Orange has released the second stage in its research into consumer attitudes relating to how businesses use their personal data.
Consumers consider the cumulative value of a common set of their personal data to be worth approximately €170/£140 ($214), according to a research conducted by Orange.
The study reveals that consumers place a higher value on their data when sharing it with a company they are unfamiliar with – rising to nearly €240/£200 ($303) for the full set of data commonly shared online.
On average, consumers attribute a value of approximately €15/£13 to an individual piece of data that they are willing to share with a brand they already know. However, the value of data increases by 20% to approximately €19/£15 for organisations they have not dealt with previously.
Orange believes that this fact demonstrate the importance of fostering trust for brands through transparency about how the information is being used.
“The research clearly demonstrates that consumers are acutely aware that the information a company holds about them has a value to that brand,” says Daniel Gurrola, vice president, Business Vision at Orange.
“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,” he added.