How much is your personal data worth?
At a time when governments snooping on communications data is top of the news agenda it is time for people to realise exactly how much of their private information is out there on the internet. From the websites you’ve visited to the people you are friendly with on Facebook all of this data is used to try and sell you goods and services in increasingly clever ways. Essentially it is the price of free – sites like Facebook don’t charge you to join, and providing an infrastructure for billions of users doesn’t come cheap.
And generally consumers value convenience over security. Hence the increase in sites that let you sign in with your Facebook, Twitter or Google IDs, adding to the data being held about you, tracking your online movements. Of course people have the option to register separately for these sites, but the upfront cost in time of filling in more forms puts most of us off.
Adding in mobile, location-based data adds an extra dimension as companies can see broadly where you were when you looked at a particular page. So marketers know that you were standing outside Starbucks when you checked where the nearest Costa was.
So how much is this data worth to businesses? Hundreds of pounds? Err, no. According to the Financial Times, the average person’s data retails for less than a dollar. Having filled in its nifty online calculator I didn’t even make 50 cents – but then I’m not about to give birth, get married or have a long term (lucrative) health condition. Try the test for yourself on the FT website.
As the PRISM scandal has shown, it isn’t just businesses that want to track your online behaviour. Nine internet companies, including Microsoft, Apple, Facebook and Google were pinpointed as revealing user data to the National Security Agency.
In the wake of the scandal and renewed interest by consumers in protecting their privacy, the internet industry needs to look at how it gains permission, collects information and shares personal data. Social networks and the internet itself are now mass market – they have crossed the chasm and are no longer populated solely by early adopters and teenagers with a relaxed attitude to sharing their personal information (even if it lands them in hot water down the line). Default settings need to be for stronger privacy settings (rather than the minimum), nudging people into being more secure with their data if companies are to regain trust. Of course, we’re not going to stop using Facebook and Google – but it would be a smart move (and a potential differentiator) for these companies to take a stand and make it simpler for us to protect our privacy online. Even if our data is only worth 38 cents.
June 19, 2013 - Posted by Chris Measures | Marketing, Social Media | Apple, big data, data, Edward Snowden, Facebook, Financial Times, Google, Microsoft, National Security Agency, password, Starbucks, surveillance, twitter
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Marketing is undergoing a revolution. The advent of social media provides the opportunity for one-to-one communication for the first time since the move to an industrial society. This blog will look at what this means for B2B PR and marketing, incorporating my own thoughts/rants and interests. Do let me know your feedback!
About meI'm Chris Measures and I've spent the last 18 years creating and implementing PR and marketing campaigns for technology companies. I've worked with everyone from large quoted companies to fast growth start-ups, giving me unrivalled experience and ideas. I'm now director of Measures Consulting, an agency that uses this expertise to deliver PR and marketing success for technology businesses.
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