Fatemeh Khatibloo, Forrester Research moderates panel with Jason Cavnar, Singly, Todd Cullen, Acxiom, Shane Green, Personal, and Mary Hodder, Personal Data Ecosystem Consortium.
Fatemeh: why do consumers care? Jason: consumers have a sense of things being out of control. Todd: clients desperately looking for meaningful way to interact with consumers. On supply side, it’s new territory. Huge demand on marketer’s side. Shane: at core, we realize that who has access to our data shapes our experience, access, opportunities. Value: there’s a blindspot about what data is worth in additional value exchange. The more you start to see the opportunities as tangible, the more value is obtainable. Mary: This event is at a good time. As users get stalked online, they become aware that something’s happening, don’t know what to do, start calling senators. Opportunity for alternative to Do Not Track legislation, market solutions.
Fatemeh: privacy audits, do they provide a false sense of security when the government starts to audit the big companies? Shane: follow the money: big money in top right corner of Facebook (strong tie to advertising). People are waking up in unexpected ways to see connections between dollars and sense. Survey in their marketing: difference between “stuff in the attic that might be sold” vs “spy or thief in my attic.” Jason: general awareness, at consumer level it’s my data, Sand Hill Road and companies that make money monetizing personal data. He’d like to see Silicon Valley invest in this respect as better model. Mary: zooming out a bit, how this works revolves around incentives (shipping parties, 3rd parties) and how they’re structured, and how does that structure support the business model? Going back down to audits: they’re meant to inspire fear as provocation to do the right thing. But how to incentivize the parties to do the right thing from consumer’s perspective?
Fatemeh to Todd: privacy and audits, marketing disconnect, who do we talk with in these organizations to make a difference? Todd: I wish it were one person such as a data steward, but that’s really rare. Our data is traveling around the web, should be easy to capture it for free. As long as this disconnect persists among marketers, no incentive to contribute to solving “a problem.”
Jason: Infrastructure needs to be put in place. Shane: lots of teaching, CEOs don’t understand how they got in the Wall Street Journal for spying on people. Mary: we talk to folks in advertising and trade agencies, Salesforce and CRM companies, media buying entities… right now they’re heavy users of personal data online. Folks are getting on board, need to know what business model is and how to fix this. Jason: there’s an enterprise need for interoperability too. Business model will be around easy access to customer control of data.
Fatemeh: industries that will help propel this forward, who has the most to lose and the most to gain? Jason: it’s the #2 in every market. Mary: banking and finance, there’s a lot to gain, high value in helping with most basic functions (e.g., reconciling statements with Mint), documenting meta-data around trades of data. Shane: agree that #2, 3, 4 players have a lot to gain. This is really tough for big incumbents because of embedded complex systems. Too much friction getting access to certain kinds of data that could reinvent/innovate travel processes, for example. Smaller innovators can tool up faster. Todd: high tech firms are not traditionally big buyers of data. Drive to grow globally: lack of reputable suppliers.