How To Monetize Your Personal Data Using UBDI
CLICK HERE TO LISTEN TO HOW YOU MONETIZE YOUR PERSONAL DATA USING UBDI. A PODCAST INCLUDING CO-FOUNDERS OF THE COMPANY!
Can you remember the Cambridge Analytica Facebook scandal that highlighted millions of Britons who had their personal data sold on, and there are plenty of other examples where this has happened as well.
Think about your mobile phone or any device that you have like a Fitbit for example, it knows who you are, when you wake up, which route you take in the morning and all sorts. I have a normal routine in the morning where I go to the normal coffee shop for an extra hot cappuccino or a smoothie if its warm, my mobile phone now automatically tells me how long it will take me to go to X coffee shop without me even telling it.
It knows who you connect with. It knows a lot about what you buy and it probably knows what you look like. A device you own possibly knows more about you that you know of yourself. And we accept that as standard because of the convenience that it offers. We understand some of the particular outcomes.
What is included in personal data?
Personal data is any information that relates to you as an individual.
Personal data that has been de-identified, encrypted or pseudonymised such as WiFi Analytics can be used to identify a device but not an actual individual because of its encryption which means it passes through GDPR and other data protection processes. For data to be truly anonymised, the anonymisation must be irreversible.
GDPR safeguards personal data regardless of the technology used. It also doesn’t matter how it is stored; personal data is subject to the various different data protection requirements set out in GDPR and other data protection processes in the USA.
Do you own your personal data?
A simple question you think would be easy to answer but in a nutshell personal data is created in the relationship between the data subject (you) and the data controller (organisation). Unlike intellectual property, personal data is generally not created by the organisation or brand. Your data is created by the actual organisation who is then using it for marketing, sales and other information. This is where the ownership of personal data becomes less clear in my opinion. However, I think the argument goes beyond who created the data. Organisations must comply with the various different regulations and therefore build consumer trust in their use of personal data.
Consumers need proof of dependability before they commit to brand loyalty. As innovations in technology make private information increasingly public, the struggle to gain consumer trust has found a new battleground: personal data use.
While customers seek out personalised commerce experiences. They are willing to share their data to that end. Therefore, growing concerns over who has personal data (and how they’re using it) has made the average consumer warier of revealing too much.
Once broken, trust is a trial to rebuild.
In a market where they seek both a personalised shopping experience, as well as a real measure of privacy, how do you get customers to trust your data use?
How to monetize your personal data using UBDI
In a recent ResearchGeek Podcast I was fortunate enough to speak to the co-founders of UBDI, Dana Budzyn (CEO), Shane Green (Chair), and Mark Kilaghbian (CRO). We discussed a range of areas on the podcast, with a focus on UBDI who are not disrupting the market but changing how individuals can monetize their personal data.
I recently signed up to UBDI which was a seamless integration process which allows me to participate in various different research studies that suit the data I will to share and disclose from financial, social, entertainment, fitness and health. Their App which has just completed its BETA phase allows businesses, universities and organisations create studies and analyse aggregated and anonymized results that which means richer and accurate insights are delivered. An important factor I found whilst using UBDI so far is its transparency, by reducing the friction in finding the correct study for you.
Can you remember that time when you completed 10 questions on a survey to then get told you are no longer able to complete the survey because you are not the correct demographic?
With UBDI they remove the friction and show you studies you are likely to participate in.
Think of it like your personal data bank or depository which lets you connect all of the various different accounts that you have.
Better yet, you earn cash and UBDI points by participating in market research. Every study you participate in contributes to different rewards and cash prizes, so you can watch your dollar and UBDI wallet trickle up every time you complete a study.
Conducting market research with UBDI
Like I have previously mentioned, with the UBDI interface and methodology, agencies and organisations can gain richer information and insights from consumers. Let me give you an example..
I went to a Football game last week and 2 days later I received a post survey asking what areas of the ground that I visited, I didn’t have a clue!
Using UBDI you are minimising the human recall that is given to individuals completing studies and they allow personal data to do the talking from start to finish.
Before you conduct market research though, I would think about these 3 questions you should ask yourself before even contacting an agency so then you know what you would like to understand from your study.
UBDI is an actual App that pays you for your data
It is actually a thing that is happening!
UBDI is free to join and I would recommend going onto their website start making money from your personal data.