As many businesses are struggling to assess their readiness for the new GDPR legislation that will come into place next year, it is typically the Legal or Audit teams, or the Data Protection Officer, that have been charged with the responsibility of compliance.
However, while compliance is required, GDPR represents a much bigger business opportunity to really transform the customer experience. It should be the marketing teams that are pouncing on the compliance catalyst to build a case for bringing customer data into the much sought after 360 view that drove many CRM visions in the early 2000s and to exploit this data to create truly personalised and relevant customer experiences.
In the last 20 years, the amount of customer data, both structured and unstructured, stored across different parts of a business and also freely available on line has grown exponentially. Today’s technologies enable companies to integrate these diverse data sets, connecting, tagging and annotating them to enable more value from the data while also optimising time and costs.
There have been multiple studies undertaken in the last couple of years that suggest between 55% and 75% of customers want and expect personalised experiences and offers from companies. Research completed by the Economist Intelligence Unit in 2016, found that CMOs believe that investing in a personalised, efficient and consistent customer experience will increasingly have a bigger impact on customer loyalty and brand value than investment in traditional mass media. However, with data and marketing permissions stored in organisational silos, many companies are struggling to deliver this.
GDPR encourages data to be easily accessible on one platform to enable companies to support data requests, deletion, anonymization, and reporting on data. GDPR gives marketing an increased leverage to focus spend on compliance that also delivers an opportunity to truly transform the customer experience.
BearingPoint takes a customer centric approach to helping organisations prepare for GDPR by combining customer experience analysis with privacy impact assessments. Find out more about how BearingPoint can help you prepare for GDPR and transform your customer experience, here.