What is the GDPR? And what does it mean for the Marketing Industry?

General Data Protection Regulation (GDPR) is an entirely new set of standards and criteria basically designed to strongly strengthen the control of individuals that they have over their informational and personal data.

With effect from May 2018, GDPR will be legalized for all the brands and companies. They all will be required to adhere with the rules and regulations. And if they will not comply with the rules, they have to face a heavy fine of up to €20 million and this could result into even 4% of the organization’s global annual income, whichever is larger.

How GDPR will Impact Marketing Industry?

In marketing and advertising industry, Data is everything. As it gives complete insight of the consumer like who they are, what they want, and what they are looking from the company.
In the industry where “Data is the Key of Marketing, you need to consider a few points:

1. The core basics

As per the European Parliament, GDPR ensures protection of personal data for all the groups and individuals that too within the European Union (EU). And that includes the successful export of personal data that too outside the EU.

2. A quick summary

From now onwards, following the old traditional method is not sufficient. Previously personal data could be processed by selecting – pre-ticked boxes, which in turn, results an assumption that consent is given by default.

But from now organizations are required to be specific and answerable about what they will do with the data.

3. The possibility of ’slowing- down’

Today information is everywhere. And rightly directing and capturing the data enables brands and businesses in building brands and successfully driving development and sales.

According to the recent study performed by DataMeer customer analytics has used 48% of Big Data for successfully implementing sales and marketing. And that plays a crucial role in the prediction of client’s behavior. Nowadays marketers and strategists are strategically targeting individuals by knowing their key information like browsing history, salary and internet browsing habits and loyalty data. And these campaigns allow marketers and branding experts in getting beyond the campaign execution and rightly focus on the customer relationship management (CRM).

But with GDPR there are chances that a decrease in access to the customer’s data may occur, which may result into restricting the ability to target individuals, which they does on the basis of personal data collected.

4. Possibilities of survival

Undoubtedly, GDPR is going to strongly shake up the digital marketing space. So it’s important for brands and businesses to ensure they are willing to rightly implement the changes required to comply.

With the heavy possibility of a slowing-down in the progression of marketing ensure your brand and business is ready to adapt and shift in order to properly manage and handle this. So don’t just move ahead and accept it, do what you can do in order to successfully drive business development and sales. Just plan and move ahead.

5. Never panic

Since its launch, there have been a lot of ambiguous and scaring assumptions around the GDPR topic that everyone is worried of. Many marketers and brand strategists are exaggerating the scenario. Even GDPR has come up with some of the biggest adjustments in data protection laws, especially since The Data Protection Act 1998.

So with all the exceptional things that consumer data can offer to help every marketing and advertising industry, hackers are also looking for the enormous opportunities with the wicked motives to get their hands off on the confidential and crucial information.