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Schumpeter - Who owns the web’s data? | The Economist

Schumpeter - Who owns the web’s data? | The Economist | The MarTech Alert | Scoop.it
Start with the individual. It is seductive to argue that each person should have ownership rights over their data. Yet unless laws change radically, in practice it is hard to wrest control back from the tech platforms, because an individual’s bargaining power is woefully weak. Fortunately, other options are surfacing.

One is a subscription model, along the lines of Netflix or Spotify. Another option is to start gathering data on behalf of the individual from all sorts of sources. Inrupt, for instance, is working with the government of Flanders, a region of Belgium, to give every citizen a “pod” to store personal data. It hopes private firms will build user-friendly apps around the data, with people’s consent, says John Bruce, its co-founder. The better the apps, the more eager people will be to furnish it with their data. In India something similar is happening in financial services. Individuals’ and firms’ financial data can be transferred to financial-services firms via “account aggregators” that obtain the owners’ consent. This can help speed up credit-scoring and loan underwriting. It could also be an alternative to huge data guzzlers such as Ant Financial, a Chinese fintech firm.
CYDigital/marteq.ios insight:

Better yet: permit your consumers to own their data, and recognize their ownership. Then compensate consumers so as to access and use their data. 

 

See how extended zero-party data is your greatest marketing resource...and you can tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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Reimagining the new social contract for the digital age - ZDNet

Reimagining the new social contract for the digital age - ZDNet | The MarTech Alert | Scoop.it

"Driven by fear and also a deep hope for a brighter future, people everywhere began to undertake a new process, to reimagine our social contract -- the basic expectations between business, government and civil society for a new digital age," said Don Tapscott, co-founder and executive chairman of the Blockchain Research Institute. The six principles were: 

 

  1. Inclusive models of global problem-solving. 
  2. Rethinking democracy for citizen engagement. 
  3. A new commitment to justice. 
  4. New models of work and education. 
  5. New models of identity. 
  6. A commitment to sustainability

 

The pandemic has a lot to do with data or lack thereof. An example is health data. Data is captured in silos. We do not own the data. Data cannot be aggregated across all of our individual identities. "Let's move away from the industrial-age system of stamps, seals, and signatures we depend on to this day. We need to protect the security of personhood and end the systems of economic exclusion and digital feudalism. Individuals should own and profit from the data they create from the moment of their birth," said Tapscott.   

Data ownership and access is a key success factor in the new digital age. We must be able to use our data to plan our lives. Tapscott talked about how we can use blockchain to create a self-sovereign and portable identity. 

CYDigital/marteq.ios insight:

We struggle with the notion of all consumer data on the blockchain, as the very nature of blockchain makes this data immutable. Does the consumer want all their data unerasable?

 

See how extended zero-party data is your greatest marketing resource...and you can tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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Personalization: Striking the Right Balance Between Data and Value - CMSwire

Personalization: Striking the Right Balance Between Data and Value - CMSwire | The MarTech Alert | Scoop.it
Customers are used to giving up their data to companies, with the expectation that it will be used to provide them with value, whether that takes the form of special offers, discounts, recommendations and the like. But even as these tactics evolve into hyper-personalization, some companies are better at delivering that reciprocal value than others.

While today’s customers understand the trade-offs inherent in giving their data to companies in return for value, the relationship can quickly sour and trust can quickly be broken if data’s used in a way the customer didn’t consent to.

The more personalized the experience, the more transparent you must be about how and why you’re collecting their data and what you’ll use it for.
CYDigital/marteq.ios insight:

The level of effort to continually track the reciprocal value for data is far too great, not to mention the effort to communicate changes. Fail-safe way to approach the exchange of data for value? Give the consumer control over their data, then ask for permission and provide a tangible reward.

 

Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing

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Consumers want more control over how you use their data - Which-50

Consumers want more control over how you use their data - Which-50 | The MarTech Alert | Scoop.it
Consumers are taking more control of their personal data, and it is beholden on businesses to give them the tools they need to do that. Blaine Carter, Chief Information Security Officer of Franklin Covey, said that privacy and consent have become product differentiators. “We’ve seen that with Franklin Covey. We’ve seen a lot of customers who do want to feel like they can trust you with their information.”

Trust, consent, and a genuine value exchange sit at the heart of the new relationship between buyer and seller, he said. “When we’re talking about value exchange, we started rolling out features where we’re very honest and upfront with how we offer value in exchange for personal information.”

In the past, he said, it would have been rare for him to meet with the Chief Marketing Officer. Marketing always seemed to be too busy to meet with Information Security. Together, Marketing and Information Security understood that they really needed to be honest and upfront with how they were gathering information, as well as what kind of choices needed to be made.
CYDigital/marteq.ios insight:

Perfect example. It's happening, right now: consumers want control, but are willing to provide their data in exchange for a clearly delineated benefit. We have the solution.

 

Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing

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This decade's most important marketing question: What data rights do advertisers possess? - Search Engine Land

This decade's most important marketing question: What data rights do advertisers possess? - Search Engine Land | The MarTech Alert | Scoop.it
With Google’s latest decision to strip Search Terms data insights from advertisers (some agencies have reported around 25%-30% or more of data loss), the frustrated outcry has caused some to begin throwing around lawsuit language. 

Specifically, there seem to be three main reactions to this change: 

Those who believe that advertisers own the data outright, or at least the data is part of what they are paying for, and thus have every right to all data. These are the most likely to be outraged, as they believe their rights have been stripped away with decisions such as this.
Those who believe Google (or the platform) owns the data, and that advertisers are simply playing within the elected program. These are the most likely to ignore the recent hubbub (or even this article!) and simply believe that advertisers should roll with the changes.
Those somewhere in the middle. They may not have a hard and fast opinion on who does or does not own the data, but they also believe that advertisers do have certain rights and the platform cannot simply do what it wants without potential legal ramifications or oversight.
CYDigital/marteq.ios insight:

No, no and oh by the way, no. The right answer: the consumer owns the data, and that's advantageous to the marketer.

 

Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing

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The Value of Data From a Consumer Perspective - Security Boulevard

The Value of Data From a Consumer Perspective - Security Boulevard | The MarTech Alert | Scoop.it
A new consensus is emerging about the value of data. It carries immense potential in supporting analytics, personalization and other imperatives. Today’s consumers, especially younger individuals, increasingly expect products and services tailored to their needs. One survey found that 70% of customers say understanding how they use products and services is very important to winning their business. In fact, data is becoming so important that in many ways it can be considered an emerging currency.

As new data privacy laws emerge and people become more aware about the use and value of their data, the responsibilities of data collectors are increasing. Fundamental to the value of data is maintaining its security and integrity. Implementing proactive security measures such as public key infrastructure (PKI) can be a crucial foundation to safeguard data. PKI uses digital certificates to encrypt data in transit; authenticate devices to users, servers and other devices; and ensure that only authorized and signed code runs on the device to prevent malware and other attacks. PKI helps identify users and their devices to provide important protection.

Looking beyond technology, transparency is another key responsibility. Consumers must remain informed and demand greater transparency into how their data is being used. Businesses and manufacturers should build security and transparent collection of data into their practices. At the same time, companies should inform their customers of the processes used to keep them safe. Together, businesses and the consumers they serve can succeed in protecting the confidentiality and integrity of data, as it becomes more valuable in our dynamic, data-driven world.
CYDigital/marteq.ios insight:
  1. Give consumers the means to own their data*
  2. Exchange digital rewards with consumers to access their data
  3. Win their business

 

Simple. 

 

Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing

 

*We have the solution.

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Gartner Says By 2023, 65% of the World’s Population Will Have Its Personal Data Covered Under Modern Privacy Regulations - Webwire

Gartner Says By 2023, 65% of the World’s Population Will Have Its Personal Data Covered Under Modern Privacy Regulations - Webwire | The MarTech Alert | Scoop.it
By 2023, 65% of the world’s population will have its personal data covered under modern privacy regulations, up from 10% in 2020, according to Gartner, Inc. “Security and risk management (SRM) leaders need to help their organization adapt their personal data handling practices without exposing the business to loss through fines or reputational damages.”

SRM leaders should adopt key capabilities that support increasing volume, variety and velocity of personal data by putting in place a three-stage technology-enabled privacy program: establish, maintain and evolve.

The establish stage includes foundational capabilities of a privacy management program. The maintain stage allows organizations to scale their privacy management programs. The evolve stage includes specialist tools that focus on reducing privacy risk with little or no impact on the data utility. 
CYDigital/marteq.ios insight:

This does not need to be complicated: implement a system where your consumers own their data.

 

Join the marteq.io white list to receive pre-launch benefits: https://un.marteq.io/wl1/ #martech #marketing

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The ultimate brand guide to helping consumers achieve data harmony - ClickZ

The ultimate brand guide to helping consumers achieve data harmony - ClickZ | The MarTech Alert | Scoop.it
Currently, consumers feel duped or intentionally kept in the dark by companies who use their data: 89% of US consumers think companies are deliberately vague about how the “data for benefit” exchange really works, according to 2019 findings from Wunderman Thompson Data.

Consumers are clamoring for agency over how their info used—and part of that agency includes an assessment of their data’s worth. This is spurring a new value exchange—one that operates with data as the primary currency.

As the data economy develops, brands will need to give consumers a clear and fair appraisal of their info.
CYDigital/marteq.ios insight:

It's an easy proposition: give consumers control over their data, then bid on accessing their data. There's a market ready to be exploited while preserving data privacy.

 

Join the marteq.io white list to receive pre-launch benefits: https://un.marteq.io/wl1/ #martech #marketing

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With cookies on the way out, brands search for solutions | Ad Age

With cookies on the way out, brands search for solutions | Ad Age | The MarTech Alert | Scoop.it

"The decision to kill off third-party cookies is widely regarded as a necessary evil, but who gets to determine their replacement?

 

The uncertainty has prompted some companies to develop turnkey solutions that are privacy compliant. Google—whose decision to eliminate third-party cookies from Chrome by 2022 created the vacuum—also has a solution, as does ad retargeting kingpin Criteo.

 

Whichever technology emerges, it will address critical advertiser capabilities including ad targeting, frequency capping, user privacy and attribution. And it will enable an enormous advertising market; last year, third-party cookies helped fuel nearly 30 percent, or $38 billion, of all U.S. digital ad spend."

CYDigital/marteq.ios insight:

Whatever the solution, it will be costly. But it doesn't need to be if you allow the consumer to own their data, then ask permission to access it. Not only is this proven to be acceptable to consumers, and that they will exchange their data for some type of compensation, but it allows brands and retailers to sidestep data privacy regulation. Just need to get out of the mindset of needing to own the data. You don't.

 

marteq.io is the peak of personalization, where consumers share their full digital story with brands and retailers. Learn more: https://www.marteq.io #martech #marketing

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Unlock the Hidden Value of Your Data - HBR

Unlock the Hidden Value of Your Data - HBR | The MarTech Alert | Scoop.it
I outline four steps that could help organizations maximize their data assets for public good:
1) Develop methodologies to measure the value of data.
2) Develop structures to incentivize collaboration. 
3) Encourage data collaboratives. Data collaboratives are an emerging form of public-private partnership that enable sharing and co-creation of value. Data sharing must not become a vehicle for privacy violations or other risks to individual rights. Building trust is essential to fostering the benefits of sharing; it is therefore critical that strong privacy protections (e.g., in the form of anonymized, aggregated data) are built into the structure and governance of data collaboratives.
4) Identify and nurture data stewards. Data stewards are individuals or teams tasked with proactively initiating, facilitating, and coordinating sharing across organizations and sectors, with the goal of maximizing both the private monetary and public value of data assets. 
CYDigital/marteq.ios insight:

We strongly recommend a data collaborative with consumers, where they are the data stewards of their own data.

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs. Learn more: https://www.marteq.io #martech #marketing #adtech

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evervault raises $16m Series A to ensure that everyone has data privacy - Irish Tech News

evervault raises $16m Series A to ensure that everyone has data privacy - Irish Tech News | The MarTech Alert | Scoop.it
evervault is the Dublin-based internet infrastructure company founded by Shane Curran. It has closed a $16 million Series A investment round led by Index Ventures. Existing partners Sequoia Capital, Kleiner Perkins and Frontline Ventures also participated — alongside angel investors including Dylan Field (CEO, Figma), Kevin Hartz (co-founder, Eventbrite), Olivier Pomel (CEO, Datadog) and Alex Stamos (former Chief Security Officer, Facebook). The new investment takes the total raised by the company to over $19m.

evervault is building the API for data privacy. The core API functionality is privacy cages, which empower developers to process highly sensitive data in a fundamentally new and better way which is simple, scalable and privacy-preserving. evervault allows companies to focus on doing what they do best: building their product.
CYDigital/marteq.ios insight:

Yet more justification that there is a distinct need to permit consumers to manage and control their own data.

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs. Learn more: https://www.marteq.io #martech #marketing #adtech

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Who's Data is it Anyway? - Silverbullet | CMO Research Paper

Who's Data is it Anyway? - Silverbullet | CMO Research Paper | The MarTech Alert | Scoop.it
Despite the wheels being set in motion when it comes to building a data-centric businesses, it would not be outlandish to say that brands might struggle to fully achieve this due to ongoing shortages of data skills across the marketing industry as a whole.



Almost half of UK CMOs (45%) estimate poor data handling risks costing their business between £250,000 and £5m everyyear

Only 27% of CMOs say the industry is 'ahead of the game’ with having the skills needed to deal with customer data privacy

Almost three in four (74%) people are more concerned about the privacy of their personal information compared to this time two years ago

Over half (55%) of CMOs believe they are tapping into just 40% or less of their first-party data’s potential.

 

This paper explores the challenges brands need to overcome in order to manage data more effectively and build consumer trust, at a time when consumers are hugely concerned about privacy.
CYDigital/marteq.ios insight:

Although UK focused, we believe the finding are applicable to the US side of the pond. And to answer the question: it's the consumer's data, and it's far more advantageous for the marketer to consider it as such.

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs Learn more: https://www.marteq.io #martech #marketing #adtech

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