I recently read an article about a marketing stunt in London that Kaspersky setup where data was the currency of buying products. I found the article very interesting being the marketing nut that I am.
Beyond just the marketing excitement I like to try and understand where are coming from, where we are now and where that is going to lead us. I believe that Marketing is going to be one of the bigger drivers in this potentially new trend.
Data, personal data, is the currency
Remember when Bitcoin jumped onto the scene? The mining frenzy to get as many coins as humanely possible. Now look at the value of the Bitcoin. How many other crypto currencies are there?
Companies are now accepting the currency and building up towards the crypto banking systems. Yes, this an exciting time for us as we move away from the typical currency owned by banks and the apparent Rothchilds (apparently). Now we have currencies that they don’t own.
It beautiful but it’s not as valuable as we would like to think it is. Now in the world of so much marketing and products and choices companies chase for more and more, we as customers want more and more.
How do you satisfy this? Customers start paying for stuff with their personal data like in the article here:
How can I say this?
Well, in my experience now, I am trying to solve problems for my clients but I do not have enough data to really do this. I am trying to find a way to get more real human data and not what analytics tells me.
Yes, I can use the age-old method of questionnaires and surveys but is that real? I don’t think so. As they showed in article Kaspersky was asking for actual data like photos etc. that were of value.
Yes, the example reference is thin one at best but let’s look at what Apple and other companies are doing. They are making it harder and harder to get access to your data. This makes data even more valuable because companies can’t get it anymore.
With no data, it means no innovation or market research. It even stops marketers from marketing to you. Your data is, by now, extremely valuable to you. So how do companies get over this?
They allow you to sell some of your data for products. How far would people go? In all honesty, I don’t know. This is something that may or may not happen but will be tested on grander scale.
The problem is the regard we have for digital privacy. We love our space in both the real and digital world and it is escalating now. We would need it to devolve to get to the point of disregarding our privacy in the digital world.
Will we let go of our digital privacy for currency?
Considering that our real-world privacy is starting to fade a little I do think so. Look at Instagram, YouNow and other apps that allow you to film yourself live. To record your daily life and activity.
Privacy is fading from the real world because we want an audience. We want to share with our micro communities. We, now have control over this and we decide what we say, do and share with our communities so we feel secure.
In that, I feel, there will be conditions to using data as a currency. Restrictions of how or what data is valued at “X”. More personal data, like your daily activity tracked from your smart watch, is more valuable than photos.
It almost puts control in our hands and if we want the product as badly we would give it up. It’s just a matter of time.
This is an opinion and may never happen but the prediction is very much a possibility based on behavior patterns. It may not be our generation or two generations to come but the fears of data privacy will fade.
Would your parents (older than 50) record themselves and put it all over the internet for millions to see? My parents are very afraid of their phones and WhatsApp where I vlog and Instragram. It’s just what becomes the new normal.
Would you use your data as currency or barter system for a product you really wanted? Do you think it’s a possibility?