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If you are in digital marketing or reside in the EU, you\u2019ve most likely heard a lot of chatter around the GDPR recently. But what exactly is the GDPR, what do consumers think about it, and how will this affect marketing?<\/p>\n
The General Data Protection Regulation (GDPR) is a set of guidelines that regulate how personal information is collected and processed in the European Union (EU). Its aim is to protect the privacy of individuals in the EU by giving them control over their personal data. Companies found to be in violation of these regulations can face a fine of \u20ac22 million or 4% of global revenues (whichever is greater).<\/p>\n
The GDPR became enforceable on May 25th this year and asserts that personal data can only be used if individuals give companies explicit consent to do so. However, it is important to note that this doesn’t only affect those living in the EU. For example, if you are travelling in the EU and use Uber, you have the ability to see and control how your data is being used while you are abroad.<\/p>\n
How will the GDPR affect marketers and consumers alike? The GDPR implementation is still in the early stages, so it\u2019s difficult to gauge how it will affect the marketing industry, but here\u2019s what we have gathered so far.<\/p>\n
The \u20ac22 million question brands have after the GDPR took effect is to what extent do consumers plan on exercising these rights? Despite the fact that many consumers are unaware of the extent to which their data is protected under the GDPR<\/a>, many are eager to exercise the data subject rights that come with the regulation. According to Pega<\/a>, 82% of consumers intend to take advantage of their rights to know what personal data organizations have collected, to see this data, and to restrict processing and\/or to erase this data.<\/p>\n Interestingly, only 21% of consumers surveyed know what the GDPR is and what they can do under these regulations. Despite not knowing what the GDPR entails, 90% of consumers stated they want direct control over the way brands use their personal data, and 89% want to see the personal data organizations have collected about them.<\/p>\n What to expect: The GDPR has only recently been implemented, and the awareness of these regulations is poised to rise. Once consumers are informed about the rights they have through the GDPR, it is highly likely they will exercise the data subject rights the GDPR is bound to.<\/p>\n Now that the GDPR is in effect, how will it affect the marketing industry? These regulations apply to any organization that collects and\/or processes consumer data in the EU. The GDPR will require organizations to provide consumers transparent guidelines on how their personal data is being stored and used, access to this data, and will need the consumers\u2019 explicit consent before companies can store and process the data. While the massive fine and potential limits to future use of consumer data may be daunting, brands should view this as an opportunity to create transparency and foster long-term customer loyalty.<\/p>\nHow will the GDPR affect marketing?<\/h2>\n