The BIG, the Bad, the Broken ~ How data is evolving.

     As we traverse through a time in human history known as the “age of information” and as the IoT becomes ever more expansive, it was only a matter of time before questions about our personal data began to arise. Consumers are now entering a new era of enlightenment. We are learning and discovering what our data is, how it’s created, and how it is bought, sold, and used in a $200 billion a year marketplace that provides us (the consumers) no actual value. The outcome for advertisers and platforms has been distrust and backlash from the very people we’re aiming to reach and connect with. In addition, the federal government and individual states are drafting and enacting data privacy legislation beginning as early as January 2020. But compliancy is just a small part of the problem. Even if you are compliant, you still aren’t safe because 87% of people surveyed say they would opt-out of sharing their data if presented with a choice. What’s your plan to reach these individuals? These laws are not here to benefit the brands and advertisers. They are here to protect consumers. How do you appeal and advertise to a segment of people who are wary about how you’re accessing their personal information?

        If you consider yourself an early adopter of new technology, then this next part is for you. With all the things stated above taken into account, one could conclude that advertisers and marketers need to be at the cutting edge when it comes to new data tools. One could also safely assume that the quality of your data dictates your performance and ROAS. You may have a DMP or a DSP that allows you to aggregate data from dozens or hundreds of different sources, but that data is fragmented, it’s broken, and it’s living in so many places like walled gardens that it makes it difficult to measure reach and frequency. Even more concerning, is the fact that upwards of 50% of this data is wrong or inaccurate. The problem is that consumers have been removed from the equation. To compound things further, we have data privacy laws. Data legislation like CCPA and The Online Privacy Act of 2019 (HR 4978) are the framework for the new data economy. This is happening right now. The digital advertising industry is going to suffer a major blow. According to a cost-benefit analysis on the law released by California's Department of Finance, CCPA will cost advertisers more than $50 million in 2020 and could cost between $463 million - $16.5 billion over the next decade.

There not only needs to be laws and tools in place, but there also needs to be a conscious and vocal movement from brands and advertising agencies to persuade their consumers that they have their best interest in mind and that they care about and value their data and their privacy. What are you as an advertiser or as a brand doing to connect with your consumers on a more personal level? How are you bringing people back into the equation? I have visited some of the largest advertising agencies in the industry; many of them with slogans like “We take a people-first approach”. However, when it comes to digital advertising agencies and brands- there’s not a lot, if any, consumer interaction or any sort of direct feedback loop from their audiences. Some are just trying to figure out ways to justify their ROAS. What ad agencies and brands actually know about their consumers is limited to just a few data points that were pulled together from some “legacy aggregators”. They’re still taking a shotgun approach and only hitting 50% of their target audience.

        What if there was a universal platform, where, if wholly adopted by the public consumer population enabled you to not only engage with your audience in real-time but also provided you a full 360° view of your consumer base? Would that be a technology you’d be keen to adopt? If millions of your consumers were opting-in to share with you thousands of different data points on themselves, is that not something you’d be interested in? I would hope that for the sake of your own livelihood and for the sake of your clients that you would be investigating any tool or idea that might help give you a competitive advantage. The Nasdaq listed digital marketing and consumer data management technology company SRAX has built such a tool. Just as legislation is part of the framework for the new data economy, so is their consumer powered data management and distribution platform BIGtoken. Through a revolutionary leap forward, people everywhere now have the ability to start owning and earning from all the data that they generate on a daily basis. “Our digital identity is valuable. Own it.” For those of us in the digital media space, this needs to be our slogan. Empowering your audience to use these next-generation data tools will yield unimaginable insights and results. To me, BIGtoken is more than just the largest and most valuable opted-in, data set in the world. It's an idea; a BIG idea. It's the idea that people have the right to own their personal data. It's an idea that's gaining momentum all around the world. It's the idea that brands and advertisers need to support if they're going to survive data privacy legislation. BIGtoken is the premier consumer and commercial data solution for the new data economy. 

        Brands like P&G and Kraft-Heinz who have recently partnered with BIGtoken understand that the insights and 360° view they will have on their consumers are invaluable. They've adopted the idea that the more people they push into the BIGtoken ecosystem, the more marketing and brand value they create for themselves and the more trust and engagement they build with their consumers. It’s the early adopters of tools like BIGtoken who will reap the most benefits. The audience attributes and traits that BIGtoken reports on will help them understand their consumers from a demographic, psychographic, technographic, geographic, and behavioral perspective. They’ll have access to attested, passive transactional, and historical data types. They’ll have engagement, insights, and market research in real-time; everything you need to build your brand and your audience from one decentralized platform. BIGtoken is the advertiser’s holy grail for data. If we all work together on promoting the idea of data ownership through BIGtoken we all win together. The next evolution of consumer data management and digital advertising is here, and BIGtoken is the platform that is framing the future of data for advertisers and consumers alike. Your digital identity is valuable. Own it!

Download the BIGtoken app today: https://bigtoken.com/download

Email [email protected] to learn more about how BIGtoken can work for you.

https://www.themavicmaverick.com/updates