Blis announced the launch of a new research report titled ‘The Currency of Data: Quantifying the Value of Consumer Information in 2019’, which uncovered how Americans feel about their personal data and how willing they are to share it. The study finds that consumer awareness of their personal data is growing, and, as a result, it is critical that marketers not only abide by data-acquisition regulation but also work to instill consumer trust and put control back in their hands.
Nearly two in three consumers are more aware of how their personal information is being used today than they were just a year ago, and 83 percent of people are aware that their location is tracked. The research also shows that:
- 60 percent would unveil their personally identifiable information (for free or at a price) to advertisers and 57 percent of these respondents place a 10 dollars minimum value on their identity.
- 2/3 of customers are willing to have their location tracked, either permanently or through opt-in prompts.
- 4 in 10 consumers are not willing to share their personal or location data, even if incentivized while 10 percent will give it away for free.
Consumers with household incomes of less than 50.000 dollars are more likely to give their data for free, while those making more than 50.000 dollars are likely to sell the same information for at least 5 dollars.
“Over the last year, consumers have become exponentially aware of the amount of personal information companies have access to, how much of it is being collected and, perhaps most importantly, what their data is being used for. Our study found only 10 percent of consumers don’t care if their data is tracked and shared without their permission, but for the vast majority, this is not the case,” said Gil Larsen, VP Americas at Blis. “However, our research also shows that there is an opportunity to change this relationship thanks to the possibility of a new data exchange on the horizon for both marketers and consumers. Consumers will feel secure in sharing their information and companies will regain the trust they have lost over the last couple of years, but it will come at a price. ”
While consumers indicate they will share information, the type of data they are willing to share comes at varying premiums. In general, consumers are less likely to part with their contact information (address, phone number) than they are their demographic information (age, parental status, education, income, marital status). In fact, research shows that respondents are 100 percent more likely to share their home address and 114 percent more likely to include a phone number in exchange for a ticket to an event than they are for a tube of toothpaste.
More so, consumers are not only willing to share their PII but also their purchase data. Seventy percent of respondents indicated they would be are willing to share their buying habits – specifically competitive purchase history – with Amazon for a discount on their next purchase.
“There is a path forward for brand marketers to ensure they have consumers’ trust while still having access to the data they want and need,” said Diane Perlman, CMO, Blis. “Like with any commodity data has the possibility to become its own currency – we are already seeing this on a less sophisticated level with consumers exchanging their email addresses for discounts on their online-purchase. We don’t know what this marketplace will look like yet, but privacy and transparency will be crucial in this new data-driven economy.”