artificial intelligence.
Lastly, it not only helps martech vendors serve better and create better customer experiences but also helps customers know themselves better.