How to Negotiate Data Compliance and Secure a Return on Investment

How to Negotiate Data Compliance and Secure a Return on Investment

Many businesses now consider data an essential part of marketing and sales. By capitalising on the benefits of high quality data sets, companies find themselves with unprecedented insight into customers’ lives and excellent opportunities to present targeted messages to their customers.

This, in turn, has elevated the level of relationships being forged between customer and organisation, making it possible for companies to keep up with the individual needs and desires of each buyer, and connect these up with their services at the right time. But how can companies ensure their investment in data delivers the strong returns they expect?

Data Compliance and Business

Compliance is one of the costliest aspects of data. Compliance requirements vary from industry to industry, but they need to be strictly adhered to if a company is to secure a return on investment from data. Regulators are scrutinising companies that are failing in this area and, although necessary for the protection of the increasingly large quantities of data being handled, this heightened scrutiny and need for data security is proving costly.

According to a 2015 study by Gartner, 35 per cent of organisations will soon have a critical need to use data protection solutions, but only one per cent will have the financial means in implement them. Meanwhile, up to 25 per cent of companies have admitted to having an information leak within the last year, signalling the importance of data protection for companies of any size.

Balancing the Costs

Not only are there staff costs associated with maintaining data security, but the technology needed to securely store such large datasets is also expensive. To avoid this, more and more companies are choosing to use third party data providers.

Simply buying the data as you need it – rather than being responsible for its ongoing maintenance and storage – has the added benefit and reassurance of knowing that the right third party data specialist will also take care of all data protection and compliance issues.

The law requires organisations to follow certain regulations to ensure data is ethically obtained and stored, and also asks companies to take reasonable measures to prevent data breaches. It’s becoming an increasingly big ask for companies to absorb this cost themselves, making consumer data providers the increasingly obvious choice. Using specialists to supply data also helps remove the maintenance costs as well as the potential fines for failing to comply with all regulations regarding data security.

Boosting Your Data ROI

Reliable consumer data providers and UK list brokers like Seawave Media provide companies with fully compliant data that can be quickly and simply customised to meet business needs without extensive financial outlay or ongoing management.

In fact, top data providers can allow organisations to bypass expensive tools and internal data protection processes while still delivering access to crucial accurate and high quality data. This means that marketing and sales departments can focus on boosting sales and marketing campaigns, while reducing overall marketing spend, thus elevating their ROI.

 

Contact Seawave Media today and find out more about the extensive datasets on offer

 

 

May 20, 2016 / Uncategorized

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How to Negotiate Data Compliance and Secure a Return on Investment

In May 2018, the new GDPR regulations become enforceable for all countries operating within the European Union. The new legislation establishes stringent changes to the way companies collect and process data and even more stringent consequences for those companies that fail to make their data fully compliant. And there’s not much chance that Brexit is going to make any difference; the regulations will become firmly established into law by the time we’ve left, and show little chance of being repealed afterwards. So, if you’ve not already optimised your consumer data processing practices, it’s time to start.

Opt-in data changes under the GDPR

One of the most profound changes that the GDPR will establish is in the way that businesses collect data. Whereas before you could operate under an opt-out policy, ensuring customers had to specifically declare that they didn’t want their data processed, now the opposite is the case. An individual now must actively volunteer their data, with tick boxes being the preferred method. Here are some other details the GDPR specifies:
  • As a default, tick boxed should be un-ticked. There should be further options available that allow the user to select the type of marketing correspondence they wish to receive; email, phone or mail.
  • The data subject is permitted to opt out of data processing at any point after opting in.
  • Consenting to data collection should not be a condition of service.
  • Sending someone an email to ask them for marketing permission is not permissible.
These changes will create profound challenges for companies looking to generate leads from marketing. What’s more, there’s a maximum fine of up to 20 million Euros, or four per cent of global turnover payable for a breach of these regulations; a figure that’s easily enough to send smaller firms into administration.

How to demonstrate data compliance

If companies choose to continue processing their own data after May 2018, there are a number of policies they will have to implement in order to demonstrate their GDPR compliance: • Appoint a data protection officer if at all feasible. • Carefully record and document all data processing activities. • Implement data minimisation and ‘pseudononymisation’ guidelines that adhere to the new regulations. In short, the data protection regulations that come into force next year are a minefield. The entire document clocks up just under a hundred individual articles that need to be adhered to.

Fully compliant data experts at Seawave

The team here at Seawave Media have a professional and comprehensive knowledge of the GDPR and other data protection regulations. It’s of vital importance to us that we operate to the highest data protection standards, and provide the most optimised and highest quality data possible within these regulations. Our goal is to ensure every legal box is ticked, while still providing you with high value consumer lifestyle survey leads that deliver a great ROI.

Contact us today to find out more about how we can help optimise your lead marketing strategy, both right now and after the GDPR regulations come through in May next year.