2 June 2017
GDPR – Why Corporate Hospitality is the Key
On the 25th May 2018 the new GDPR Law will take effect. The law applies to any business who process EU resident’s personal information. The new law overwrites any current law here in the UK (UK DPA) and can have a huge impact on how businesses gather, store and use personal data.
The key facts we currently know about GDPR:
• You have to have explicit consent to capture and store data. You also have to keep a record of this consent. No more auto opt in allowed. You also have to explain what your data will be used for at the point of data capture
• The right to be forgotten – customers can be entirely removed and past history deleted on their accounts. They also get access to data profiling
• Tighter contracts – those who handle data have a legal obligation. If there is a data breach they will be held accountable
• If your business is not based in the EU but handles EU resident’s data, you will still have to comply
• EU residents can request their data at any time. The new data law means the data you hold has to be “portable”
• You have to have a process for knowing and reporting a data breach within 72 hours of it occurring
• A data protection officer will be compulsory for certain companies – likely to be based on the amount of data being processed to ensure effective policies are in place
The part that will make you sit up and listen (or indeed your MD & CEO) – breached organisations of the new regulation can expect fines of up to 4% of annual global turnover (not profit) or €20 million – whichever is greater. Which is why it is key to prepare for this now and improve your database today.
This is the biggest data update in 20 years and with the likes of the NHS and BA falling into data breaches in the past few weeks you can see why it is so important to get this right. So how do we propose you do this…
For most the GDPR is going to mean that mass amounts of data will have to be deleted. You will need to reengage with your data and ask for explicit consent. Those brands who have gained trust and have formed a great relationship with those clients on their database need not worry. Potential and current clients are still going to want to keep in touch with brands that they have an affiliation and relationship with. That is why your 2017 /2018 corporate entertaining plan is crucial. Imagine how detrimental deleting the data of your top 20% of accounts would be? Ensure you are on the front foot before your competitors are and build the relationship with your clients before it is too late. Corporate hospitality is a great way to do this. To ensure you are memorable why not do something different, experiences and participation entertaining are proving more effective than traditional entertainment, sticking in the mind and never being forgotten by those who are lucky enough to get an invitation.
For those who want to engage a wider audience how about an incentive trip to engage affiliate partners or potential clients. Or for those who want to engage the public and grow their data prior to losing it a brand activation event could be exactly what you need.
Why not send us your challenges today, we would love to help through events, entertaining and sponsorship to engage your clients for the future.