There has been much discussion of GDPR in recent months and this is only set to increase ahead of May next year. It’s fair to say that there has been a general feeling of confusion and trepidation around the new regulation, but it is time for organisations to start focusing on the positives it can bring in terms re-connecting with customers and offering them an improved brand experience.
Getting your house in order
GDPR offers a real opportunity for organisations to review current practices and get their data management and governance in order. Advocates of data value management have long urged organisations to see data as a corporate asset and now is the perfect time to do that. Just like any asset, businesses should attach cost and value to their data.
By establishing what ‘good’ looks like (something that will vary depending on the nature of a particular business) and constantly asking ‘where’s the value?’, Organisations can start to better measure the effectiveness of their data strategy and in turn make more use of data to improve the customer experience.
Re-engaging with customers
As well as harnessing data to improve the customer journey, GDPR also presents a real chance for businesses to re-engage with customers and educate them on the benefits of data sharing. People are often increasingly reluctant to part with data and organisations need to demonstrate the value exchange involved. This includes improved service, a better understanding of customer needs and a better brand experience.
Getting ahead of the game
By taking this approach, businesses can also get ahead of the game in terms of allaying any fears individuals may have around how their data is gathered and used. Many people may have no real idea of exactly what happens to their data and with GDPR looming, there is a real danger that common misconceptions around data use and storage will be magnified.
Showing that they have strong, secure data governance strategies in place can go a long way in fostering consumer trust and helping to build strong brand relationships, something which is good for everyone.
Register here to read myBench’s ‘Ask the Experts’ GDPR report.
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