GDPR: Rules and regulation or business opportunity?
So much has been written about GDPR and its implications for all businesses in the past few years, however while large corporations are quickly preparing for the deadline smaller companies in both the private and public sector are still falling behind.
Companies are rushing to comply with new customer and prospect regulations and are implementing strategies to quickly gain consent so that they can continue to communicate with them. What they fear the most is that from May the 25th 2018 their client/prospect data set will be an almost empty bag.
So who you are going to speak to after May 25th?
Most companies are forgetting that GDPR is not just about rules and regulations. GDPR is an opportunity to refine a company marketing communication strategy and move away from traditional outbound-focused communication to fully embrace inbound-focused communication.
Small companies have mastered this new approach in the last decade, however, larger companies are still investing heavily in outbound marketing strategies.
But, what does inbound marketing mean in simple words? It means better market segmentation, better targeting, better messaging and an engine that allows your company to properly manage incoming requests.
Bottom line; you attract prospects instead of going out and searching for them.
Personal data is this century’s the gold mine, so while you implement strategies to protect your current data you should simultaneously develop strategies to grow them in the most effective way.
Push your company to finally move away from a massive broadcast of messages and start grabbing/keeping attention from your best prospects and customers. Ensuring you include both data consent preservation and data consent growth strategies.
Your marketing to do list:
- Define a clear account target strategy (see our article on the power of an Account-based Marketing strategy).
- Define clear marketing personas.
- Identify strategies for buyer intent , read more here.
- Create and broadcast messages targeted to buyer personas at different intent stage using an omni-channel approach.
- Drive them to your company landing environment.
- Stimulate inbound request/consent to communication.
- Follow up and convert.
Companies that manage to harness the power of buyer intent analysis and inbound marketing will stay ahead in the future.
You can read more on buyer intent analysis in this article.