This research paper analyzes the developing effect that the European Union’s (EU) recently developed General Data Protection Regulation (GDPR) will have on the marketing strategies of firms that rely on big data. Big data is identified as consisting of data and data analytics involving a huge volume of data, a diverse variety of data, and a high velocity of data capture and collection. This analysis begins with some discussion of the concept of big data and follows this up with overviews of both the GDPR and big data use in the marketplace. The EU replaced its older Data Protection Directive or DPD with the GDPR. The GDPR consists of a series of chapters and articles that require, among other things, consent to collect and store data, the anonymization of data, announcement in 72 hours of a data breach, provision of encryption and the identification of a Data Protection Officer. Marketing and the marketing function can implement emergent technologies that augment big data and its analysis while simultaneously achieving compliance with regulatory frameworks like the GDPR. These marketing related solutions are those such as blockchain marketing applications like Brave Browser and Blockstack among others. The report also examines the way in which enterprises use big data in their marketing strategies and how they are affected by it now that it has come into effect. Some of the more marketing-oriented uses and applications of big data are found in sophisticated loyalty programs, demand forecasting and customization either of experience or product/service. This study also offers some final recommendations related to GDPR compliant marketing strategies. These include the development of a comprehensive program to purchase consumer data directly from consumers and the introduction of blockchain as a means to facilitate a smoother transition to GDPR compliance.
The European Union’s GDPR and Its Effect on Data-Driven Marketing Strategies