Businesses will need to strive for a customer and compliance led data strategy as Europe gets ready for the biggest change in two decades to data protection rules, according to Colin Grieves, managing director, Experian Digital Marketing and Media Services at Experian.
With the General Data Protection Regulation (GDPR) fast approaching, marketers need to make data a key part of their strategy, he told The Drum.
“For a brand to thrive in this environment they need to adopt and pursue a compliance-led and responsibly executed approach to data strategy. By doing so, they will deliver on the customer experience they want to deliver.”
He continued: “If brands really understand GDPR and embrace what it brings, then they will thrive,” he said. “They will build a much better relationship with their customers based on integrity, transparency, honesty and openness.”
Marketers have until May 25 this year to get themselves ready for GDPR. They will need to consider how they plan to use an individual’s data as well as what restrictions they will have in transmitting data within a global remit.
Companies covered by the GDPR will be required to be more accountable for people's personal information. This can include having data protection policies, data protection impact assessments and having relevant documents on how data is processed.
According to Experian’s study, 69% of consumers have said they are happy to share data for discounts on products and services that were relevant to them.
Watch his full interview above.