By Summer 2018, international software vendors that sell Marketing Technology solutions into the EU will – by action or inaction – have self-selected into one of four broad categories:
1. Do not comply with the requirements of GDPR, but continue to sell into the EU
- these vendors face declining credibility with buyers;
- potentially facing a loss of confidence among investors and shareholders;
- administrative fines up to 4% of global revenues may be levied by EU Data Privacy Authorities;
- CMOs and Product Management VPs in this situation may be fired.
2. Non-compliant and therefore voluntary exit from the EU market
- cannot or will not make necessary changes to products and/or supporting services;
- choose to avoid the level of investment necessary to compete in the EU;
- are able to make sufficient revenues from other geographic territories.
- organisations that have adapted their internal processes for personalised one-to-one marketing, plus tracking & monitoring;
- they have also documented data flows and conducted privacy risk assessments;
- however, they will face stiff competition from …
4. Vendors offering “Privacy by Design”
- these vendors understand not only how GDPR affects their EU customers,
- they have also incorporated these insights into product development plans and go-to-market strategies.
- By directly addressing and solving GDPR issues for their customers they will gain a significant long-term Competitive Advantage.