The revision of the Data Protection and Digital Information Bill expected this spring is predicted to prompt 50% of small to medium sized businesses (SMBs) to re-invest in their customer communication strategies, with experts warning that they must respond to these changes or face the risk of losing market share.
The upcoming changes to the bill will ease restrictions around the consent and impact of data sharing, thereby enabling small to medium sized businesses to deliver more personalised and proactive communications. Firms such as Quadient are advising SMBs to become more active in their marketing and customer interaction strategies.
The revised regulations offer noteworthy opportunities for SMBs to enhance interactions with their customers, who are increasingly demanding a high level of personalisation from companies. Until now, constraints placed by GDPR and the Data Protection Act 2018 have limited the potential for proactive communication and direct marketing.
Antony Paul, Head of Global Product Marketing at Quadient, commented: "Whether consumers are dealing with a huge multinational corporation or a small business down the road, they will ultimately demand the same level of customer experience.
"This means hyper-personalised, proactive communication, that anticipates their needs," he said.
Paul further stated that customers today desire to be viewed as individuals, and the revised regulations will facilitate small to medium sized businesses in meeting this requirement.
Quadient recommends small to medium sized businesses to embrace changes promptly to gain an edge over the competition. This may involve creating communication templates or unifying their data strategy. Such changes, the firm insists, enable firms to readily use data by different parts of the business.
Antony Paul cautioned: “Ultimately, the big players – the huge international corporations – will already have strategies in place to take advantage of the revised regulations," he said.
"SMBs need to be ready for the starting gun to be fired, putting processes in place so they can quickly create and distribute communications." Paul emphasised the importance of early preparation as opposed to waiting for the law enforcement, citing it as a key determinant of gaining market advantage.
Looking ahead, the revisions provide an ideal opportunity for SMBs to consider automating their communication processes in an attempt to streamline their existing system, according to Paul. Such advanced technologies that were once exclusive to large corporations are now accessible to smaller businesses, he said, setting the stage for an interesting sector shift in the months to come.