Target Marketing in the Era of Data New Deal Policy

IT industry has been earning a huge amount of money through the business model of building a big data based on customer information and utilizing it.

In the fourth industrial revolution, data has changed into an important asset that has an economic value itself, not only substitutes for product and service. Furthermore, data plays a role of catalyst to diverse industrial developments realizing the data economy, which creates new value.

IT industry has been earning a huge amount of money through the business model of building a big data based on customer information and utilizing it. However there happens lots of personal data leakage incidents. Ironically advanced targeting based on user data increases chances of infringement of privacy.

It became important to grant consumers the right to know what information is collected and utilized and acquire consent about it to get rid of worries on unclear usage of personal data and abuse of the information in the era of creating customer services using personal information. Moreover, users are willing to share their information and get chances to participate in the corporate activities if they can ensure the personal information is shared safely and receive proper incentive by evaluation of the personal information value.

Alex “Sandy” Pentland, the Toshiba Professor of Media Arts and Sciences at MIT suggested a new concept of ‘Data New Deal Policy’ meaning to proceed the data ‘reset’ policy, which rebuilds the policy direction on data from zero basis just like New Deal Policy in 1930’s in the US. Data New Deal Policy is a policy of rebalancing the ownership of data in favor of the individual whose data was collected and granting people the right on their information like the right on their body or assets.

Due to the direction of Data New Deal Policy, the method of target marketing to execute the customized ads to customers based on data collection and analysis on existing users needs to be changed. Existing target marketing is more like for media or ad agencies to provide its clients the diverse data collected under the comprehensive consents from consumers in one way direction. However, in the era that grants the data ownership to consumers, consumers hold the control over all the data. Therefore, the target marketing in the era of Data New Deal requires to create trustful relationship to clearly share the data utilization process not only with ad clients but also with consumers.

This will be core competitiveness of target marketing in the era of Data New Deal. To execute the target marketing based on data, it is required to have a system that provides information that data has economic value in advance, acquires and stores consents from individuals and keeps the record of usages.

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