How to Take Advantage of the New GDPR Landscape

How to Take Advantage of the New GDPR Landscape

Remember when the EU introduced new General Data Protection Regulations (GDPR)? Some may see it as having a negative effect on their business, but all is not what it seems. GDPR turned out to be a fantastic way to improve strategic efficiency, increase conversions and even improve customer loyalty. Here are some of the ways you can use GDPR to your advantage:

Opportunity to Cleanse Your Data

The primary advantage of GDPR for businesses is the opportunity to have a data clear-out. Essentially, this means organising, consolidating and unifying your existing data for a more streamlined approach to lead generation. Accessible data means it’s easier for you to obtain the right information about a customer at the right time. You’re left with quality leads instead of quantity, so you can concentrate your marketing efforts on those even further down the marketing funnel and in an even more personalised manner. Cleansing your data can result in higher response rates and conversion rates.

Safe Customers are Happy Customers

GDPR helps protect both existing and potential customers — and if they feel secure about the way you handle their data, the more trust they have for your brand. The more trust they have your brand, the more likely they are to remain a loyal customer. This snowball effect benefits everyone — customer’s data is kept safe, their wishes are respected and you can increase your customer retention rate. Customers will feel happier signing up to newsletters and other marketing communications from a GDPR-compliant financial services firm, as it symbolises that you care about their data and they’ll only receive the messages they truly want.


Opens Up Learning Potential About Your Customers

One of the most significant benefits of GDPR is you can get ahead of your competitors and have an even broader understanding of your customer’s wants, needs and even their behaviour. And, because you’ll need to “spring clean” your data, this will give you a much better chance to understand your customers on a deeper level. Organised and accurate data opens up a whole world of analytics — so you can further tailor your marketing messages to suit each customer persona during every step of the customer journey.

Streamlining Your Operations

GDPR gives you one of the most valuable assets of all: time. When the new GDPR rules were announced, companies started to realise the importance of having a dedicated compliance department, meaning they were consciously setting time and resources aside to dedicate to data management. This, in turn, can save companies a collective £2.3 billion a year, according to the European Commission. If you’re spending time on continually improving your operations then you can target even the most niche of customer personas

Looking to streamline the way you manage leads? Find out more about how Leadtree Global can help lenders and brokers by getting in touch today!