As a marketer, acquiring high-quality data is crucial for comprehending the position of potential customers in the buying journey. Doing so is necessary to know which approach will lead to a quicker sale. However, not collecting or disseminating data appropriately, or worse, doing so legally, can pose a serious threat. So what happens when intent data is not collected or distributed properly?
Quality B2B intent data is primarily valuable for sales and marketing professionals. Such data is derived from the online behavior of web users and can provide insights into their interests in certain products or services. It is also essential for a person working in marketing to pay attention to the privacy concerns related to consumers and their data. There are crucial matters that should not be taken lightly.
Everything you need to know about B2B intent data compliance and regulations
Data compliance refers to the formal procedures and regulations companies must follow to ensure the security of customer data against loss, corruption, misuse, and theft. It includes how customer data is organized, used, and stored. Essentially, any company that handles personally identifiable information (PII) and financial data must keep this information confidential and secure.
Data privacy regulations and B2B intent data – worldwide
The GDPR is a privacy law well-known worldwide for its clarity and extensive descriptions. The GDPR has established regulations to grant European Union (EU) citizens more authority over their personal data and help them take full advantage of the digital economy. It has become an official law in all EU members state. Under the rules of GDPR, businesses should only collect personal data legally and ensure that it’s not being misused or exploited (while also respecting the rights of data owners). If they fail to do so, they may face penalties. GDPR applies to all organizations within the EU and companies outside the EU that do business with EU companies. In short, almost all major corporations worldwide must have an approach to complying with GDPR.
The Personal Data Protection Act (PDPA)
The PDPA establishes a basic level of safeguard for personal information in Singapore, emphasizing its importance for individuals and organizations. The act permits companies to collect, utilize or expose personal data in legitimate and rational situations. The PDPA blankets electronic and non-electronic personal data.
New Zealand’s and Australian data privacy regulations
In Australia and New Zealand, the Privacy Act governs entities that deal with personal information. The Privacy Commissioner has the right to investigate breaches of the Privacy Act, including investigations initiated by the Commissioner, and can seek civil fines for serious or repeated violations of the APPs where the entity has failed to address the problem.
California Consumer Privacy Act (CCPA)
The main purpose of the California Consumer Privacy Act (CCPA) is to safeguard customers’ privacy rights. CCPA governs the control and ownership of personal data, such as internet activities, IP addresses, biometric data, household data, etc. The law also allows consumers to hold companies accountable in case of data breaches and privacy violations. The CCPA applies to all organizations that handle Californian residents’ data, and failure to adhere to the law can lead to penalties.
Canadian Anti-Spam Legislation (CASL)
The Canadian Anti-Spam Legislation (CASL) regulations are particularly relevant to email marketing campaigns, and the legislation applies to all electronic messages sent as part of commercial activities to Canadian residents. Under CASL, organizations must obtain consent from individuals before sending them any emails. However, if the email address is publicly available, such as on a company website, and no statement is present to deny email solicitations, unsolicited B2B emails may be sent with implied consent.
Benefits of intent data compliance in B2B
Compliance with the regulations will avoid risks
Focusing on data compliance is primarily motivated by the need to adhere to legal regulations, as non-compliance poses a significant threat to your business. This threat can come in the form of financial losses or loss of reputation. It may even lead to the end of your business or hefty fines for non-compliance. When companies comply with data regulations, customers gain trust, which will avoid these risks.
Build more trust with the customers
It can be beneficial for your business to establish trust with your clients by explaining how personal information is used when obtaining consent to use data clearly and concisely. Consumers are becoming increasingly concerned about how their data is handled; therefore, you can build trust in your brand by demonstrating transparency and accountability. The GDPR can be used to emphasize that you prioritize the privacy of both current and potential customers, setting you apart from your competitors.
Handle and understand intent data better
To comply, it is important to clearly understand the sensitive information you possess about individuals. To achieve compliance, you must examine all your data, allowing you to reduce the amount of data you collect and store, improve your storage organization, and fine-tune your data management processes. Through this process, you can also identify and eliminate redundant, obsolete, and trivial (ROT) files that your organization retains but do not have business value. Thus reducing the costs associated with storing and processing unnecessary data. Additionally, analyzing your data will enable you to implement mechanisms that meet another GDPR requirement: making the data globally searchable and indexed.
Why is privacy important for B2B intent data?
In the B2B industry, cold calling and cold emailing are primary methods for generating sales. Acquiring personal data is crucial for reaching the target audience, significantly affecting the sales team. Outbound sales in large organizations rely on B2B data daily, resulting in a large amount of data that requires B2B data protection measures. In the B2B industry, data privacy and safeguarding are crucial aspects. As a knowledgeable individual in this field, you are likely to manage a substantial amount of self-generated data, which necessitates the effective implementation of data management and mining techniques. Therefore you should be more careful about customer data privacy and customer data security. All the companies that deal with B2B marketing data must comply with privacy laws and regulations as per the regions you work in.
How is intent data collected?
Websites that are independent or serve as portals collect customer data and then share that information with third parties. These sites cannot capture large amounts of data, but they have an easier time managing user approval to share their data. An example would be an independent business-to-business (B2B) review website that tracks user product research and shares it with vendors who pay for access. This particular data is focused exclusively on B2B products and strongly indicates purchasing intent. However, these signals are limited to only the organizations visiting their website, similar to intent signals from your own website.
Bidstream data refers to user behaviour information obtained through an ad pixel and then shared through ad exchanges. When an intent data provider places an ad on a public site and then scrapes the keywords and visitor information without permission from the site owner or visitor, it is considered bidstream data. For instance, if your potential customer is browsing and visiting sites containing the search phrase “social media marketing” and the intent data provider’s advertisements are displayed on that site, your intent provider will collect your data.
Publisher Co-ops refer to a group of publishers and websites that share their data for mutual benefit. When a website or publisher becomes a part of this group, they ensure that their visitors have granted consent before sharing their data. It enables every participant to have access to a larger data set. For instance, the methodology relies on a selectively curated assortment of publishers and partners that house an extensive collection of in-depth information. The strategy provides a comprehensive and dependable view of intent data, which is preferable to rely solely on exact keyword matches found in the bid stream approach.
Risks in B2B intent data collection
As the rules related to data protection become increasingly strict, companies must exercise caution in their data usage and their decisions regarding the vendors and partners they collaborate with for data collection purposes. Many new regulations are also introduced to protect intent data (from consumers). Regarding compliance, B2B intent data providers who depend on bidstream are in a precarious position. It is because these providers are not considered a reliable identifiers. Cooperatives ensure network-wide agreement from visitors upon first interaction.
If the B2B intent data is not used properly, you might have to face certain consequences, mostly resulting in fines. Tracking user data without the consent of the regulations can result in huge fines. Even businesses have the right to file a case against a data company that has allegedly obtained or taken advantage of certain intent data.
You must have high data security if you are handling any user’s data, even if it is just a small amount of information. All the information the customer leaves while interacting with your brand should be protected from loss, misuse, corruption or theft. If you are wondering what data protection and compliance are, the information provided here will be useful.