How much is your personal data worth? A California-based hosting provider surveyed 5,000 of their customers to find out. The answers varied, but the average respondent felt their personal details were worth £3,241.
The market for big data is growing at an enormous rate. Tech company buyouts are increasing, and not just to get a hold of the technology, but data from their customer base. Facebook paid $30 per user when it acquired WhatsApp and Instagram, which was similar to what Microsoft paid when it purchased Minecraft.
There is clearly a big variance between how we value our data and the actual price businesses are prepared to pay. That is due to the intrinsic value we place on privacy and our right to choose who we give it to.
Taking back control
The pendulum is now starting to swing in the opposite direction. The EU has been discussing this issue for years and is enacting legislation to help us, the consumer, take back control. And why not, after all we should be able to determine how our information is used, and by whom.
The General Data Protection Regulation will come into force on 25 May 2018. While that sounds like it’s still a long way off, there is a lot of work businesses have to do to get ready. So companies are already starting to change how they deal with data. You might have received an email or been directed to a website asking for permission to contact you with offers/ezines/communications. Soon, this will be the law.
The law requires businesses to get explicit consent from consumers before marketing to them. Essentially this means we have to say “yes, please send me this piece of marketing/information/specific contact” rather than the current “no” to be removed from lists we never signed up to. Failure to comply can result in large fines and the onus of proof lies at the feet of the business, not the consumer.
Impact of Brexit
The full impact of Brexit is yet to be determined, however it won’t change our need to adhere to these new regulations, at least for a while. There will be at minimum one year of overlap (more likely two) by the time we leave the EU. So regardless what happens down the road, these laws are coming and we need to be prepared.
Summary of the regulations
Below is a Prezi highlighting the major changes and how they will impact marketing communications and general customer data usage. We hope you find it a useful starter as you plan how your business will handle data changes.
For more information on how you can prepare your business for these changes, get in touch with Michelle Hallmark or contact your Creative Bridge account manager.