GDPR – When talking about the General Data Protection Law, the focus is usually on one subject in particular: fines. It’s just that companies run the risk of suffering huge financial penalties if they fail to comply with the new privacy regulation by failing to protect users’ personal data.
However, and without neglecting that fines are a central issue in this matter, we must not ignore the commercial opportunities that this new law brings with it. Compliance with the GDPR can bring great benefits to your company.
1. Improve cyber security
In the digital age, no business can risk being lax in cybersecurity, considering the costs of data breaches and downtime caused by theft and loss of important data. The GDPR can help your company establish a security-aligned workflow.
2. Increase your return on marketing investments
One of the main requirements of the GDPR is that company sites must give the user the possibility of giving consent for their personal data to be processed. This allows you to have a database of potential customers who are really interested in your company. As a consequence, you will be able to use niche marketing, adapting messages and campaigns to the specific habits and needs of your audience.
3. Increase public trust
Complying with GDPR means respecting people’s privacy and that gives your company seriousness and credibility. As a consequence, a relationship of trust is generated with customers and the general public, facilitating the acquisition of new customers and the loyalty of existing ones. When collecting consents for the use of data, it must be clearly explained how the personal information will be used. This transparency will undoubtedly be an additional value for your company and a way to differentiate yourself from the competition.
4. Be the first to establish a new company culture
A decade ago, it seemed very difficult for companies to care so much about environmental, animal or LGBT causes. So why not be friendly and care about people’s data privacy? Why not be a company that respects its community in every way possible? The GDPR is an incredible opportunity to create a new corporate culture that, over time, has become not only a legal obligation, but also a moral one: just as littering in the street is frowned upon, disrespect for personal data of people. In other words, it will be a matter of social responsibility.
All companies have the possibility to be “disruptive” in this sense and to set a trend and create a new mindset: privacy is really important.
As we have seen, the GDPR brings with it new opportunities that can be transformed into a benefit for your company to differentiate itself from others and thus achieve greater success.