Ideally speaking, the business is all about, fat profile, bank credit, tax concession, trade incentives, political patronage, and corporate privileges. Realistically, however, the business is all about fierce competition, liquidity crisis, fluctuating prices, changing consumer moods, sales, and marketing challenges, and regulatory Of GDPR compliance.
The most affected business area among all due to regulatory compliance is sales and marketing. The sales personals use their personal data bank in order to push and pursue sales. They continuously collect client or consumer data from various sources to build their sales pipeline and generate leads.
Now, this very basic process is under the threat after the European Union introduced the General Data Protection Regulation. There are worries about GDPR impact on business as it will affect how you collect the consumer information living in the European Union countries and how to handle those private data to ensure you do not breach the regulatory framework and still manage to achieve your sales target.
In the most likely scenario, small-scale and mid-scale businesses may not even know what is GDPR and how it is set to challenge your business paradigm and functionality.
So, let’s find out what you are up against and yet have your own way of continuously running a successful business even after the GDPR compliance deadline, that is May 25, 2018. You Can Also Read GDPR Compliance Checklist
GDPR is a new regulation introduced by the European Union to protect the privacy of personal data of the EU citizens.
All businesses need to comply with all the terms of the General Data Protection Regulation to protect, manage, and handle data carefully.
If your business will be found in the breach of the regulation, there will Bessie financial and business related implications.
In the digital age, the privacy of user data is becoming a huge issue. Companies the world across do not follow the guidelines and sell personal data to others for unethical business benefits.
Therefore, EU felt the need to protect such unethical and illegal use of personal data by introducing GDPR, which ensures all companies undergo EU GDPR compliance for enhanced data protection.
As we know sales and marketing activities are based on the personal data of clients and consumers. GDPR 2018 affects the basic tenets of the businesses, that is personal data.
GDPR compels businesses to adopt a more stringent approach while collecting and processing personal data of the consumers.
There are multiple provisions that may impact your sales and marketing teams in approaching existing as well as new clients.
One of the terms explains that the companies must explicitly provide information about how and when personal data of the consumer was used.
Also, sales personals should be more forthcoming in providing direct access to data usage either in person or in a written document.
Nothing kills businesses more than adversely affecting their sales and marketing efforts. The GDPR consent clause makes it difficult for marketing and salespersons to use personal data without the consent of the individuals.
In order to communicate with the consumers or client, your business or your marketing personnel require prerequisite approval from the consumer to receive a communication.
Besides, if consent is given, the sales team must provide the data usage information and must be aware of the fact that the individual may withdraw his or her consent at any point in time. Correspondence post-consent withdrawal could throw you into GDPR net with huge fines.
Indeed, GDPR is going to make business functioning tough, especially in the sales and marketing professionals, but it also brings opportunity to gain more credibility and trust from your loyal consumer base.
In fact, it allows companies to develop a robust consumer base, which itself can prove to be promoted (mouth-to-mouth) for businesses.
The GDPR compliance means no newsletters, no unabated emails, no outbound sales pitch, and no information sharing without approved consent. However, it is not possible to get the consent without contacting the person.
Now EU lawmakers find the area to be very regulated, which actually abandons the possibility of the business.
Companies will require getting better with their marketing strategies and resources. Companies will have to be sure of their marketing tools and their absolute results in order to achieve sales target while keeping the marketing cost down.
In a way, businesses will have to find ways by which consumers find a business to provide their consent in order to receive communication.
It takes years for companies to find the right marketing strategy and build the right sales teams, which in return build a loyal customer base.
GDPR is all set to change all that you have done so far so successfully by enforcing a new regulation that would compel you to device a completely new sales and marketing doctrine and adopt new tips and strategy to sell your products and services.
In a worst-case scenario, there see businesses which have no idea about the GDPR and its implications and are absolutely ignorant about the entire debate. But that does not raise questions about the survival or existence of your business. There are a few steps you need to take in order to comply with GDPR and at the same time, continue the successful run.
GDPR as it seems on the onset that it is a stringent guideline that may thwart the entire sales and marketing approach as a whole. However, that is not the intention.
The EU aims at protecting the privacy of the individual citizen and enforces the legal remedy for unlawful use of data. All you need is to communicate with your clients and consumers about the entire process of data collecting, data holding, and data processing in order to seek their prior consent.
GDPR is more about ensuring more transparency and developing robust integrity for the businesses. There is no need to be scared of GDPR as it is more about building trust between businesses and its users.