Is personal data the currency of the future?
Brands and consumers have benefitted from sharing personal data for years and it’s no coincidence that you probably haven’t noticed. The question is; do we reward customers enough for parting with their personal data?
Watch out, GDPR is about!
Contact forms and pop-up subscriptions often trick consumers into parting with their data. However, there’s now much more protection, which means consumers can be far more calculative about who they share data with. Furthermore, in May 2018, marketers will need to abide by new GDPR laws in order to use personal data.
Personal data as a form of currency
So, we’ve established the importance of data, now for the big question; can it be used as currency? Relationships between brands and customers are strengthened by sharing data. Loyalty schemes such as Nectar points, clubcard or air miles are already using the exchange to reward consumers with products. Therefore, we can see how this could be developed to allow consumers to part with personal data in return for products. As long as the brand accepts full accountability for collecting and storing it securely.
Data is a key differentiator
Momentum understand how influencer marketing has paved the way for personal opinions to be used as leverage in return for products and payment from brands. Using influential people allows companies to quickly implement niche marketing campaigns.
Data currency in the real world
In conclusion, using personal data will become even more difficult for marketers after May 2018. So it’s no longer ridiculous to believe that data could indeed become a form of currency. Besides, it’s been happening right under our noses for years!
The question is; how data-rich are you and how prepared are you to part with your personal data?