For all of the challenges GDPR brings with it, there are opportunities in equal measure. The imminent deadline has, undoubtedly, kept many property marketers and business owners awake at night. But instead of counting sheep or hammering the Horlicks, looking beyond these compliance efforts for the competitive advantages they provide can be a real perspective-shifter.
1. Tighter data security
In a year where data breaches from the likes of Yahoo and Uber have impacted millions of users, it’s never been as critical to get cyber security right. According the Cyber Security Breaches Survey 2017, 68% of large firms in the UK have encountered a cyber attack. The main reason why GDPR is good for business is that it’s primary aim is to minimise the impact of a breach and reduce the chances of them happening in the first place. Data will only be shared with consent from the user it’s based on. By establishing your company as a good custodian of data, you’ll soon see the domino-like, positive repercussions: confident customers, better reputation, stronger risk management. You want active opt-ins and fresh consent to use customer data, so it’s critical that they trust you.
2. Ready-to-buy customers
If Pareto’s rule rings true here – 20% of customers account for 80% of total profits – then keeping that precious 20% is crucial. GDPR will inevitably result in lost leads, but what you lose in quantity, you make up for with quality. Never has there been a better opportunity to go out and speak to your customers: GDPR can help build a relationship with them based on honesty and openness. Yes – you could send a friendly email asking them to opt-in again, but offering genuinely useful experiences or products is a more viable approach. For housebuilders, our Online Valuation Tool can give customers an instant valuation of their property. It’s the perfect way to generate legitimate interest and compliant leads post-GDPR.
3. Smarter decision-making
Comply to the new regulation and you’ll be able to squeeze strategic insights from your property business until the pips squeak. Hopping back to the 80/20 rule, focussing on that smaller percentage of ready-to-buy customers is easier when you have the right data. Identifying fresh ways of handling data will provide powerful perspective when it comes to implementing lead-generating marketing efforts to the 20%. Customer information will be more accurate and easier to use: you can dig deeper into consumer wants and needs and identify any areas these aren’t being met. As a result, you’ll make better marketing decisions for your property business and get a higher return on investments.
4. Future-proofing business
Data is the new oil and aligning business with emerging technologies is the key to survival. From cloud computing to social media, complying to GDPR information and data management policies also means you can provide customers with better services, products and processes. As an extension of GDPR, you’ll naturally be moving towards more effective methods of data handling. Bring third-party data management tools into the equation and your property company can monitor potential breaches efficiently – dodge one of those fines and you’ll soon see why GDPR is good for business.
5. Less data maintenance
The introduction of GDPR means your data inventory will be up-to-date and consistent, reducing both man-hours and infrastructure maintenance. It doesn’t have to be an arduous task – plenty of companies have turned to big data hubs built on NoSQL databases. These automate a range of processes to minimise the risks of not finding data or carrying out actions before the deadline. A solid 80.7% of executives who took part in NewVantage Partners Big Data Executive Survey 2017 declared their big data investments as successful, with 21% stating transformational results for their firm.
In the long-run, GDPR will force housebuilders to introduce rigorous data protection and maintenance measures. This is the chance to get to know your customers on a whole new level, offer a clear-cut service and protect your rep. Marketing efforts will be more laser-like, delivering tangible, measurable business value. It might have taken some work to get to a compliant state so far, but pass the finishing line in May and you’ll feel like your property company is a real winner. Learn more about competitive ways to bring in new leads post-GDPR with our smart lead-generation tools and marketing services for housebuilders.