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Location tracking, e-commerce history, food buying behavior and biometric data: there has been a slow but stable erosion of customer privacy.
Previously, consumers were very comfortable sharing non-public knowledge with brands to see more unreleased content, but this is no longer the case. In fact, they see privacy as a high-end product feature.
Some corporations are responding to this change in privacy expectations and Apple has already begun to take control of this new market. Apple’s new transparency features will allow consumers how their knowledge is controlled and processed, which puts them at odds with Facebook, whose $40 billion virtual advertising business will be in its direct spotlight.
But how much are they willing to pay?
Ajit Ghuman, an expert in product marketing, recently conducted a study that directly measures consumers’ position on privacy. privacy and value-based attributes.
The effects were very revealing.
Ghuman found that 42% of U. S. consumers are willing to pay $12 a month for general privacy on a social network, and up to 50% of U. S. consumers are willing to pay $8 a month for a fully personal social network. strong willingness to protect your information, even if that means you have to pay a constant amount month after month.
Active online stores that are supported are explained as those that “most likely” will make an online purchase within the next 12 months. Your willingness to pay for a social media subscription is $4 per month. With your normal and repeated online spend. Others, those who are not very likely to make an online purchase, show a greater degree of fear and are willing to pay $10 per month, if they can be provided with full confidentiality. for a social media subscription It is attractive that these two segments are a component of the consumers surveyed, indicating a significant opportunity to create privacy-oriented products for consumers who are not normal buyers.
Young Americans under the age of 25 are less willing to pay for their privacy, but those adjustments from age 25, with people ages 25 to 34 willing to pay the maximum on average for privacy, with the will to spend to break down into an advanced age This potentially indicates the need for a source of income and non-public wealth due to the threat of non-public data loss.
In an unexpected find, it seems to place more importance on smartphone privacy than privacy on social media platforms. Men, on the other hand, have shown a greater willingness to pay for privacy in social media subscriptions than for the privacy of knowledge on smartphones.
Consumers who will likely buy an Android phone are willing to pay $3 more for a social media product and $10 more for acquiring a smartphone than consumers who will likely buy an iPhone. privacy in the Android ecosystem.
There is new and compelling evidence that there is a new market for privacy. Face-to-face between Apple and Facebook, it’s transparent that it’s the customer’s personal tastes and willingness to pay what make the difference in strategies. But Apple vs Facebook is just the beginning. New businesses will continue to emerge to satisfy the wishes of these new privacy-oriented customers.
Ajit Ghuman is a member of Price To Scale and is a saaS product marketing veteran who has helped corporations such as Narvar, Medallia, Helpshift and Feedzai differentiate their products, generating profits and profits. He likes to write mostly similar to product marketing and is Ajit has a master’s degree in control science from Stanford University and a bachelor’s degree in electronic engineering and communication from Delhi University as one of the 50 most sensitive product marketing mentors in Sharebird. com by 2021.