Today’s data privacy issues have consequences. Everyone needs to be a part of the solution, but marketers need to be driving the conversation.
The modern economy was built upon ownership of tangible assets such as land or businesses. Yet in a post-internet economy, digital consumer data is not an asset owned by the consumer but one owned by the company that generated the data.
This has resulted in a digital Wild West enabling a few companies to consolidate data about individuals. This generates massive profit by fueling the desire of marketers to target a very specific audience and big data’s ability to make this possible.
The rapid growth and value of big data has caused many companies to ask for forgiveness instead of permission. The economy shifted to new rules regarding the use, ownership, control, and access to personal data.
Individuals’ data has become collateral damage in the process.
Regulation is coming. Consumers are distrustful. Brands and marketers need to adjust or be left behind.
As the leaders of big tech sit in antitrust hearings in Congress, everyone can feel that changes are coming. Businesses of all shapes and sizes need to be aware of these changes and be prepared to adjust.
Countless scandals and breaches of consumer data has caused individuals to distrust businesses with their data by default. The successful brands over the coming years will actively combat this and prove that they are managing their consumer data in a responsible way.
This starts with marketing departments and teams, since they are typically the ones interacting with and have the most to gain from consumer data.
So, whose data is it? The answer to this question will shape the next decade of the internet. This is the data revolution.
For the last 20 years, consumer data has been treated as an asset of the business or platform that collected it. Over time, this resulted in siloed consumer data and inaccurate consumer profiles.
Regulation such as GDPR and CCPA are pushing the conversation in the right direction but are not attempting to solve the underlying issues around consumer data protection. Many proposed legal solutions stifle the potential of this data by limiting its availability and use.
The coming data revolution represents the shift of data ownership from the business to the individual.
Democratized Data; Equal Opportunity; Individual Control. That’s what we’re building.
With AKA, an individual can control all data points that represent their digital identity. This creates a single source of consumer data that is available to any business or application, not just the tech giants.
By giving personal data hubs to individuals and allowing businesses to request access to individuals’ data, we are shifting the data economy.
This shift lays the foundation for a revolution against big tech and the abuse of consumer data. All that is required is trust between the consumer and the business – something that is lacking in today’s digital economy.
Crowdsourced Consumer Data: Generated by Businesses, Controlled by the Consumer.
Businesses are encouraged to contribute data to an individual’s data hub. Insights, information and data that is generated by a business can be stored with that individual instead of siloed in that business’s database.
As businesses contribute more and more data, the availability of that data is democratized and opportunities to benefit from it are more equitable. Imagine: if everything Google knew about you was stored in your personal data hub, you could switch between search providers without the loss of personalization and tailored results.
Businesses, Marketers & Developers: Join The Movement.
Build your business on a foundation of trust without sacrificing the benefits of consumer data. Build your business on AKA, empower your consumers and be prepared for the next decade of digital transformation.