As May 2018 loomed, it’s fair to say that businesses were uncertain about what the GDPR deadline would bring and what the regulation would mean for them.

Of course, it triggered businesses to re-evaluate their relationship with consumer data – but this isn’t necessarily a drawback. We believe businesses have been given a big opportunity in the post-GDPR landscape: with the data they gather, they are able now to really start maximising on the value that they draw from it.

Recently, SAP Customer Experience held a series of Consumer Insights & GDPR Readiness events, which explored the positives of GDPR, how it can empower businesses to better manage the end to end customer lifecycle and deliver hyper-personalises experiences.

As a result, businesses can end up with richer data assets, drive higher conversion rates, and ultimately, build stronger databases of loyal customers.

Pin-pointed data targeting  

GDPR means that businesses will need to be more open when gathering data on the customers who work with them. Why do they need it? What will they use it for? The fact that customers must now be asked to opt in rather than opt out of marketing communications also presents a challenge.

Today’s consumers are much savvier about how their personal data is used, and won’t unthinkingly tick a box so quickly anymore. Also, the ever-changing, multi-channel ways they’re interacting with brands means their expectations are high.

Consequently, businesses must make sure that they’re only collecting data that’s relevant at the beginning of the customer lifecycle. If something does not align to the goals of the company, asking for a personal address for example, do not ask for it. It’s simple – and honest.

It’s not surprising that businesses were worried about what the GDPR would mean for them. Some companies rely outright on the insights that data can provide them with, to run a successful business.

If restrictions are placed on data, what will a business be left with and will it stifle what can actually be done with the data it is allowed to gather?

Luckily, these concerns are unneeded, because when a business implements a more transparent approach in their strategy to collect data, this can actually benefit them in the long run, by achieving a more targeted and accurate marketing campaign.

To put this into perspective: The Palladium Group, a Spanish hotel company that works with SAP Customer Experience, are able to get to know their guests better and create highly-personalised experiences using data-driven solutions that turn guests to lifelong fans who are almost guaranteed to want to stay again.

GDPR hasn’t changed the fact that the quality of data a business collects, determines how successfully it will be able to sell.

However, it has changed how businesses look after the data, which means that regardless of what business you may be in, you’ll be able to get better at marketing, drive more conversations and see more on your ROI.

The building blocks of a happy customer

In the SAP Customer Experience’s Consumer Insights Report, it was revealed that if brands are to be front of mind, they need to deliver positive experiences so customers are able to remember them.

If you can show customers that you are highly tuned in to what they care about and what matters to them, you can use that knowledge to improve the services you offer and the way you interact with them. Resulting in a relationship that both parties are content with.

Admittedly, GDPR can indeed mean gathering ‘less’ data than usual, but the new opportunity to collect the right kind of data in a transparent and truthful manner means that this is your chance to deliver tailored customer experiences right from the get go, from the very start of the customer lifecycle.

Reducing the margin of errors right from the beginning could also lead to a reduction in one-off transactions and instead heighten the chance of establishing a greater lifetime value from customers.

Furthermore, a customer that has a consistently positive experience with a brand is more likely to be engaged and share additional personal information later on, so businesses may end up with more data than they bargained for, helping to build stronger customer profiles.

The result will be a richer database and the chance to drive longer-term value from your customers.

Also key to supporting these positive customer relationships, is the customer service function. The experience felt across all channels should be consistent throughout, whether it be through email, live chat, social media, or otherwise.

GDPR helps here, because it encourages businesses to build single, unified customer profiles, which in turn enables them to deliver personalised experiences across all points of contact, no matter which part of the business they’re in.

Overall, a new way to handle data – including how it’s gathered and stored to how it’s implemented in campaign – puts businesses in a much stronger position to drive sales, deliver consistent and relevant customer experiences, and ultimately grow.

They can say goodbye to the days where databases get clogged up with low-quality, irrelevant data; now is the time for businesses to maximise the value of what they’ve learnt about their customers.

That’s not all though, the businesses who will really come out on top will be those who deliver that value right back to the customer through the development and delivery of higher quality products, services and experiences.

Roland Van Breukelen is UKI marketing director for SAP Customer Experience.