Maximising Revenue and Data Strategy under GDPR
The importance of data governance and maximising revenue through lawful direct marketing can be underestimated. GDPR, the EU ePrivacy directives and the threat of fines has put much more focus and consideration on what can be done lawfully with direct marketing.
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The cost of getting it wrong can be a fine on the company as much as 4% of Turnover. In addition, personal sanctions with fines and barring of Directors from office are available to the regulators.
Is no secret that direct marketing can have a positive effect on increased revenue. Smart thinking firms are collecting and optimising their data in a lawful manner to conduct direct marketing and monitise the personal information they have effectively.
This means putting the effort in to collect information in a lawful way. Examples of actions that we take to do this include; using compliant opt-in statements, we tell the customer what they do with the data and able to satisfy Data Subject Rights. We need to document, or lawful reason for processing and we may have to risk assess the collection with Legitimate Interest Assessments and Data Protection Impact Assessments. We are also careful not to combine data from non-consenting sources or use sensitive data in a way that is not compatible with the law.
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The compliance regime continues with a risk assessment of the marketing campaigns with compliant messages with opt -out statements and managing lists of opted out individuals. This is just part of the approach we employ using “privacy by design and default” principles.
Compliance is only one part of the strategy. Consideration should be given to maximising revenue. Recognising the value in the information for new data versus old for instance. Newly gathered compliant information on prospects etc presents a better opportunity to maximise revenue. Categorising data pools helps separate those that add value and those that present a liability or threat to the organisation if they are unsecured.
The ability to recognise the value with key data categories is key as it is at that point you can leverage your high value information. Information has value and some information more than others. Spending a disproportionate amount of time on lower value information is potentially wasted effort.
To be able to estimate the consequences of data leakages enables us to evaluate our information risks better. For instance, spreadsheets with potential security liabilities are a problem to the organisation as many are not password protected in the typical organisation.
Understanding the value of an organisation’s information assets is key for aligning to the business objectives and maximising revenue. More forward think organisations are implementing Automated Intelligence (AI) tools to categorise information for this very purpose. Discovery is the first step. Once the information is categorised it has a higher degree of trust and can be monitised to increase revenue more effectively.
If you would like help with your Data Strategy, please give me a call.
