Location tracking, e-commerce history, online buying behavior, and biometric information — there has been a slow but consistent erosion of consumer privacy.
Consumers used to be very comfortable sharing personal data with brands in order to see more personalized content, but that is no longer the case. In fact, they increasingly see privacy as a premium product feature.
Some companies are responding to this shift in privacy expectations, and Apple has already begun to corner this new market. Apple’s new transparency features will allow consumers to choose how their data is managed and handled. This puts them at loggerheads with Facebook, whose $40 billion digital advertising business will be in its direct line of fire.
But just how much are consumers willing to pay?
A hidden market for privacy
Product marketing expert Ajit Ghuman recently conducted a research study directly measuring the price consumers place on privacy. The resulting Emerging Market For Privacy report, conducted with Conjoint Analysis (CA), analyzed social media subscriptions and smartphone usage. The variables under consideration were a combination of privacy- and price-based attributes.
The findings were very telling.
There is a $14-$18 Billion Market for a fully secure social media network
Ghuman found that 42% of US consumers are willing to pay $12 per month for complete privacy on a social media network, and…