Making your financial services marketing attribution GDPR compliant
I’ve managed to get two hot topics into one headline! How do you attribute marketing activity whilst ensuring that you do not fail GDPR compliance?
At the heart of GDPR is the ability to show clearly what you are doing with personal data and how people can manage their privacy and choices. As marketing attribution relies on data analysis of interactions with your business, the scope for non-compliance is wide.
The best practice in marketing attribution is to link prospect/customer activity to calls-to-action. With online marketing this is easy for form fills, online purchasing and live chat because the use of cookies allows a marketer to see the whole customer journey. Reporting can then provide a full analysis of the conversions and goals achieved allowing for continual improvement in targeting.
However, when it comes to full attribution where the final step is taken by the customer on the telephone, everything becomes more difficult. How do you link that call with their web activity when you cannot physically add a cookie? Luckily, with clever use of Mediahawk’s technology you can have 100% attribution with telephone calls initiated from a web visit and bridge the attribution gap.
We’ve written about this in more depth in our white paper which shows how this can be done
This white paper shows the key methods to attribute telephone calls to marketing activity. You will see that some methods rely on matching and analysing customer data to create the attribution. This is where GDPR compliance becomes important.
If your GDPR compliance is badly managed, for instance not having proof of the right permissions showing how you will keep and mange a person’s data, you’ll become blind to customer activity.
With GDPR compliance it will be critical to ensure that your permissions and data gathering activities are transparent and acceptable to your customers – especially in the financial services industry where sensitive information is often revealed as part of the acquisition of a product or service.
With telephone attribution in financial services, the key areas to address for GDPR will be how you gain consent for data processing, as well as showing how you comply with other legal requirements for obtaining and storing data around financial transactions.
Don’t let GDPR make you blind in your drive for better marketing. It’s one thing to be compliant, quite another to ruin your ability to gain new customers. We can show you how to take the right steps to proper telephone marketing attribution now and in the near future when GDPR goes live.
