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Loyalty programs cost you your personal data — are the rewards worth it? TNW

Loyalty programs cost you your personal data — are the rewards worth it? TNW | The CYDigital Blog | Scoop.it
Thankfully, people are becoming aware of some of the dangers associated with handing over their data. According to a survey conducted by The Harris Poll on behalf of Wilbur earlier this April, 76 percent of Americans are more likely to join a program which collects only their name and phone number.

An almost equal number (71 percent) said they would be less likely to join a rewards program which collects personal information, including address, account information, and other sensitive data.

These data points highlight the growing concern customers have in general about sharing personal information.
CYDigital's insight:

It's probably the worst value offered for data.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy #datamonetization

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Why Personalization Matters for Consumer Privacy - MIT Sloan Management Review

As the benefits of personalization become more attractive for surveyed consumers, the level of concern about privacy declines. Not surprisingly, receiving individualized pricing in the form of discounts for a product or service that consumers really wanted was among the most favored benefits for data use, with 57% expressing excitement. Coming in second, with 55% expressing excitement, was receiving a free product or service that consumers wanted but felt was too indulgent or not high enough in priority to purchase themselves. Interestingly, receiving dedicated concierge services and personalized advice came in at the bottom of the list of customer delights (less than 25% excitement each).

Concern over data practices increases with age, however, while excitement over free benefits declines. Some 65% of those under age 24 are not concerned about companies analyzing their buying patterns compared with 30% for those over 65. Similarly, for younger consumers, the better the benefit, the less concerned they are about privacy compared with other age groups.
CYDigital's insight:

Another point of validation supporting consumers willing to trade information for benefits. We're especially excited as the #1 desired benefit, individualized pricing, is directly in alignment with our solution!!

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy

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CYDigital's curator insight, 12 June, 16:35

Another point of validation supporting consumers willing to trade information for benefits. We're especially excited as the #1 desired benefit, individualized pricing, is directly in alignment with the CYDigital solution!!

 

Curated by CYDigital: Delivering Consumers who want to buy from you. https://cyd.digital #zeropartydata #martech

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Report: Google and Facebook May Have to Disclose How Much Your Data Is Worth - Breitbart

Report: Google and Facebook May Have to Disclose How Much Your Data Is Worth - Breitbart | The CYDigital Blog | Scoop.it
A recent report from MarketWatch claims that ahead of suspected antitrust investigations into Silicon Valley, tech giants may have to reveal to users how much their data is worth. User Data is the lifeblood of the Masters of the Universe, providing them with billions in profits based on targeted advertising.
A recent report from MarketWatch outlines the wide-reaching effects of the previously reported antitrust investigations into Silicon Valley tech giants such as Google and Facebook. According to MarketWatch, this could force Google and Facebook to reveal to users how much their data is worth.
CYDigital's insight:

Sourced from MarketWatch. We're watching to see how this will be low-balled. 

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy

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As feds prepare antitrust case, Facebook and Google face a billion-dollar question: Does your data have value?

As feds prepare antitrust case, Facebook and Google face a billion-dollar question: Does your data have value? | The CYDigital Blog | Scoop.it

"The credentials to a PayPal  account with a relatively high balance can be sold on the dark web for $247 on average, according to a report by content-marketing agency Fractl, which analyzed all the fraud-related listings on three large “dark web” marketplaces.

The value of data to companies and hackers provides insight into the contradictions on how much that data is actually worth.

The market is grappling with putting a price tag on your data, but the courts have yet to decide the value of that information. “It’s definitely up in the air,” said privacy-law expert William McGeveran, a professor at the University of Minnesota Law School."

CYDigital's insight:

The dark web as the market index for data value? We've done the analysis: it's about $7500 per online household per year.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy

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Getting real with the value exchange | WARC

Getting real with the value exchange | WARC | The CYDigital Blog | Scoop.it
But for all the focus on gathering, managing and activating data, the question few stop to ask is: Is all this worthwhile? Often the efforts at targeting and personalisation “may only have the effect of improving a tactic on a media plan, with limited success in boosting more important brand health or business metrics,” they suggest.
CYDigital's insight:

For the most part, it isn't! Marketers need to capture attention at the specific moment in time where the Consumer is making a decision, and all the data in the world won't give you that insight. The only path to success is if the Consumer advises you of their decision.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Instead of taking our data, some companies ask nicely for it

Instead of taking our data, some companies ask nicely for it | The CYDigital Blog | Scoop.it
Eager for more personalization and consumer trust, companies are increasingly turning to zero-party data, according to Forrester. In a November report, the research firm said that 57% of consumers would share data in exchange for personalized offers. By next year, 15% of global brands will be collecting zero-party data.

In the meantime, the advertising industry could gain more trust among consumers by proactively adopting zero-party data and other privacy-protecting practices. At a time when third-party data usage is only growing, making data volunteerism an appealing business model will depend upon giving consumers clear incentives to volunteer the data that advertisers want, through rewards, unlocked paywalls, or other benefits. It will also depend upon building more trust through transparency. The companies themselves will need to volunteer more of their own data too, including what, exactly, they’re doing with ours.
CYDigital's insight:

Consumers ARE willing to exchange data for value! Make the offer, and viola!

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Website Users Willing to Exchange Privacy for Better CX

Website Users Willing to Exchange Privacy for Better CX | The CYDigital Blog | Scoop.it
Sitel recently conducted a survey and found that consumers (about 33 percent) are most willing to share their personal information with companies in the banking and financial services industry for a better customer experience, but less willing with travel (17.92 percent), hospitality (15.92 percent) or retail (15.33 percent) companies. “While there's a clear appetite for better customer experiences, and consumer expectations only continue to grow, it's now the job of the company to prove that customers' private information will be safe and secure in their databases,” Mike Small, CEO of Americas at Sitel Group, said.
CYDigital's insight:

Exchanging data for better CX not nearly as high as exchanging it for value.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Consumers Worry About Personal Data Privacy But Few Take Action: Study

Consumers Worry About Personal Data Privacy But Few Take Action: Study | The CYDigital Blog | Scoop.it
So it’s not surprising that a privacy survey from IBM’s Institute for Business Value that came out Monday would show some big reactions to the topic, as Axios reported. Eighty-one percent of consumers say they’ve become more concerned about how companies use their data, while 87% think companies should be more heavily regulated on personal data management. Three-quarters of the people felt like they were less likely to trust companies with data and 89% said companies should be clearer about how their products use data.

But even though consumers are concerned with one story after another of companies losing or misusing personal data, apparently it’s not enough for them to take actions in response. Seventy-one percent said that they were willing to give up privacy to get access to what technology can offer. Only 45% have updated their privacy settings on products in response and 16% walked away from a company because of data misuse.
CYDigital's insight:

This is supported by other research: Consumers are definitely willing to exchange data for value.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Google spin-off will collect and SELL the location data of its users | Daily

Google spin-off will collect and SELL the location data of its users | Daily | The CYDigital Blog | Scoop.it
Using Replica, a New York based sister firm of Google, will be able to ascertain the total number of people on a road, what mode of transport they are using and what the purpose of their trip is.
CYDigital's insight:

This has to stop!

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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People Will Trade Personal Data for Convenience and Security: Experian

People Will Trade Personal Data for Convenience and Security: Experian | The CYDigital Blog | Scoop.it
People are more than happy to share their personal data, just as long as they’re getting something in return. 

That’s the main takeaway from Experian’s Global Identity and Fraud Report, which found that growing privacy concerns have not soured people on the overall potential of the digital experience. The vast majority (90 percent) of consumers are aware that businesses are collecting personal information, but 70 percent would still be willing to hand over more information if it would make their online interactions faster and safer.
CYDigital's insight:

Consistent with other data we've found.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Owners won't control data vehicle generates - survey | Automotive Industry News

Owners won't control data vehicle generates - survey | Automotive Industry News | The CYDigital Blog | Scoop.it
UK automotive executives believe the owner/driver of a connected car in future won't own the data their vehicle generates, according to KPMG's Global Automotive Executive Survey 2019.
The survey found that only 35% of UK automotive executives expect the owner/driver to have data ownership with their vehicle. However, almost half of the consumers surveyed (47%) believe that the owner/driver of the vehicle should be the sole owner of the data it generates.

Justin Benson, head of automotive at KPMG UK, said: "Personal data is a highly valuable asset to an individual and it's freely given away in exchange for the use of various services. It's the currency of the future and when vehicles become more connected and autonomous, consumers will be able to barter with their data.
CYDigital's insight:

Now there's a disconnect.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Paying Users for Their Data Would Exacerbate Digital Inequality –

Paying Users for Their Data Would Exacerbate Digital Inequality – | The CYDigital Blog | Scoop.it
First, users would simply not be paid that much for their data. For example, one estimate suggests that Facebook could pay users a dozen euros a year for their personal data. But this estimate is vastly overstated because it assumes companies can pass on all revenue and ignores all their costs. A more realistic model suggests users would get just a pittance. Google and Facebook, for example, earned about €25 billion in combined profits in 2017 and have around 4.6 billion users globally. If the payments to users were equal to half their profits, each user would get a grand total of €2,7 per year. Who is ready to quit their job and live off the proceeds?

CYDigital's insight:

So here's the problem with this logic: it's not the value from the social platform, but the perceived value from the Advertiser! The Advertiser puts far greater value on the data, as seen by advertising spending.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Americans Willing to Share Sensitive Biometric, Location, and Medical Data for Benefits, National Survey Finds

Americans Willing to Share Sensitive Biometric, Location, and Medical Data for Benefits, National Survey Finds | The CYDigital Blog | Scoop.it
When considering trade-offs between privacy and other benefits, most Americans would be willing to allow third parties to collect at least some sensitive personal data, according to a national survey from the Center for Data Innovation. Overall, nearly 6 in 10 respondents (58 percent) said they were willing to let a third party collect at least one type of sensitive personal data, such as biometric, location, or medical data, in exchange for a service or benefit such as an easier way to sign into an account or getting free navigational help.
CYDigital's insight:

There is a definite trade-off available for Advertisers.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Facebook Paid Teens In Exchange For Personal Data

Facebook Paid Teens In Exchange For Personal Data | The CYDigital Blog | Scoop.it
TechCrunch reports that the social media firm has been secretly paying people to install a Facebook Research Virtual Private Network that allows Facebook to collect all of a user's phone and web browsing activity.

Facebook used the program to pay non-employees $20 a month for their data.
CYDigital's insight:

And $20/month is low.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Viewers Ready To Give More Data, At A Price: Janus’ Shimmel Tells Prohaska – Beet.TV

Viewers Ready To Give More Data, At A Price: Janus’ Shimmel Tells Prohaska – Beet.TV | The CYDigital Blog | Scoop.it
“We did some research at Turner that we call the Consumer Data Value Exchange,” says Shimmel. “We were trying to get an understanding of what consumers are willing to give up in terms of data to get a better ad experience so they’re not getting ads for categories they don’t care about.

“The reality was consumers said they’re willing to give up a lot more than we think they’ll give up. They just need control and they need to be paid for it.”
CYDigital's insight:

More on their report here: https://adage.com/article/turner-ignite/time-a-video-ad-model/310223/

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Surveys Reveal User Attitudes about Online Data Privacy and Accuracy

Surveys Reveal User Attitudes about Online Data Privacy and Accuracy | The CYDigital Blog | Scoop.it
Two new surveys released today shed light on what users want and know about the data online services collect about them.


According to a national survey conducted by the Center for Data Innovation, Americans say they would prefer online services such as Facebook and Google to collect less personal data -- but few would be willing to pay for these currently free services in exchange.

About 8 in 10 people surveyed said they wanted online services to collect less data, and they'd be willing to put up with more ads (53 percent), see less-useful ads (74 percent), or lose a few features they currently use (54 percent). Asking them to open their wallets is another matter. Only about a quarter (27 percent) would be willing to pay a monthly subscription fee in exchange for greater data privacy.

When it comes to Facebook specifically, a new Pew Research Center study looked at data accuracy more than data privacy. The study found that half of Facebook users are "not comfortable" when they see how the service categorizes them.

According to Pew, "Facebook makes it relatively easy for users to find out how the site's algorithm has categorized their interests via a 'Your ad preferences' page." However, its survey found that nearly three-quarters of respondents (74 percent) said they did not know "this list of their traits and interests existed until they were directed to their page as part of this study."
CYDigital's insight:

There's a data privacy tsunami coming...

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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How Much is Your Personal Data Worth?

How Much is Your Personal Data Worth? | The CYDigital Blog | Scoop.it
The biggest roadblock is the fact that consumers aren’t interested in completing surveys all day for no reason – they need an incentive to do so. To solve this problem, Opiria has decided to develop a platform on the Ethereum blockchain that allows consumers to use their data as a source of passive income.

With the blockchain-based platforms, consumers have far more privacy and agency. They can decide with whom to share or sell their personal data and receive fair compensation for it in return, all without having to trust a middleman.
CYDigital's insight:

The challenge is the data capture and ownership by the consumer. CYDigital has figured this out.

 

Curated by CYDigital: enabling Consumers to capture, control and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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