The Weekly Buzz: Protecting and Utilizing Consumer Data
This week, a lot of the conversations at Maestro have centered around consumer data; specifically, how to protect it and how to utilize it. Here are the highlights.
Protecting Consumer Data: Preparing for the GDPR
Companies who deal with consumer data have been operating under less than clear regulations and standards. The introduction of the GDPR (General Data Protection Regulation) in May should help define best practices, but there still will be several different points of legal authority.
So, what’s the best way for companies to prepare for the GDPR? Implement internal policies and practices that go above and beyond the minimum required by law. This article outlines some steps companies can start taking now to prepare.
For companies facing a months or years long process to fully meet the standards of the GDPR, a great way to focus efforts is on closing on the small gaps in security they may have. For example, training employees on how to avoid email scams could lessen the possibility of ransomware attacks.
Utilizing Consumer Data: Personalizing Digital Marketing
A study of consumers in several countries found that a majority of retailers’ promotions end up in the hands of consumers who would have gladly paid full price. The cycle of raising and lowering prices actually can drive consumers away. The study found that “Instead of wasting money and resources on indiscriminate campaigns, retailers should focus on personalized and timely promotions.”
Rack Room Shoes was admittedly late to the game when it comes to using a targeted approach in their marketing. They gathered consumer data, but since it was scattered across various platforms it didn’t inform their communications with customers. Since utilizing Salesforce’s Marketing Cloud to create more targeted communications, its engagement has doubled.
As demonstrated in the examples above, failing to communicate with consumers through relevant and targeted marketing is costing companies billions in revenue. But simply personalizing communication with clients isn’t enough to create meaningful engagement. At the end of the day, consumers still want to feel valued.