Most marketing managers are preparing for it. They ensure that the landing page or website form, data transfer procedures, languages and lead capturing processes follow the GDPR guidelines. They work on making the documentation compliant with it.
How would it affect the B2B marketers in other aspects such that third-generation lead generation, is concerned?
Also, it is required to check its impact on webinars with other brands, content marketing syndication and other events.
Experts say that in this process, one thing shouldn’t be ignored; the effect of GDPR on Third-party lead generation!
The correlation between GDPR and lead generation
Several things are expected from the proposed GDPR. According to the subject matter experts, under GDPR organizations are bound to keep documentation that lists the personal information.
It will be mandatory to mention the location of the information and the purpose of data processing. Also, the consent from prospects will also be required to store mandatorily.
Companies are required to follow a documented process for the protection of sensitive personal data.
The point to remember is that these rules are universally applicable for owned lead sources and third-party lead vendors.
Therefore, it becomes mandatory for B2B marketers to derive a mechanism. Thus, you will be able to make the third-party vendors, publishers, and media partners GDPR compliant.
If they fail in it, there could be crippling penalties.
Level 1 Penalty: 10 Million Euro or 2 percent of the annual revenue worldwide (whichever is higher)
Level 2 Penalty: 20 Million Euro or 4 percent of the annual revenue worldwide (whichever is higher)
It is as clear as day that the proposed changes will put an enormous impact on lead generation. Now marketers can’t follow the list blindly without checking the validity and compliance.
Vendors will be forced to show the compliance
As of now, many vendors are already compliant, and many are gearing up for the same. If you see the data processing agreement, then there is already a clause mentioned about GDPR.
In some case, websites show primers on the legislation. They display checklist and update the customers about the intentions to comply.
However, those who haven’t taken it seriously so far need to fasten the seatbelts.
As far as cloud is concerned, the challenges are different there. There, the vendors need to be aware of the processes and sub-processes of information they deal with.
Though it is a bit challenging, vendors that deal in the cloud can handle the situation better than others who are not in the cloud.
Regardless of the platform, one is dealing with, GDPR compliance is mandatory.
Stopping third-party lead generation campaign isn’t a solution
Many people think along those lines. They feel that the proposed change is not going to create havoc. They can simply cope-up with it by stopping third-party lead generation campaigns. That’s it!
However, the situation is not that simple. Why is it so? Experts say that there are two reasons.
GDPR is not the last and final regulation
It is sure that GDPR is a major step in securing the data privacy. However, it is not an all-inclusive regulation. Experts believe that there are many more to come.
Hence, just by stopping the use of third-party lead generation datayou are not in the safe zone.
There are detrimental outcomes of stopping third-party lead generation
Your sales pipeline can be severely hampered by your decision of not considering third-party programs.
As the marketing automation became pivotal, inbound marketing has been an enamoring aspect. It requires a profound strategy to reap the best benefits of it. Also, you need a fully-functional website.
It is possible to generate the demand that your business requires. When you build the demand, prospects are bound to come.
Hence, you shouldn’t stop the lead generation due to the fear of being non-compliant.
What is the way out to deal with GDPR?
Yes, it is indeed the right approach. You must be more vigilant and organized to deal with the consequences arising after GDPR.
Experts suggest that the early you start the preparations, the better it is.
Indeed, GDPR throws an array of challenges in front of the entrepreneurs. However, it is possible to overcome it by following a targeted and customer-focused approach.
Get your house in order, even if it isn’t sufficient
Is it enough to get your house in order? As per the proposed guidelines, if any of the third-party processor associated with you is not compliant, then you will face the heat. You are directly and legally obligated.
Since third-party data is quite frequently required by business firms, the compliance scenario will put a significant impact on it for sure.
When you are a marketing manager responsible for the business growth, it is high time to think about the possible effect of GDPR.
Work together with the data providers and try to get everything compliant as soon as possible.
Making sound and effective strategies will be greatly useful.
Vendor management is the key to success. The responsibility lies on your shoulder because as the business controller you are equally liable as the data processor.
To safeguard your business, you need to follow-up with the vendors.
Making the legacy data compliant is another big challenge. Hence, define a strategy for aligning it to the compliance norms.
Since several parties are involved here, it is not a kid’s play to assure that everything is in order. Moreover, the penalties are enormous. Hence, you need to be more cautious.
Formulate a well-defined plan and get through the new regulations.