Everything that you do is valuable. From your thoughts, your words, your identity, your past history, etc. This sensitive data can be collected and used as valuable information for companies. Data such as your browsing history, email conversations, online activity, GPS location, and more is information that has been giving up by consumers in return for free perks such as coupons. The question is, why are consumers giving up our personal data, and allowing someone else to use it for free? Consumers are now beginning to take back ownership of their valuable information and allowing companies and organizations to only use the data in return for monetary rewards.
For years there have been cases where retailers would casually ask for a customer’s phone number or email during checkout. With no hesitation consumers tend to give the information to retailers without even realizing the worth of it. Companies and marketing firms have been gathering information about customers and potential customers for years, collecting their names and addresses, credit card purchases, and asking them to fill out questionnaires, so they can offer discounts and send catalogs. Companies analyze then use this information to offer consumers’ discounts and other product recommendations based off your activity. According to the Financial Times, your general information is worth about $0.0005 to $0.50 per 1,000 people. Which is why data ownership is important.
There has recently been an influx in startup companies in which entrepreneurs have allowed consumers to regain data ownership and monetize their personal information. For example, Google Screenwise Trends gives up to $8 cash to anyone willing to share their browsing behavior with Google and its partners. Raptr provides users with free games, hardware, and discounts in return for video gaming habits. With applications like these, companies are able to use the general data, and have the option to pay more for any additional insight if needed.
Think about how much your private information is worth. I recommend that consumers begin to be more hesitant when it comes to giving companies ownership of their personal information. They should take advantage of the data applications that allow them to receive monetary rewards for the things they do on a daily basis. Data ownership will become a revolution in the digital economy for years to come.
Source: Datafloq | Monetizing Your Personal Data: From Data Ownership to Data Usage
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