Exploring value exchange: Can we put a price on data?

But are consumers conscious of their role in a value exchange model, or indeed of the inherent value of their data? And if not, should they be?

 

 

On paper, the value exchange model itself creates a fair balance between what is entered into the exchange – customer insight – and the resulting outcome for the customer, whether that’s a commercial reward or an emotional experience. It’s also safe to assume that it’s not just those of us working in the marketing industry that realise brands are ‘taking note’ when they interact with us. We recognise that supermarkets – blazing a trail through their collection and use of customer data – hand over personalised vouchers to the customer at the till, offering discounts based on their recorded purchasing habits.

 

 

It doesn’t take much of a leap to make the connection between a penchant for double chocolate ice cream and a discount off every other purchase. Yet this monetary reward is relatively small considering the value of the data that the consumer is providing. Currently, the consumer probably fails to comprehend that their true value within this exchange is really ‘worth’ more to the brand than a 50 pence coupon.

 

 

In practice, the consumer is not consciously attaching a price to their personal data. This unawareness allows us to use their data to generate true customer intelligence and deliver an emotionally charged experience to an individual. But will this be possible in a world where consumers are rapidly becoming more aware of the role that data plays?