Give your eyes a break, listen to the audio version:
We hope you’ve got your seat belt fastened for May 25th…
…because the biggest data protection reform for 20 years is on its way.
Big businesses are already preparing for the changes, but what about small/medium sized businesses, entrepreneurs and start-ups?
Never fear, Einstein Marketer’s here with the full down.
Let’s kick this thing off with a few basic facts.
The law change IS going to affect you.
This is not a something to ignore. You’ll find out why very shortly.
The old Data Protection directive, passed in 1995, is something we’ve grown our businesses on. It was basically a list of rules we should not break.
Pretty simple, right?
2018’s GDPR is anything but.
This new act focusses on procedures that we MUST follow.
So, instead of an act telling us NOT TO DO BAD STUFF, this reform states WE MUST DO THE RIGHT STUFF.
Think of the NEW ACT like one of those Health and Safety Laws:
You must wear a hard hat, you must lift boxes in a certain way, you must have a first aider on site…
…if those same Health and Safety laws were written like the OLD 1995 Data Protection Act, they’d look a bit more like this:
You must not wear a novelty Viking hat on site, you must not lift boxes while naked, you must not go to somebody’s aid unless you have a certification…
What are the Biggest Changes?
Because this is REALLY IMPORTANT information, we’ll do something we don’t do very often, bullet-points:
- New regulations on consent insist that data subjects must give FULL (explicit) CONSENT for use of their personal information. In layman’s terms, they MUST be aware of our intentions when we ask for contact details, e.g. if you ask for an email address for future email marketing campaigns, you must inform the address holder of this, and they must consent to it.
- The law change affects your CURRENT MARKETING LIST too. It will be illegal to email your existing contacts, without receiving their consent first.
- You must DELETE data that you are not using for its original purpose.
- Data subjects have the right to REVOKE their consent at any time, and it must be straight forward for them to do so.
- There is a NEW CENTRAL OFFICE for data complaints.
- Businesses with large lists MUST appoint a Data Protection Officer.
- The location of the company DOES NOT MATTER. If they are collecting data from any person/s residing in the European Union and Great Britain (after Brexit) they must follow the new rules. e.g. A business based in U.S.A who collect data from residents in France, must abide by these new laws.
- The age barrier has INCREASED from 13 to 16 years old.
- Data subjects can ask businesses for data they have collected, this information must be provided within 1 month.
Will it Affect You?
Short answer, YES.
Long answer, OF COURSE IT WILL.
The new law applies to anyone who processes the personal data of European Residents.
In other words, 99.9% of businesses operating within the European Union.
And before you ask, no Brexit will not make a jot of difference for U.K businesses. Great Britain has its own bill being passed, that will come to power before Brexit takes full affect.
What Happens if I Don’t Comply?
Here’s the SCARY part, if you don’t follow the protocols of the new GDPR, you’ll be hit with a fine of €20,000,000 or 4% of total global turnover (whichever is MORE).
That means, unless your business is turning over more than €500,000,000, you’re going to be hit with a €20,000,000 bill, in other words…
…DESTRUCTION.
There is a lesser fine for minor breaches, and that’s only half of the above financial punishment.
Only half?
€10,000,000 or 2% of total global turnover (whichever is greater)???
Sadly, Einstein Marketer isn’t joking.
If you skimmed over those law changes, we suggest you go back through them, and then check out our link to the full GDPR bill at the bottom of this post.
GDPR: Einstein Marketer’s Advice
Just to reiterate our earlier request:
DO NOT IGNORE THIS LAW CHANGE (unless you can afford those fines)!
Your highest priority right now, should be composing KILLER COPY for your next email campaign.
Offer your existing list something of MASSIVE VALUE, and then politely (and in accordance with the GDPR) ask for their consent to send them future offers, marketing emails, information, etc.…
If your open rates are low, try it again with something else.
Whatever you do, just get started early!
You’ve still got time to send one email per week (without annoying your list), asking for their consent before the law changes arrive.
And when they do arrive…
…you’re going to need to make that info exchange so irresistible, that they’re blinded by desire and will give their consent without a second thought.
If you haven’t already, check out Einstein Marketer’s guide to LEAD MAGNETS. Using tips like this will make a list size reduction all the less painful.
You’ll probably find that this reform dumps all of your unresponsive contacts, giving you the opportunity to replace them with responsive and engaged audiences.
Not all bad news then.
GDPR Summary
Yes, it’s annoying, and yes, it’s going to shrink the marketing lists you’ve spent your entire business careers creating….
…but, there’s nothing you can do.
You’ve been warned about the implications, and the changes you need to make.
There’s no excuse.
Get started early, and use the law change to replace old unresponsive data subjects, with new, exciting and responsive audiences.
Would you like more advice about the GDPR change? Have you got something to add on the law change? Leave a comment or send us a message and we’ll reply as soon as our social media manager has stopped gambling.
Related Links:
UK’s Data Protection Bill (coming into affect after Brexit)
