Monday, December 3, 2012

People Said To Be Happy To Trade Information For Value

When reporters see Internet products that require the sharing of information, you will almost always see a sentence that begins with: "Privacy advocates say". Since "privacy advocate" is not an occupation and there are no known requirements to become one, my best guess is that this is the reporter's attempt to interject a personal opinion without doing so openly.

Now comes a study claiming that 72% of U.S. Consumers are happy to share information in exchange for "fair value".

There are three types of value exchanges: rewards and monetary benefits; better service; and transparency and control in data usage. Some distinct groups are emerging:
  • The "Cash for Information" consumer: typically young professionals, 94% of whom will share information in exchange for monetary benefits;
  • The "Privacy Cautious" consumer: typically older consumers, 41% of whom will share data such as their telephone number in exchange for better services. This number increases to nearly 50% among retired respondents;
  • While 52% agreed that a cash reward was the most preferred exchange benefit, "Affluents" (those earning over $150k) were more interested in receiving exclusive deals/discounts on products & services (51%).
See entire Press Release about consumer privacy