Anyone thinking that the looming GDPR will blow a huge hole in their data-driven marketing could be in a for a pleasant surprise if the results of a new survey are to be believed with nearly two-thirds (64%) of consumers insisting they will be happy to continue to share their data in exchange for deals and benefits.
Not that other findings from the report, commissioned by Marketo, will make such enjoyable reading, after three-quarters (75%) of consumers said they were concerned about the extent of personal information companies might have access to, and less than half (42%) saying they trusted companies to use their personal information correctly.
In addition to their views about GDPR, the survey of more than 3,000 consumers from the UK, France, and Germany, asked respondents how they felt about the long list of data breach headlines over the last few years.
The results show that just over three-quarters (76%) said they were concerned about how their personal data is stored and used, and just under three-quarters (73%) would like to receive regular communications about the personal data companies might hold.
Yet, at the time the research was completed, only 28% of businesses claimed to be fully GDPR compliant, even though the deadline for compliance is this Friday (May 25).
To understand how businesses are faring, the research also surveyed 300 companies across the UK, France, and Germany and uncovered two distinct approaches to GDPR.
Marketing First – More than half of the companies surveyed (55%) identified themselves as taking a marketing first approach to GDPR, using compliance as an opportunity to better engage with customers or prospects through smarter marketing. Of these, 34% have significantly redefined their priorities, compared to just 13% of legal first companies.
Legal First – The remaining 45% aligned themselves to taking a legal first approach, in doing what they need to be legally compliant with GDPR and subsequently using these requirements to dictate marketing strategy.
And almost half (49%) of the marketing first group has implemented new systems and marketing tools, compared with a third (33%) of those who identified as legal first.
Regardless of which camp they are in, GDPR is not expected to impede business, as 96% of organisations are still optimistic about hitting their targets by year-end.
Marketo senior director of marketing Peter Bell said: “Regardless of which side you sit, the ultimate drivers should always be your customer and delivering meaningful experiences that are founded on trust. It’s clear from this research that consumer trust is low but not unrecoverable. GDPR is designed to ensure your customers have more control over their personal data and how it’s used. Those businesses which proactively support that and use it as an opportunity to better engage with customers are those which will thrive in the coming years by creating lasting relationships.”
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