On 25 May 2018, the General Data Protection Regulation (GDPR) will begin to take effect. The regulation, which aims to strengthen and unify data protection regulation within the European Union, gives consumers control over their personal data. The penalty for GDPR non-compliance is up to €20M or 4% of annual global turnover. The cost of ignoring GDPR is too high, forcing corporations to reevaluate the way they handle consumer data, and to install new processes and technologies enabling the consumers right to “own” their data.
With the enforcement of GDPR just around the corner, many companies are focused on compliance first. Yet, the underlying reason for why GDPR shouldn’t be forgotten is about giving individual customers control over their personal data privacy. GDPR is really an opportunity for companies to focus on what matters most: their customers.
GDPR will see companies treat their customers with renewed respect, by providing them with the explicit choice over the customer experiences they want to partake in. Compounded with the predicted decline in availability of third-party data, companies will need to refocus on building and nurturing long-term customer relationships, and make customer centricity their ultimate goal.
You can start doing this by centralizing all customer data in one location and building your Customer DNA. The granularity of the Customer DNA, in combination with Lily’s GDPR features, will truly enable companies to proactively manage their customer relations and keep them complete, accurate and up-to-date. Lily can turn GDPR into an opportunity for you to create a mutually beneficial data exchange between you and your customers by connecting with customers about specific customer data you don’t yet have, or by proactively reminding your customers about extending their time-bound consent when a specific goal has not been yet been derived. These well-timed and relevant customer connections will reinforce your customers’ trust in your brand and allow your company to optimize its customer engagement strategy, entirely in the spirit, but far beyond GDPR compliance.
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