You may think that GDPR is a chore that has to be done. But don’t. Embrace the upcoming regulations to give your business an edge over the competition. Doing this will ultimately create more leads through increasing your brand image.
GDPR comes into effect across the EU on May 25, 2018.
Abiding by the regulations will improve the accuracy levels of the data you store because it will allow customers not just to access their personal data, but to inspect and validate the stored information. Even though this right already exists, the new regulations will require data controllers to rectify any identified errors they are told about, resulting in the accuracy of data stored being greatly improved.
Furthermore, complying with the new laws can enhance the reputation of your company. This is because failing to get data protection right will damage your brand’s image, your customer relationships and your finances. In the Cyber Security Breaches Survey 2017, an annual report published by the UK’s Department of Culture, Media and Sport, about 70% of large UK firms were found to have suffered a cyber attack. If you can show potential customers that you are handling data fairly, securely, and responsibly, by following the legal guidelines, then it provides a major opportunity to gain a competitive advantage.
Here are some stats about GDPR that show if you comply with it, you can have that competitive edge:
- Less than two thirds (59 %) of UK businesses are aware of the implications GDPR will have on their organisation.
- Just 6% of UK businesses have prioritised GDPR, compared to 30 % in France and 25 % in Benelux.
- 20 % of EU businesses admit they haven't started preparing for GDPR yet. More than half (52 %) of EU businesses don’t know what the impact of GDPR on their organisation will be.
If you are able to create trust with potential leads, then they will be more willing for you to handle their data, thus creating more business for your company. As well as this, with the new regulations allowing for more accurate data to be stored, the leads will be better qualified, therefore demonstrating the importance of GDPR compliance.
Overall the new regulations won’t have a dramatic change on the way your business is run. This is because many of the principles reinforce tasks businesses will already undertake in relation to record keeping. If you embrace this change, you can increase your business’s chance of success.