Enterprises tend to overlook data privacy and compliance, which can have legal consequences. CMOs should consider setting transparent and actionable data rights to ensure customers’ right to privacy.
Data is the foundation of B2B enterprises to target their customers and increase their client base. B2B presales team needs to ensure they have reliable data collection sources to gather accurate information about their target audience, decision-makers, and areas of interest. It is a perfect way to curate, design, and deliver relevant messages to enhance the presales and sales efforts. However, B2B enterprises need to ensure they respect clients’ right to privacy to comply with data protection rules set by the governing authorities.
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The recent changes in privacy laws have evolved to become more customer-centric. It has put the ball in customers’ court, whether or not to share their data with a particular organization. According to a recent annual report shared by Data and Marketing Commission (DMC) in 2021, data management and privacy were major concerns. The report suggests a rise in the number of complaints against enterprises across the data and marketing sector from July 2020 to June 2021. DMC reports that the number of data management and privacy complaints is rising approximately by 33% yearly.
CMOs should consider client data privacy as one of their top priorities to ensure they do not face any legal litigation which hampers their brand image. Here are a few ways to ensure data compliance in the marketing workflows:
Take proprietorship of personal data
B2B enterprises to need to be very vigilant about maintaining data privacy to avoid being under the legal and compliance radar. CMOs should consider collaborating with the legal and compliance veterans to set up data-compliant workflows. Moreover, businesses need to educate the workforce to keep data privacy as one of their top priorities and to integrate it in every phase, from product ideation to manufacturing to marketing. Enterprises that consider data privacy as a top priority will have a good reputation amongst potential clients and end users. It is essential to set the right practices throughout the workflows to reap the rewards instead of legal complications. Embracing a proactive approach instead of a reactive one will help businesses to have a growth mindset.
Mapping data journeys
CMOs already map user journeys to enhance their presales workflows; they should also consider mapping data journey’s as well. Enterprises need to determine the data footprints to ensure they comply with all the requirements. B2B organizations might concentrate on processing data, but they can ignore their responsibility to control data to the presales and sales activities. CMOs should consider implementing effective data mapping strategies to understand how their business is utilizing personal data. Undertaking the repository of clients’ personal data right from lead generation to outbound sales, which channels have access to that data, ease of accessibility, and deletion from marketing vendors’ systems will help to efficiently map customer journeys. Moreover, evaluating the data purchase sources, the purpose of it, and understanding what type of data is being collected, stored, and processed will give more clarity on the data usage.
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Taking risks can have devastating implications
B2B enterprises that do not comply with data privacy policies have a devastating impact on businesses. According to the GDPR policies, if organizations fail to comply with the rules and are caught, they might have to pay up to EURO 20 million or 4% of the business’s annual global revenue from the previous year, whichever is higher as a fine. Businesses need to ensure to become a data compliant company that complies with all the data protection policies to avoid hefty fines. Businesses dealing with data processing in the US territories need to be compliant with privacy regulations like CCPA in California and other state laws. CMOs should consider evaluating the data protection policies in the geographical location they target their customer in to avoid legal implications.
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