What Does General Data Protection Regulation Mean for your Business?

On May 25, 2018, new data protection regulations will take effect throughout Europe. This General Data Protection Regulation (GDPR) will change how businesses are required to notify consumers with respect to their data. The GDPR also expands reporting obligations for companies that experience a data breach. Although the GDPR is specific to Europe, it will also affect some American companies with an overseas business presence.

The key components of the GDPR include:

  • Treating IP addresses, cookies installed on a user’s web browser, and other technical DNA as personal data;
  • Expanding data protection regulators’ power to issue larger fines for regulatory noncompliance;
  • Requiring websites to ask for a user’s explicit consent before using personal data and simplify processes for withdrawing consent;
  • Enabling individuals to ask companies to disclose what data they hold and to delete it if desired;
  • Giving parents and guardians an option to give consent for use of a child’s personal data;
  • Expanding customers’ authority to request data transfers among different internet service providers.

The GDPR is essentially an expended consumer protection bill. These regulations also have a cognate in the United Kingdom under a proposed UK Data Protection Bill.

Implications for American Businesses

U.S. companies that do electronic business in the United Kingdom and Europe will have to comply with new regulations. This is because those regulations cover the personal data of individuals based on their geographical location. The geographical jurisdiction of the company is not the controlling factor.

Preparing for GDPR Implementation

U.S. companies can begin to prepare for implementation of the regulations by focusing on a few general areas.

First, it’s important to note the GDPR defines two classifications of companies that use electronic data: controllers and processors. A company can fall into one or both classifications, based on how they fit into the GDPR’s definition of each.

Second, a company should determine a baseline of its current policies with respect to collecting and maintaining personal data. This includes auditing all current storage processes and deletion policies. Does your company have an explicit policy? If so, are you following it? Is there a way to streamline your data processes? Companies may choose to create a “single view” on users rather than dispersing their data across different storage systems, for example.

Next, an organization will likely need to redesign the disclosure and consent sections of its European and UK web presences. The organization must give European consumers expanded choices to opt out of data collection. And, companies must provide more affirmative information on how they use and collect personal data.

Last, all companies should enhance their data protection technology and prepare comprehensive response strategies. The reporting obligations in the GDPR impose a higher standard on companies to issue notices of data breaches. Failure to comply with those obligations can lead to significant fines.

A cyber insurance policy is one of the more effective response strategies a company can adopt to reduce GDPR risks. Policies provide reimbursement for regulatory fines and third-party liabilities companies may face if they violate the GDPR.

We will not know the full impact of the GDPR until after its enforcement. However, taking a close look at data practices and enrolling in cyber insurance now will give businesses a head start. In the event that you do experience a data breach that compromises consumer data, you’ll be ready to act quickly.

 

Marketing Plan Is Bound To Make An Impact In Your Business

Desired marketing starts with knowledgeable marketing strategy. A healthy marketing strategy helps you to define your vision, reach new customers, and achieve your missions. A good strategy also demands to keep reviewing and enhancing your skills to get ahead of your competitors. A good plan of action should be designed in the business that it gives you a great promotion of your products or services.

Key points to be considered for Marketing Strategy

A great marketing strategy is needed to run the entire business. So everything from top-to-bottom should be well-planned and developed with your terms. We use a number of marketing strategies in the marketing plan assignment to grow our business. However, some well informative outlines of steps are needed to achieve the goals. Here are some points that you need to consider upon before you start your own business:

  • Marketing plan assignment of your products and services
  • Role of the products and services in your market.
  • Your key marketing objectives
  • Shortlist your competitors
  • Focus on your customers
  • Plan your marketing tactics
  • Implementation of the ideas in your marketing plan
  • Measure your effectiveness
  • Write-down the drawbacks, if any.
  • Repeat the process without failing

 A formula for how a business is going to compete, what its goals should be and what policies will be needed to carry out these goals hold extreme prominence. These are the key elements of marketing strategy given by the well-known strategist from the past.

Marketing strategy is that section of your business planning which needs to be formulated to attract the customers to the business. Also, there is another term, Marketing Plan, which should not be confused with marketing strategy.

Marketing Mix

To run a business one needs to understand the basic marketing strategy which incorporates 7 important Ps of the marketing mix. They are Product, Price, Place, People, Promotion, Process and Physical environment.

Product– What are you selling? What are the physical attributes of your product or services you are providing to your customers? How is your product different from the other already present products in the market? And how does it benefit the customer?

Price– What cost you are going to charge for your product and services? What is the profit margin of your product? And how are you going to compare it with your competitive products?

Place– Where are you going to make your product available? If you are planning something big, then you should work on making it available at multiple stores keeping in mind the percentage sale from each place. For example, what is going to be your market strategy? How is your transaction going to take place? What will be your sale strategy? What will be your return or refund policy?

Promotion– How are you going to tell people about your product or service? How will you tell the market about the attributes and benefits of your product or service? What marketing tactics are expected from you and how are they going to result is the key objective of promotion. Also mentioning of coupons, discounts, and incentives, can truly help you to grow your business. One can contact the advertising companies to promote your business, product or service.

People– This is newly added P in the list of the marketing mix. And it’s very important if your own people are involved in helping to create the product and giving out services for each. But the thing which is important is that how are they going to help you in the task? Who exactly are going to be these people? And most importantly what do they provide, i.e. customer service, virtual assistant, sales calls. And what level of experience or training or help they are providing you with your business growth.

Process– What will be the process for your customers to buy the product or service? Share the details with your sales team or assistance team or staff so that they involve your customers in such a way that they aim at increasing your sale.

Physical environment– Where are you going to sell your product and services? This is majorly the key significant impact on how your customers are going to experience your business. The physical environment includes the furnishing of your store, the discipline, and design of your office desk or the website. Including positive environment in your workplace can lead your business to heights.

To run a business, one needs to understand their own product and services, its benefits and unique selling propositions. One also needs to consider the target market, ability to reach the customers, and after confirming every attribute. One should look into a good business plan assignment to stand out in the market and fulfill all the requirements of the customers. This process, on the whole, represents the buying experience.

To gain the maximum from your business, an effective marketing strategy (as mentioned above) can positively help you to define the overall direction, process, and goals for your business. If you are looking to get a loan or generate investments, then surely the marketing strategy and marketing plan will be your key essentials in your success.

Conclusion

A lot depends on the product and services that is strategized in such a way that it satisfies the customers need. Once you have understood the basics of the marketing mix, then surely you are ready to reach your target market.

5 Home Business Opportunities for Marketing Professionals

Marketing professionals looking for supplemental income or a more flexible schedule can find home business opportunities that offer a chance to grow professionally while earning an income. Whether helping client improve the traffic of a website or helping out an understaffed marketing department with a project, these home businesses can be operated from home on a full or part time basis.

Internet Keyword Optimization Specialist

Marketing professionals with a knack for words will find this home business opportunity challenging and rewarding. This business focuses on helping organizations find the right keywords to use to generate the most traffic and sales to a client’s website. A solid understanding of how search engines work is required to be successful at this career.

Online Marketing Consultant

As one of the home business opportunities well-suited for marketing professionals, online marketing consultants work with businesses to develop a plan and strategy for all online activities. As a consultant, tasks will vary by client and may include evaluating a business website, writing copy, keyword optimization, social media and providing creative direction to best meet the client’s business objectives. Staying up to date with latest online marketing techniques and understanding is essential.

Virtual Marketing Assistant

As businesses try to do more with less, many marketing departments are left understaffed or non-existent. Virtual marketing assistants help fill the void by creating brochures, newsletter, writing blog posts, handling social media campaigns or distributing press releases.

Green Marketing Consultant

Helping businesses reduce their environmental impact is the role a green marketing consultant plays. From finding environmentally responsible promotional items to transforming printed materials to electronic versions, this home business opportunity helps direct client’s to make more environmentally-friendly marketing choices. A green marketing consultant may also assist in communicating the green strategy of a business to customers.

Information Marketing

As more consumers turn to the internet to find information it has become vital for businesses to provide relevant information on a website. This home business opportunity is well-suited for marketers who are strong web writers and able to write to a variety of audiences. A solid understanding of search engine optimization is recommended as well.

In addition to professional marketing skills, individuals pursuing any of these home business opportunities should have strong communication skills, ability to meet deadlines, creativity and an understanding of internet marketing. To attract clients, consider writing a blog, participating in media and using any of the freelance websites available to promote services offered.

 

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