As consumers generate increasingly large volumes of actionable, real-time data through their online activities and connected devices, brand-owned big data will lose value and utility.
About This Trend:
When we browse websites, add products to our carts, and share and publish opinions through social media, marketers do their best to capture this data to better customize their offerings and give us what we “really” want.
Influenced by growing consumer concern about how this data is used (or misused), governments and organizations have been making an increasing effort to protect people’s private data. In 2010 Facebook implemented a system that would allow every user to have more control over their accounts in terms of what is collected and how they can export it and take it with them if they choose to delete their account.
We are living a watershed moment in the world of privacy, as data is constantly being shared between consumers and brands that use it to develop products for a connected world driven by the Internet of Things. Questions arise: What if consumers choose to share the data they have collected in order to improve their customer experiences? And as consumer-owned small data enables increased targeting and customization, how can brands make sure they use it to improve their customers’ lives? Consumer-owned data now rivals brand-owned data, and the biggest question facing any business in the coming year is how consumers will or won’t choose to share their own.