The race to scale first-party data is on. According to Invisibly’s latest research, that will be no small task as 77 percent of respondents want control of who can access their personal data.
Using its Realtime Research tool, Invisibly polled 1,320 people in late April and found that 71 percent of respondents are aware that companies routinely profit off selling their data, but 79 percent of people of all ages don’t approve of it.
When asked if they’d consider earning money via selling their own data, 46 percent of respondents said yes while the remainder weren’t interested.
That sentiment was consistent across all age groups. However, respondents aged under 18 and respondents aged 18-24 were the most likely to agree that they, not companies, should be earning money from their data, at 53 percent for each cohort.
TikTok-loving Gen Z may feel more comfortable sharing information online in general, but Invisibly’s data show that they, too, want to play gatekeeper to their data.
The response varied slightly across generations. Those who want to control who can access their personal information include 75 percent of respondents under 18, 73 percent of those aged 18-24, 85 percent of those aged 41-54 and 80 percent of people aged over 55.
Some consumers are still unaware that companies are selling their personal data — that’s the case for 29 percent of respondents from the survey.
Invisibly reports that male respondents expressed greater awareness about companies profiting off their data (82 percent) compared to female respondents (65 percent).
Marketers may be close to leveraging the potential of first-party data, but new research from MightyHive shows that fewer than one in 20 marketers believe that they have tapped into more than 80 percent of their first-party data potential.
MightyHive also found that the majority of marketers have only utilized between 21 percent and 40 percent of their first-party data potential.
As for how much confidence they have in their first-party data delivering a strong return on investment (ROI), 56 percent said they’re “somewhat confident,” according to MightyHive.
