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General Data Protection Regulation: What You Should Know

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If you’re in the digital marketing or analytics industry, you have probably been inundated by communication from vendors and partners regarding the General Data Protection Regulation, often referred to as (GDPR). Below, we’ve highlighted what GDPR is, why you should care, what impact it will have on your business, and what actions you need to take.

What is GDPR?

GDPR standardizes data protection law across all European Union (EU) countries and imposes strict rules on how personally identifiable information can be collected, stored, and used. The law goes into effect on  May 25th, 2018, and all organizations working with the data of EU citizens must comply or face heavy fines. GDPR applies to every business that collects data from customers in the EU, regardless of the company size, location, or intentions.

Why should you care?

GDPR applies to all organizations that handle the personal data of EU residence. Many companies located outside the EU are unaware that the new EU data regulation applies to them. If an organization offers any products, services, or information to EU residents, it must meet all GDPR compliance requirements. Gartner predicted that up to 50% of American firms will not be compliant. Those organizations that do comply with the required transparency should help to build brand trust and equity among consumers.  

How GDPR impacts your business?

Fines for noncompliance can be significant. A maximum fine of 4% of global revenues can be applied to companies that fail to gain user consent or violate core data security expectations. Lesser fines of 1-2% of revenues can be applied in situations where a company keeps incomplete records or implements insufficient data controls. GDPR requires organizations to appoint a Data Processing Officer (DPO) for EU government entities or public bodies or a company that either processes or monitors data subjects or sensitive information for citizens of the EU on a large scale.

What actions should your business take?

Below are a few steps that can help guide you for GDPR compliance:

  1. Create Procedures for Breach Notifications
  2. Determine if you’re a controller or a processor. The regulation breaks out responsibility for protecting data into two roles: controllers and processors.
  3. Audit your data and know which technologies are being used on your website
  4. Take the time to understand what data your business is collecting and why.
  5. Review what consent and disclosure look like for your customers. Get the consumer’s blessing on data collection.
  6. Evaluate exactly what third-party processors are collecting, where that data is going and how it’s being used.
  7. Keep a document on data processing and create a process to refresh the documentation periodically
  8. If a breach occurs, take action to inform regulators within 72 hours and be
    ready to inform consumers as quickly as possible.

GDPR Impact on the United States

In our opinion, it’s a matter of time before the US government takes action on data collection.  With Facebook data privacy being a “hot button” issue currently, antitrust questioning, data collection, and consumer privacy are on the radar of the US government and citizens who watched the Congressional hearings. You would think that the US government is closely watching and measuring the impact of the GDPR to see if it’s worth considering within the US.

Resources:

https://www.pandadoc.com/gdpr

https://www.observepoint.com/wp-content/uploads/2018/04/GDPR-ASAP-a-7-step-guide-to-prepare-for-the-general-data-protection-regulation.pdf

https://blog.pipedrive.com/2018/03/gdpr-compliance/

https://www.informationweek.com/strategic-cio/security-and-risk-strategy/7-steps-to-gdpr-for-us-companies/a/d-id/1329235?

Data Quality is Essential to Pharmaceutical Marketing Success

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Through my work with several financial services organization and pharmaceutical companies, one of the biggest issues I have noticed is with their data quality. These organizations typically have numerous data points such as web analytics, CRM solutions, email marketing platforms, sales information, etc. The challenge is that most of the business units don’t collaborate to integrate their data or to identify the best possible solution to integrate data. If you can’t agree to collaborate, it makes it even more challenging to manage data quality issues. At the same time, organizations have a tendency to use multiple data sources for the same information. Which source is providing the real picture?

Our team encountered data quality issues with a pharmaceutical client while developing monthly marketing metrics reports. We estimated that the data quality issues were costing them over $250,000 per year (if not more). The outdated web analytics solution wasn’t being maintained, so they had skewed SEO traffic, inaccurate referral sources, and limited functionality to integrate with their CRM solution, email marketing, or paid search campaigns.

Basically, they were blindly marketing to healthcare professionals and patients without any knowledge of what their target audiences were engaging with from a marketing perspective. Product managers were being held accountable for something that they had no visibility into, whether it increased new acquisitions or not.

Total Costs to the Organization:

  • Outdated Web Analytics Solutions: $250,000 per year (minimum)
  • Human Resources for Web Analytics Solution: $100,000 per year
  • Estimated Marketing Budget Total: $3,000,000 per year

Poor Data Quality + Poor Data Integration = Poor Decision-Making!

Data Quality isn’t just an issue for Fortune 500 companies. It is also an issue for smaller businesses where decisions can make or break them. Regardless of the size of the business, we still need to take into account the business requirements, technical requirements, reporting, and the impact that the data will have on the organization’s ability to create efficiencies and save time and money. There are significant costs associated with a lack of data and poor data quality.

Has Your Company Forgotten the Web Analytics Data Capturing Basics?

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We did some web analytics consulting for a Fortune 500 company recently. This case was very unique! The company had numerous global websites and campaigns, but lacked a standard web analytics solution, standard profile configuration, dedicated data collection team, data validation process, and avenues of communication between IT and the rest of the business. “Web Analytics capabilities”…are you really serious?

We would highly recommend that you solidify these areas before working on web analytics capabilities.Don’t even talk about data collection methodologies until you have the resources (human) in place to develop universal and standard processes.With good talent and proper documentation, you should be able to identify the gap and resolve any issues.