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3 Common Myths about GDPR and B2B Data

3 Common Myths about GDPR and B2B Data

Introduction

The General Data Protection Regulation is a regulation that the European Parliament launched in 2016 to strengthen the protection and export of data for all individuals within the European Union.

Meanwhile, B2B Data (or business-to-business) is the way two companies relate to each other, one being the manufacturer and the other the seller of the product.

Both have carried several myths since their establishment, so today we bring you 3 myths about GDPR and B2B Data.

GDPR

1. The GDPR Only Affects Companies within the European Union

The GDPR does not only affect those companies that reside within the boundaries of the European Union. These legislations will affect everyone who has a business or relationship with any company or individual in this area. This means that companies that hold data on individuals or companies in this region will be obliged to comply with these laws.

This is why all global companies must adapt to these measures, as the demand from users in the European Union is great. For example: If a European user uses a social network based in the United States, or enters an online store of Asian or American origin in general, the measures imposed on this type of use must be complied with. Non-compliance with this law can lead to sanctions for both the site and the user (economic, legal, or even closure of the platform).

Without a doubt, more than being a European measure, it is a global one.

2. The Infringements Must Be Reported Within 72 Hours of Their Occurrence

This is a total fallacy, since first only personal or business data leakage incidents should be reported, leaving other security incidents at the discretion of the user whether to report them or not.

Later, we can observe that the 72-hour time limit is not necessarily strict or issued since the events occurred.

The period of 72 hours to report what happened to responsible authorities starts from the moment the user realizes that he has suffered a violation in the agreement of personal rights, likewise if it cannot be formally reported during that time; it can be extended until a valid justification can be presented before the same organism.

As you can see, this myth is doubly false and without any validity.

3. All Data Must Be Encrypted To Comply With the GDPR

This myth is false for several reasons, and it is one of the most widely believed. The GDPR does not necessarily force the encryption of all information, but it tries to ensure the implementation of measures and mechanisms to protect the information of its users such as the processing and storage of personal and business data. All this is done to prevent information leakage, not to confine it.

Encryption is a recommended measure, as it offers the user very good data protection, but it is not at all mandatory. Some would require encryption such as medical records, as they can be very sensitive and when leaked can be very harmful. The implementation of more secure algorithms is also recommended, to keep this information out of the reach of hackers.

B2B Data

1. The Millenials Have No Place in the B2B World

Everyone thinks that people with the greatest decision in this world are over 40, but this is not the case. Lately, the people who make more business decisions within the B2B parameters are young, since they were born with the internet and social networks, and they perform better in them than older people.

Since 2014, studies have shown that people between 18 and 34 years old represented almost half of the people who searched and sold industrial products; representing an increase of 70% compared to the period before this year.

Today, the millennials make up a large part of the B2B world as half of the buyers are people of this generation. When you do your market research and try to promote your product, keep this in mind, and advertise to these types of customers.

Millennial customers love eye-catching and charismatic publications, but they also want an efficient product as well as friendly, quality service.

2. Must Focus On Promoting Your Products to High-Level Entrepreneurs

This is not true since it is not always the top-level entrepreneurs who will personally do the searching. Many times they are busy with other tasks and delegate to employees of lower rank the decisions in business marketing.

This is demonstrated by the fact that several studies have revealed that these entrepreneurs are increasingly involved in making decisions about what product to buy or who to buy it from. The official figures are 64% of senior people whose decisions influence marketing areas directly, compared to 46% of lower-ranking employees who do the same. The numbers may be even higher on the part of the top-level employers, but if you only focus your advertising on them; you're losing the sympathy of the other side, which is significantly higher still.

3. Most Buyers in B2B Don't Use Cell Phones

The best thing to do when shopping at B2B is to use your cell phone, as you can compare prices, features, and seller’s reliability more easily.

40% of those who use B2B operate from mobile phones since even when they are working they can perform a product search.

That is why you should try to expand your marketing to cover the field preferred by cell phones: social networks.

Social media marketing is what it is today, it allows you to advertise your products for free, and it reaches many more people than other media.

The industrial marketing strategies in social networks are usually photographs of the product with catchy text in any publication; this will attract buyers and entrepreneurs who prowl the networks in search of this type of product. Without a doubt, social media is changing the world; it's time to focus your sales on that side.

Conclusion

In this article you could see a total of 6 myths related to the GDPR and B2B Data, and also helped to focus strategies to comply with the law, and at the same time improve your sales.

If you have a company or are an employee of one, you should follow what is said in this article, as it can both help improve the performance of the company, and avoid legal problems.

Also, compliance with GDPR laws is encouraged to be safe and secure.