4 Reasons Why GDPR Is Going To Benefit The Third Sector
Data is a highly valuable commodity in our industry: it paints a clear picture of who your donors are, enabling you to maintain the relationship. Investing time to understand and nurture this data, not just collate it, can help you get closer to your donors and may have a dramatic impact on funds raised.
The implementation of GDPR is the perfect reason to start looking at your data in a completely different way. Here are 4 reasons why GDPR is going to benefit your cause.
Today more than ever before, trust is being carefully weighed and questioned by those that give. It is without doubt the most important aspect to any relationship.
Pro-actively demonstrating that you are taking data seriously and putting improved processes and security in place to comply with GDPR, will help you gain trust from those donors on the fence about opting in and / or donating.
Getting the right consent at the right time and only contacting people when they have specifically asked to be contacted will add to a higher degree of trust.
There is now a commitment across the sector, in the interests of both donors and beneficiaries, to make consent the primary basis for all fundraising activity. (Fundraising Regulator, Feb 2017
2) Accurate & engaged data
The older the data the more likely its invalid; people have a tendency to move, change their email address or simply dont wish to be contacted by your organisation anymore.
The regulations require you to update, change or remove data if requested by the donor. Inevitably, and over time, leaving you with a more accurate and engaged database.
3) Data security
However low the risks, the fact is that there are plenty of hackers out there and unscrupulous people looking forward to embarrassing even the most amazing of organisations. Charities may be seen as easy targets, so please beware.
Leaving yourself susceptible to hackers could have disastrous effects. If your donors personal data is stolen and used for criminal activity, it would be difficult (if not impossible) to recover that trust.
The new regulations state you must ensure a level of security appropriate to the risk, there are numerous processes and systems you can implement to increase the level of security on your data. It is a time consuming task, but do the heavy lifting now and hopefully you can avoid implementing damage control in the future.
4) Marketing Insight
According to Mailchimp if you segment your customers, then you can substantially reduce opt-outs by as much as 25.65% if you segment using interest groups.
Use the new opt in regulations to find out what interests them and so you can start tailoring your email campaigns and take your supporters on the journey they want. Tailoring your communications is the best way to get their attention and retain their passion for your organisation.
Over a period of time patterns will start to emerge in the data, you can use these patterns and trends to shape future fundraising campaigns!
There is no doubt that getting your house in order will require a substantial amount of time, resources and money. However, its well worth it, not to avoid the hefty fines but so your organisation and your supporters can thrive in todays data driven society.