Data, data, data. It often seems as though data is what makes the world go round, probably because it is. That’s why people say that data is the new oil, but unlike oil, we’re only going to continue to create more and more data as every day passes.
The problem with this is that as companies gather and process more and more data, they risk a backlash. An example of this is the time when Target started sending pregnancy coupons to a teenage girl based on her shopping habits. Her father came into a store and complained, then returned shortly afterwards to apologise. It turns out that his daughter was indeed pregnant – she just didn’t know it at the time.
The Target story eventually had a happy ending for everyone involved, but that won’t always be the case. It’s also a great example of the power of data when it’s correctly processed and a reminder that data gives companies more power over consumers. And in many cases, while consumers technically own their data, they don’t have access to it. It’s almost like they’re being held hostage.
A New Human Right?
Our concerns about data have reached such a point that new initiatives like Hu-manity.co have been launched in an attempt to get data recognised as a basic human right. Musician will.i.am has authored articles where he argues for the concept, too. There’s even a possibility that at some point in the not-so-distant future, our personal data will be worth money to us. It could help to bring people above the poverty line.
The idea would be to create something like a data marketplace in which advertisers could pay to reach people with super relevant advertisements and in which the people themselves would receive a share of the profit. In return, they’d be served up more relevant advertisements, which is a win/win for both consumers and marketers.
This is all a long way away at the moment, but it’s still worth noting that it’s the direction in which our society is moving. Sales and marketing teams can gain a competitive advantage by being the first to predict and react to new trends, and the thorny issue of data ownership is set to continue to be a talking point for the months and years to come.
What’s Next?
No action is needed at the moment, other than to make sure that you’re in full compliance with data protection laws in your region. It’s also a good idea to keep an eye on the rapidly developing landscape, especially throughout this year, which is likely to be a formative year for the trends that will define the decade to come. And above all, listen to your customers. They’ll let you know what they want.
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Dane
Dane Cobain is a published author, freelance writer, book blogger, poet and (occasional) musician from High Wycombe, UK. Before going freelance, he worked as a social media marker, now specialising in writing about publishing, technology and marketing.