Ian Eckert, Innovations Director at Abacus discussed the upcoming data regulation, stressing the increased importance that the trust and value relationship between a brand and their customers will have. He used the example of the recent Facebook and Cambridge Analytica Scandal, demonstrating how the misuse of personal data can damage that relationship. Eckert stated that under GDPR, customers will retain their loyalty with the brands who can earn and maintain their trust whilst fulfilling their needs and aspirations. He emphasised the importance of having a platform that is architected to be transparent to your customers whilst simultaneously protecting their privacy. Those that can deliver this will, in turn, nurture an ongoing relationship that provides value to the customer and results in higher yield, improved retention and new revenue streams.
Ian was joined by Abacus clients Tim Westcott, Senior Data Manager at Condé Nast and Khuram Zubair, Interim DPO at New Scientist for a panel discussion and Q&A session. They provided insights on their own preparations for the upcoming regulation, from getting their data in order and transforming their business process to ensure ongoing compliance.
The event was very well attended with the audience visibly engaged and participating in a voting session (results were anonymous). The results demonstrated that the audience were all at different stages of preparation and shared the same fears and headaches accompanied by the regulation. See results below:
To learn how our platforms can help your organisation become compliant with the new regulations and provide you with ongoing opportunities in the GDPR world, please get in touch.
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