Nowadays, gathering and processing data are an essential condition for defining consumer profiles and analysing or predicting preferences, behaviour and attitudes.
Which is to say that consumer information is precious for companies when defining advertising and marketing strategies. That’s the business side.
But what about the consumer side? The protection of people with regard to the processing of their personal data is a fundamental right and the vast majority have grave reservations about handing over their data, as the Observador Cetelem Consumption 2017 study illustrates: almost half of Portuguese are “worried about giving their personal data to certain brands or online shopping sites (83%).” Of all European consumers, the Portuguese are the most wary about sharing it with brands.
This two-sided aspect, as well as rapid tech evolution and globalisation, have created new challenges for personal data protection. A solid and effective protective framework is urgently required.
This new personal data protection framework will be created when the new General Data Protection Regulation (RGPD) comes into force in May 2018. This will regulate the principles and rules applicable to personal data processing, which, amongst other areas, will be particularly relevant to marketing and advertising.
Companies will thus have the huge challenge of becoming familiar with the detail of the new rules in the RGPD and reviewing their procedures, internal policies, business processes and IT systems in order to adapt to the new circumstances, or risk being heavily fined, as all personal data processing in the European Union will have to conform to this new regulation.
Don’t neglect these changes in the near future. Talk to us – we can help!