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Why we are all at threat from the looming Data Apocalypse

Why we are all at threat from the looming Data Apocalypse

Have you ever been asked for some personal information that seems utterly irrelevant, impertinent even?

If your answer is yes - your day is coming. It's a revolution for consumers but it’s a data apocalypse for brands.

Next May (2018) a new data regulation law comes into play – the GDPR. This new legislation is ultimately returning control of personal data back to the user and that means that brands and businesses are going to have to restructure how they handle, process and think about it. Failure to comply could end in a penalty of up to 4% of global revenue, or €20M – whichever is higher. With the stakes high its quite alarming that a quarter of marketers (source: DMA) believe their companies are unprepared for the GDPR - coupled with RAPP’s own research that showed us that 70% of consumers feel that no company has ever provided them with real value in exchange for their personal data and 40% feel sceptical about sharing it – the looming data apocalypse is a real and present threat. 

No matter the sector you work in, this new law has the potential to play a major impact on how you operate and we all need to be prepared with how to survive and go on to thrive in what will be a very new world.

Facing an uphill struggle to weave their way into people’s lives, it is absolutely imperative that brands and businesses do more than meet their customers’ expectations: they must start offering more value in exchange for personal data. However, that doesn’t mean just bribing consumers with points or discounts.

Businesses need to be on the front foot, to anticipate the effect of this legislation and put their customer interests at the heart of their data systems and infrastructure. It is no longer enough to just change a few words in a privacy policy, or offer to delete customers’ data. Points, discounts and offers will no longer suffice to persuade consumers to part with their personal information.

Businesses need to understand the new rules of engagement and adapt to their customers’ expectations so that they can thrive beyond this data sharing recession.

If you feel that your business could be at risk, RAPP have the tools in place to help your business adapt and be fully fit for the impending changes in data law and we’d very much like to hear from you.

Laura Holme laura.holme@uk.rapp.com
www.rapp.com

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