Are we seeing the value? The 2011 World Economic Forum compared personal information to oil, the most valuable resource of the 21st Century. What’s crazy is that this industry is evolving contrary to the economic law of commoditization. Data is increasing in value with the increase of supply! I just read on CNN Tech that data is now a $300 billion a year industry. Acxiom one of the largest data broking firms recorded $1.1 billion in sales 2 years ago.
Are we missing out on more $$$$$$? Handshake a new PIMS that is in the testing phase of brokering individuals data, estimates that someone like me could earn up to $8000 a year! Have I got your attention now?
Federico Zannier asked this same question and set up a kick starter project to sell all of his personal data for $2 a day. The goal was to make $500 but this was far surpassed and he actually raised $2700.
If we are talking value in terms of improved service then yes there are some good examples where my satisfaction is high because they have tailored their offering just for me. Netflix, iTunes and Amazon are good examples here, they remember me, make my purchases easy and make recommendations from my history. But! as for better deals or advertising, I am really not experiencing efficiencies with irrelevant promotions and advertising cluttering my digital world – I really don’t need speed dating a Hyundai or weigh loss products . My other bugbear is the longer we have to wait in line at stores. The number of clicks to identify the right product, personal details and other data entry points is mind numbingly annoying. It isn’t just me is it? is everyone experiencing longer queues in stores?