The Impact of Data Privacy Regulations on B2B Lead Generation
As businesses become more digitized, the importance of data increases manifold. And it makes it essential to maintain data privacy and protection. Exposure of vital business data to unknown sources might create a serious security breach.
With the introduction of GDPR or General Data Protection Regulation, there have been significant changes to the way companies collect, store and use personal data. It also includes lead generation.
Since its inception in May 2018, it has given people better control over personal data and increased transparency around data processing. How the GDPR has improved lead generation strategies by increasing data security, trust, and data privacy? Let’s try to explore it further.
Let’s understand it by providing examples of best practices for security compliance. In this blog, you will also learn about the ways companies can align with GDPR requirements by adopting better ways of lead generation strategy.
Regulations are not bad
Personal and behavioral information is important and precious for companies that are looking for better ways of capturing consumer data leads. When you look into the search history of users, explore the places they visit, and look into other aspects, it becomes easy to place the ads right within reach.
Experts say that the regulations are not bad. However, it makes it more challenging to extract personalized information while targeting the audience. Market research teams are dependent on this data so that they can know about the preferences of their customers while they choose brands. By making this understanding they can create the persona of the target audience in a better manner.
In the regulated environment, how is it possible to get the required information that will help in getting top-quality consumer data leads? And how is it possible to do it in a manner where you are protected from breaking the laws, rules, and regulations?
What is the meaning of data privacy and how is it related to means of data extraction? In the modern days, customers know how marketers can find data about them and use it. Therefore, they are reluctant to share their personal information. They do not want to share the websites they visit regularly. They do not share details of purchases they make, and they do not tell others about the location they visited.
But this doesn’t restrict marketers and companies from creating targeted and high-covering ads.
Ways of bringing in leads when there is not enough user data available
The only way to collect user data is from sources such as marketing channels, PPC, SEO, content marketing, and affiliates. When the information is collected from a wide range of sources and compiled, marketers can find information about customers. Some examples are active online time of customers, information about income and job, etc.
Marketers can make use of this information to give their brand the ability to present itself strongly in front of the target audience.
Affecting lead generation in a regulated environment
It is mentioned in the blog that today’s customers are more aware of how websites can extract their personal information. Therefore, they opt out of shared data and feel secure when they access a particular service or brand. Therefore, it becomes all the more important that marketers are focused on getting customer data leads that are easily accessible.
According to marketers, a better and more effective marketing strategy could be implementing an inbound strategy instead of outwardly pushing a service, product, or brand. Inbound marketing attracts the most suitable audience at the most suitable time. A successful inbound marketing strategy will give information about your customer’s buyer persona.
When you use this method, your potential customers believe that you are reaching out to them as a part of your promotional strategy, and that you are not just pushing the customers to buy your products.
This is the reason inbound practices bring at least 40 to 50 percent more consumer data leads as compared to other traditional outbound practices. It means it is an effective way as far as B2B lead generation is concerned.
Conclusion
In a modern business environment, you need a marketing analytics situation when there is no business data available. Thus, you have access to all relevant insights, such as recent buying trends and personalized preferences. However, while acquiring these insights, you should be concerned about data privacy regulations.
In a regulated environment also, it is possible to get customer data to make them feel better and companies also become customer-focused.
By using certain strategies, such as inbound marketing, high-quality leads can be obtained even if there are new data privacy regulations in place.
Data privacy regulations make it restricted for customers to collect data, but smart marketers can still manage it by using methods that can find out ways of finding customer details. That may impact the ways of B2B lead generation.