GDPR getting you down? How marketers can stay creative amid privacy regulations

By now, most credit union marketers have heard of the European Union’s General Data Protection Regulation or the California Consumer Privacy Act here in the U.S. Both put a bright spotlight on privacy and personal data with the consumer ultimately having the right to choose how, when and where their identifiable data is used.  If this sounds complicated for credit union marketers, it certainly is.

While credit unions have always highly prioritized the safety and security of consumer financial information when following federal and state regulations, these new privacy regulations take it one step further.  

GDPR and CCPA are a set of recent rules that aim to give people more transparency and control over their personal data and how it is used and processed by businesses. The rules focus on personal data and maintaining its confidentiality, integrity and accuracy by putting limits on what businesses can do with their consumers’ personal information.

Under GDPR, companies cannot send targeted direct marketing to consumers without their consent. That means it is up to the consumer to decide what marketers they want to interact with, and how. Rather than “opting out” of marketing messages, those must now “opt in,” or actively consent, to receive marketing messages. By default, consumers may assume that not consenting to marketing messages is the way to go. After all, who wants another email clogging up their inbox? But, as credit union marketers, we should think of this as our chance to be creative and promote the benefits of opting in.

Here are some ideas to still be engaging and relevant to your members, so they want to opt in.  

Learning About Promotions

Who doesn’t love a deal? Let your members know that, by agreeing to receive marketing messages, they’ll know about special discounts, sales or promotions which otherwise would go unnoticed by those not opted in.

Event News and Updates

Lots of credit unions offer free or discounted tickets for credit-union sponsored events. Make sure you inform your members that it’s for their benefit to not miss out on promotional emails. Now they’ll receive notice of events, or information about business details, such as a change in hours or location.

Exposure to Relevant Products

Everyone wants their consumer experience enhanced. Credit unions can now develop personalized consumer experiences matching opt-ins and other preferences of each member. That means members are more likely to receive messages about offers that apply to them, rather than blanket advertising.

Access to Educational Content

In addition to relevant product offers, members should be made aware that they may be missing out on educational or entertaining content to make them more financially healthy. Get your members the content they need such as better budgeting, credit scores and identity theft prevention.

Remember that those who opt in want to hear from you and could possibly be the best brand advocates your credit union has.

Co-Authored by: Anna Baskin