There is a saying that knowledge is power but in today’s digital world it may be just as accurate to say data is power.
While we are encouraged to be vigilant against cyber threats and things such as phishing schemes or fraudsters looking to steal our identity and information, many of us simply give that information up for free. In fact, we can’t wait to provide big corporations with detailed information on how we live our lives.
Loyalty programs are probably the most visible examples. We sign up to accumulate points from our grocer, retail shop or bank or even the movie theatre and, while we get rewarded with points for this patronage, we are also swiping a card or app that tracks everything expenditure we make.
And that is information companies can use – or even sell – to improve their marketing programs. A report in Forbes put the value of that information at $500 billion, consumer expenditures that could be unleashed through digital-based tracking of our spending habits – including changing the way they do business with their customers.