£500 will buy you consumers' data

They say everyone has their price, and when it comes to consumers handing over their data to advertisers that is £500, despite widespread fears that brands are about as adept as Forrest Gump when it comes to looking after personal information.
That is one of the key findings of a new study by Mediabrands Marketing Sciences which shows 30% of people would be prepared to sell their data to companies, with 41% of them reckoning their details are worth at least £500 a year. Even so, only 1% of consumers have faith in advertisers’ ability to look at their data, while 60% felt “weird” knowing that brands were tracking them online.
Of course, such studies are nothing new; one rather far-fetched report by Swiss datacentre Artmotion claimed half of the UK population would not sell their online information for less than £1m.
However, most consumers do recognise there needs to be a value exchange in return for getting free stuff online.
Respondents to the Mediabrands survey said they had warmed to location-based marketing, which is a good job considering that nearly all brands are now carrying out this activity.
Some 62% of consumers said they were interested in receiving advertising messages telling them of special offers nearby and 59% interested in giveaways in their vacinity.
But Mediabrands Marketing Sciences head of insight Claire Spencer said there was still much work to be done. “Marketers need to establish a simple exchange between brand and consumer, one in which boundaries are respected and both parties benefit.”

£500 will buy you consumers’ data

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