Have you ever thought about what your data is worth? Leverage the power of your data!
Organisations capture and use your data daily for commercial purposes. But, without your knowledge. And without your permission. Of course you receive a value based service from these companies. So you write off the data sharing as inconsequential and just the price you have to pay.
There is a lot written about use of people’s data without their consent. Remember the Cambridge Analytica scandal in early 2018? That highlighted the issue – millions of people’s Facebook profiles were harvested for political advertising purposes, without their consent.
This put the spotlight on data privacy. As a result regulatory environments are changing to protect the consumer. GDPR (General Data Protection Regulation) came into force in May 2018 in Europe, and the CCPA (California Consumer Protection Act) law will come into effect in California in January 2020. Australia has just passed the CDR (Consumer Data Right) into law in August.
These regulations will bring greater control over data use by businesses, giving consumers the right to view their data collected by an organisation, ask for it to be deleted and opt out of sale or sharing of their data.
So, imagine a world where you can choose what data you’d like to share. And you get paid for it! So, an ethical way of data sharing that has integrity and gives power back to YOU.
THIS WORLD EXISTS!
Two startups have created this ecosystem.
Digi.me lets you connect all of your various online applications and accounts, such as your Social Media (Facebook, Twitter, Instagram), wearables (Fitbit, Garmin, Google Fit), Lifestyle (Spotify, Youtube) and Financials. It encrypts the data and stores it in a location that you control. And only you have the key. You choose to share what you like. Digi.me never holds, touches or sees your data and therefore there are no profiles built on people.
UBDI (Universal Basic Data Income) is an app that can, with your permission, pay you for sharing some of that data with companies, researchers and NFPs. You are presented with different surveys which are then married with various relevant data points. You swipe to give consent to access your data, which is anonymised on your device and aggregated at the back end to give researchers very rich insights. And you are paid for use of your data. Win win!
How might a company find this useful?
Imagine that you are starting a tourism operation in Australia. You’re trying to attract a younger cohort of people but don’t know what would attract them. So you can set up a short survey to ask a few relevant questions, and you might choose to look at aggregated social media, expenditure and music data. This will tell you what this target audience likes to do in their spare time, what they spend their money on, what excites them and what genre of music is most popular. On this basis you can marry actual behavioural data with survey data for better product development and marketing.
What are the benefits?
There are so many!
- No more privacy concerns – data is shared on an opt in basis
- No more under payment of people for their perceptions – there is a fair value exchange
- No more long surveys
- No more inaccurate responses – behavioural data is actual data
- No more respondent fatigue leading to low quality responses
- No more survey fraud and bots undertaking surveys
- Never repeat screening or demographics
This is a game changer in the research industry!
Watch https://www.ubdi.com/individuals/how-it-works for more on how it works.