In the current environment, it is crucial to demonstrate to customers that businesses understand and value them to achieve better marketing results. In addition to increasing revenues and lower costs, marketers can also avoid risks by developing a holistic view of customer data that enables marketers to provide contextually relevant experiences and communications. All these efforts to give the customers the right experience based on making the processes and data more competitive.
Heart of this legislation is the concern of privacy that governments want to protect. Companies have become more vigilant and conscious of the data they collect. For marketers and their entire organization, regulations such as GDPR loom large. However, with its robust customer data platform (CDP) capabilities, consumer privacy and compliance can be automated to reduce business and technology risks significantly.
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The creation of a comprehensive and precise single client view is a pragmatic and potentially profitable approach to risk reduction. Companies who choose customer data platforms have the opportunity to decrease risk. This is achieved by firstly improving compliance through robust closed-loop processes. The next step is to increase data quality and lower costs of maintaining customer data through advanced matching and streamlining master data management (MDM) for data governance. Thirdly, improving cross-team collaboration by connecting all data across the enterprise and fourthly, adopting an open garden approach for making the company future proof.
All this will be put to use if companies give access to real-time data to frontline staff, and with new technology in place, a customer data platform is the right marketing technology that enables brands to integrate all types and formats of customer data to build a golden record of a customer.
An additional way to reduce the risk of compliance is by connecting a customer data platform to a customer center. Businesses should provide a consent-based preferential center for people to choose the exact ways to access, process, and forget their data. New marketing technology can reduce these risks by helping enterprises to comply with regulations and industry requirements such as GDPR, HIPAA, PCI, and GLBA, which focus on personal data. All this translates into a closed-loop process between data capture, preferences, and use, this delivers high value to customers, providing the option to opt-in rather than opt-out of the company communications. Company action translates into lowering cost and reducing the efforts of maintaining and managing customer data.
The most critical risk prevention before regulation is to ensure the company itself is proof of the future. Companies must continuously innovate to improve customer journeys in ways that benefit from emerging technologies. That requires an open garden approach that will enable new data sources and new touchpoints in the future, including real-time involvement via mobile, social, and IoT touchpoints.