Stories of the mismanagement of customer data by Social Media giants and the looming threat of tighter legislation around personal data through the General Data Protection Legislation (GDPR) have only served to increase the value of this most important of business assets.
As is often the case when a light is shined on a subject, it is the threat of no longer having unlimited and uncontrolled access to customer data that has sent its perceived value through the roof. In pure economic terms, it is scarcity value, the threat that unbridled use of this resource will no longer be permitted, that has increased the importance and value of customer data.
On May 25th 2018 a new data protection law will come into force, the General Data Protection Legislation, GDPR for short. In light of this new data dawn, Green 4 Director, Peter Oliver comments on the important role that CRM best practice plays in managing your customer information correctly...
Best practice CRM advice has always focused on maintaining accurate and up-to-date customer data, and communication that is considered both engaging and personal. Best practice has never suggested that data can be acquired from dubious sources or that customers should be bombarded with unsolicited messages. In fact, open rates and high levels of suppressions indicate that this approach is doomed to failure.