Acquiring data from consumers is vital for most businesses because of the fact that this is the sort of thing that could potentially end up allowing them to offer targeted ads as well as improve their products accordingly. However, it has become increasingly difficult for businesses to get this data, and Apple’s App Tracking Transparency feature made matters even worse in spite of the fact that this is the case.
This has resulted in some suggesting that businesses start to pay consumers for their data. With all of that having been said and now out of the way, it is important to note that getting a customer to give you their email address could cost as little as $20 according to research that was just published by Tinuiti. The $20 don’t even need to be offered in the form of cash, with around 64% of customers willing to give this data for a voucher or discount that offers a corresponding amount.
It turns out that $20 can actually buy quite a bit of data from willing customers with all things having been considered and taken into account. 31% of customer said that they would be able to give a brand their full name if they are getting this amount of money. 23% stated that they wouldn’t mind giving a brand their phone number which is surprising considering how valuable that data is and that reveals how little consumers know about what their data is actually supposed to be worth. A shocking 16% of customers were willing to give up their home address too.
In spite of the fact that this is the case, 27% of consumers that took part in this survey said that $20 was not enough to entice them into offering any personal or private data or information at all. However, they might be more amenable if the amount is increased, and this serves as an intriguing case study on the new tactics that brands can implement to fill their data gaps and become better at finding customers. These changes might democratize the data collection industry as a whole.
Read next: Streaming Sites See 49% Increase in Monthly Users Since 2019
This has resulted in some suggesting that businesses start to pay consumers for their data. With all of that having been said and now out of the way, it is important to note that getting a customer to give you their email address could cost as little as $20 according to research that was just published by Tinuiti. The $20 don’t even need to be offered in the form of cash, with around 64% of customers willing to give this data for a voucher or discount that offers a corresponding amount.
It turns out that $20 can actually buy quite a bit of data from willing customers with all things having been considered and taken into account. 31% of customer said that they would be able to give a brand their full name if they are getting this amount of money. 23% stated that they wouldn’t mind giving a brand their phone number which is surprising considering how valuable that data is and that reveals how little consumers know about what their data is actually supposed to be worth. A shocking 16% of customers were willing to give up their home address too.
In spite of the fact that this is the case, 27% of consumers that took part in this survey said that $20 was not enough to entice them into offering any personal or private data or information at all. However, they might be more amenable if the amount is increased, and this serves as an intriguing case study on the new tactics that brands can implement to fill their data gaps and become better at finding customers. These changes might democratize the data collection industry as a whole.
Read next: Streaming Sites See 49% Increase in Monthly Users Since 2019
