For most of us e-marketing/on-line/digital advertising, call it what you want, is irritating. Ads pop up and do their best to distract you from what you’re trying to read or do on-line. If you do a bit of research about something you might be thinking of buying, and most of us do, suddenly all those ads start to target what you were just thinking about. Helpful? No, spooky, pushy, like someone following you around a store and every time you look at something they get right in your face with the hard sell. Not a store you’d want to go back to, but on-line you don’t have a choice. You want the content, the social media platform, you accept the irritation.
Most people either don’t know or don’t want to think about how this actually works, what’s really going on. If they did they would be really angry and not enough people are which tells me it’s not been properly exposed. What’s happening is a bunch of companies like Equifax or Experian are literally stalking you on-line. Without your knowledge and in reality without your permission (unless you think hitting the ‘I agree’ button equates to cognizant, informed permission) they watch where you go, where you linger, what you click and like some low-rent private investigator they package up your personal information and sell it to someone who intends to flog you something or to some credit agency who will sit in judgement on you. You don’t know what they know about you, you don’t know who they’ve sold your data to or when or how it’s used. They make a lot of money doing this, Equifax have a market cap of $21 billion, and they keep it all to themselves. You get nothing, just ads.
And if you looked at the Cambridge Analytica scandal, you’d realise it’s gone beyond irritation, beyond just greed, your data is being used to undermine your most fundamental freedoms, the freedom of thought. The thousands upon thousands of bits of data about you are manipulated using algorithms and AI to influence not just what you buy but how you vote. They’re used to manipulate what you think.
It’s bad now and it will only get worse – you’re generating more and more data about yourself and the technology is getting better and better at using it.
But we – if enough of us acted – could not just stop this if we wanted to, we could earn an estimated $7,600 per year on average. The higher nett worth could earn a lot more, the lower income less but probably enough to make a real difference. If the technology and the platform existed to enable us to transact our data direct to the organizations willing to pay for it (with restrictions on how they use and safeguard it) we could put the equifax and Experian’s of this world out of business. We could force the social media platforms to find a different business model other than digital snitching. We would take away a lot of the ad agency revenue and force them to get back to ‘truth well told’ based on ideas.
Well guess what, the technology does exist. It’s Block Chain. And there is one platform, Datawallet, using it to give people the chance to make money from their own data. There are limitations, issues to be resolved as this excellent article in Investopedia outlines. Please read it.
This is what I was writing about in my eBook ‘What’s wrong with marketing(?)’. People owning their personal data with the power to transact it will transform marketing and improve society. It will get rid of the greedy, seedy sleuths (pimps) in the digital shadows.