Consumers are becoming more aware of the value attached to their personal data, and that value changes depending on the extent to which they trust a particular brand, according to new research.
The study, from mobile network Orange, surveyed over 2,000 mobile users across the UK, France, Poland and Spain.
It found that, on average, people believe their personal online data such as identifying data, tastes, and demographic information was put at £200 (€240) to a business they have never had dealings with before.
This falls to £140 (€170) when it is company they know, the survey found.
Personal data, which included location and For individual pieces of personal data, the value attributed is £13 for companies the consumer already knows and £15 for those they do not.
“As the perceived value that consumers place on their data can change depending on the relationship they hold with the organisation, companies must consider not only how they convey what the customer gets in return for this data exchange, but precisely how the data is being used and where, in order to build that essential trust,” said Daniel Gurrola, vice president, business vision, at Orange, in a statement.
Orange’s study, which garnered the opinions of more than 2,000 mobile users in France, Poland, Spain and the U.K., found that 80% of respondents know their personal data has value. 67% said they believe companies get the most benefit from consumers sharing their information, compared to just 6% who believe that consumers benefit the most.
“Consumers are acutely aware that the information a company holds about them has a value to that brand,” noted Gurrola.
The research also identified fluctuations in consumers’ willingness to share different types of personal information.
For instance, people feel more comfortable providing their location, purchase history and personal demographic data – such as their date of birth and full name – than they are sharing their personal income data, personal email address and the email addresses of friends and family.
“It’s apparent from this research that consumers’ attitude to sharing their personal data is evolving rapidly,” said Declan Lonergan, vice president of research at 451 Research. “Establishing and maintaining the necessary consumer trust to enable organisations to reap the benefits of transferring, storing and analysing this data will become a critical new battleground for all digital players in the coming years.”