Only 11% of marketers already have systems in place to ensure they don’t fall foul of the legislation, as shows data from YouGov and The Chartered Institute of Marketing (CIM). From May 2018, the EU General Data Protection Regulation (GDPR) will come into effect. The reform is one of the most significant in years at 200-pages long and formalizes concepts like the ‘right to be forgotten’, data breach accountability, data portability and more. Huge fines of €20m, or up to 4% of global revenues, have been threatened for non-compliance.
The study into the challenges and opportunities facing those in the industry was based on two separate surveys from YouGov and the CIM. Key findings from the former, which surveyed 225 marketers found that for those in the UK, Brexit (55%) and a recession (47%) were the top concerns for the year ahead. Only 13% of those quizzed said that GDPR would be a significant cause of worry, with just 31% admitting they do not know whether their business has taken steps to ensure they’re compliant.
source: The Chartered Institute of Marketing (CIM)
The CIM’s dataset from 112 members revealed that 70% of marketers are concerned about factors outside of their control, including data breaches, impacting on their brand. The introduction of GDPR will have huge ramifications for marketers who handle personal data and also place demands on businesses to demonstrate informed consent to use consumers’ personal data for marketing purposes – something marketers have previously expressed anxiety over.
Chris Daly, chief executive of the CIM said that while marketers were conscious of impending challenges like Brexit and other digital trends, they have to make sure it doesn’t obscure other issues.
“It is concerning to see that GDPR has not been fully considered, given the wide-reaching impact this will have on business areas which deal with data – marketers’ natural habitat. Given the concerns that emerged from consumers last year over how businesses collect and use customer data, marketers must make sure they are prepared and ready for GDPR sooner rather than later. By staying on the right side of the incoming legislation, marketers are best placed to safeguard not only their business’ reputation, but also its finances.”
The report, “The Challenges and Opportunities facing Marketers in 2017”, features the results of a YouGov survey of 255 marketers, in which more than half (55%) said the UK’s exit from the European Union was among their top concerns.
As a result of the UK’s looming constitutional changes, 54% of marketers said they expected to see an increase in “Brand Britain” messaging, and 19% said they were already looking at how to incorporate this into their own marketing.
Further data from a survey of 112 CIM members, conducted via Survey Monkey, reveals that:
- 70% of marketers are concerned about factors outside of their control (data breach, tax scandals, workers’ rights problems) impacting on the brand
- 95% think marketers need more influence and involvement with the broader business in order to protect brand reputation
Despite the influence social media gives consumers, only 18% of marketers are confident they can handle anything social media throws at them.
One of the key drivers for this is the impact of social media, which gives consumers a platform to shine a light on bad brand behaviour – in fact, 89% of marketers believe the Internet, and social media in particular, gives consumers more power to effect change over brands. However, 21% of marketers feel that while they can manage social media daily, they would struggle in the midst of a Twitter storm. Half of marketers (49%) also say they are not getting the most out of their social media, with 22% attributing this to a lack of investment. While marketers are trying to keep up with changing customer expectations, it would seem some are being held back by the business.