What is the value of your data?
Data processing, does anyone really know what happens with their data?
Do you have a credit card?
Do you have a storecard, Waitrose, Nectar, Macy’s, Tesco Clubcard, Costco etc?
Do you own an Alexa, Google Home?
Is Siri enabled all over your iPhone, for apps, engagement, questions?
Do you use Amazon Prime?
Data collected everywhere.
The answer to the above is most probably all or at least a few of the above. What does that mean, in essence, it means that vast volumes of data about you are already in the marketplace/world.
What you spend, how you spend it, when you spend it.
What you watch, when you watch it, what your preferences are (eg. Sci-fi, Fantasy, Drama, Documentary).
What you browse, what you search for.
Who you are - name, gender, age, dependents, interests.
Why do we give our data so freely?
The reality is there is a value exchange with all the services above, so as consumers we really don’t think twice about ticking boxes, consenting to the exchange of data and rarely decide to read any T&C’s associated with the singing up of services. We rarely think of what this means, what the impact is or how we might be affected.
What happens when consumers learn more about how their data is used?
A company I spoke about allot in 2018 and 2019 in the data space was a company called Jumpshot. This data business had a vast amount of data on search intent, purchasing, buyer and user behaviour. I used to talk about Jumpshot to demonstrate an example of what data can and is being mined and modelled by companies in the data marketplace; it always created a gasp from the audience.
Jumpshot was a spinoff from the antivirus software company Avast, and you may have even installed AVG for Fee on your machine, quick question, did you read the T&C’s?
Had you of read them, would you have still decided to download the software, probably as there was a value exchange, free virus software. Still, you would have realised that Avast was processing user search, purchasing and transaction data and anonymising it for pattern analysis and trend analysis. Perhaps you did click the option?
Picture this, 435 Million users of Avast and 100 million devices specifically with Jumpshot.
“Every search. Every click. Every buy. On every site.” was collected and analysed.
The question is now one of, did you understand what the opt-in meant or because now the value exchange of data for service seems to have swung in the providers' favour, you have changed your mind?
The other question to ask is, is Jumpshot the only data collection business out there? No, there are now 1250+ data companies in the Lumascape. Jumpshot, unfortunately, were highlighted and have ceased to exist. However, the fact remains, companies will continue to use data to improve customer experience, messaging, and communication strategies, that's a good thing, right?
Jumpshot boasted an impressive client list with the likes of:
“Jumpshot works with customers including Revlon, Microsoft, Google, Yelp, Condé Nast and TripAdvisor, among others.” a press release from Jul 22, 2019
“Jumpshot works with customers including Condé Nast, IRi, Kantar, Pepsi, TripAdvisor and Unilever, among others.” a press release from Sep 06, 2018
The companies above won’t have stopped using data, they will continue, they will find other sources of data, and by in large their goal will be to absolutely look to provide the best experience for the consumer.
The price is high!
With the advent of GDPR, CCPA, CRPA and other initiatives flowing through and public action from the ICO (record fines) the data industry is seeing significant change, has that finished, no. We are still very early in the process of really understanding how data processing and the implications of data use is going to unfold, yes there are regulations, yes there is a process in place, but many could argue that Jumpshot had followed the correct procedure in data collection, yet they were not able to survive the public exposure of just how much data power they held.
Does removing one company or some others change the landscape?
Bringing back to the top of my post, let’s ask those questions again.
Do you have a credit card?
Do you have a storecard, Waitrose, Nectar, Macy’s, Tesco Clubcard, Costco etc?
Do you own an Alexa, Google Home?
Is Siri enabled all over your iPhone, for apps, engagement, questions?
Do you use Amazon Prime?
All of the data and more, that Jumpshot was collecting, and modelling is covered in the list above. It may be fragmented and in silo’s but it is already out there. However, as there are value exchanges between the consumer and the data collection mechanism, it is rarely challenged.
Value exchange between brand and consumer.
Ultimately as brands, if you can demonstrate a value exchange, consumers are more likely to share data. The upside is excellent, but as we can see now the downside is once you have earned that trust be sure to keep it as consumers have gained significantly more data power.
Interested in more data strategy conversation, drop me line, Oliver
