Consumers Need Control Over Their Data

By Bixy

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Today’s third-party data collection leads to privacy invasion, poor marketer ROI and poor media monetization. Advertisers and marketers need data to serve consumers relevant, personalized ads, but according to a new Pew Research Center (PRC) report, consumer trust with those in charge of data collection is at an all-time low.

“It is such a common condition of modern life that roughly six-in-ten U.S. adults say they do not think it is possible to go through daily life without having data collected about them by companies or the government,” the report said. “Most also feel they have little or no control over how these entities use their personal information.”

Because tracking data is inaccurate and ineffective, consumers ignore or block ads. Consumers need transparency in how their data is collected, direct value as a result of sharing their data, and control over data they share with the marketer/advertiser.

“Eight in ten respondents say the risks they face due to the collection and storage or their personal data by large technology companies outweigh the benefits,” Matthew Renda, reporter for Courthouse News said of the PRC report. “This lack of control has materialized as a major concern for many of the individuals surveyed, as 79% of the adults polled said they are either very or somewhat concerned about how companies are using their data.”

Consumers need the ability to monetize and control their data. Bixy calls this “meCommerce.” Through a variety of interactive experiences, consumers are paid to share shopping preferences, watch videos, share content with friends and more. Brands pay users via personalized offers and redeemable cashback points.

With the correct data, advertisers and marketers can serve consumers relevant, valuable ads based on the interests and preferences explicitly shared via the opt-in conversation.

Sources:

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