What is Your Data Safe & Data?
What is the plan for Your Data Safe?
Your Data Safe (YDS) is set to transform the global data market through a completely new way of gathering and distributing data to companies. From blue chips, right through to SME’s.
YDS Platform users can create a profile by verifying their identity through KYC or via a decentralized identity solution. All users are then able to select the brands and industries they are interested in sharing their data with. YDS users fill out information fields such as social media accounts, contact information and vertical specific data sets required. YDS users are then rewarded each time their data is used by brands and companies for marketing purposes. YDS will never directly share or allow access to any personally identifiable information (P.I.I). Instead, YDS will send out all communications on behalf of the companies and then provide them with a detailed report of each transaction. This model keeps YDS in line with GDPR but allows brands to reach the exact demographic who are most likely to transact with their brands.
The new YDS proposal of data gathering and distribution is a far more superior method in comparison to the current modeled data used by the likes of Experian, Trans-union etc…
What is the size of the data market?
The worldwide Big Data market revenues for software and services are projected to increase from $42B in 2018 to $103B in 2027, allowing for compound annual growth. Forresters (one of the worlds most respected research and advisory firms) predicts the global Big Data software market will be worth £31B this year, growing 14%. The entire global software market is forecast to be worth $628B in revenue, with $302B from applications, all of which is powered by data.
Who buys data?
All companies need and use data. From sales & marketing, research & development, supply chain, operations and analytics. Basically every business department uses data.
Let’s take an example company like Ford. Ford is split into 2 main areas when we discuss data, ‘head office’ and ‘dealership’ level. Each with their own need for data. Each split has different departments that have a use for data. So Ford (at dealership level) have a primary focus of selling cars and to do this they need to use data. Both existing customer data they already have from when someone purchased a new vehicle or took a test drive and then prospect data that Ford would buy in from the likes of Experian etc…
Third party prospect data is split into types, Postal, Email, Telephone, Social Media for example. Ford will buy tens of thousands of these records to help them sell each of their vehicle models. Typically, they will profile the existing customers who have brought vehicles to understand who these people are, their likes and dislikes for example. Then Ford will buy similar modeled data to send out marketing communications to try and drum up additional business. There is one fundamental problem with this and that is the fact that the data is modeled, this means the people receiving the communications may have only just purchased a new vehicle from VW, Fiat or Vauxhall. Ford have no way of knowing this, so there is a lot of wasted money in purchasing data this way.
Sales data is then used for analytical purposes to help predict the add on sales revenue from servicing through to MOT’s, finance and product sales to extract the maximum amount of money from each purchase. Now you can see why these companies pay so much for ‘quality’ data. YDS don’t believe that the current model offers ‘quality’ data by the way!
The next stage of analytics is to start to drip feed marketing communications 6–9 months before you are due to renew your car. This doesn’t always match the agreed period your existing finance agreement is set out for, often its decided by how much of an oversupply of specific vehicles they are holding in stock at a dealership level.
At ‘Head office’ level prospecting is done in a similar way. However, they are more focused on driving the masses to their local dealership with a wider agenda of trying to get customers from their competitors. Again, the problem with this is timing; when do Ford know that potential customers are looking to change their car? The answer is simple they don’t. So again they spend time and money on marketing campaigns to best guess when potential customers will be looking to change their car which often requires them to offer attractive offers to tempt a customer in. They also focus on keeping their existing customers so that they can safe guard against all the other manufactures who are doing exactly the same at both levels. That is just an example from one sector and this goes on in every sector trying to sell any product to consumers.
Who are the main competitors to YDS?
YDS will not have any traditional competition as such. There are the Big Data companies like Experian, Transunion, or Equafax. These companies have survived as they all operate in the same way, they collect data were available, package it up and re sell it over and over again.
What are our rights in the selling of data?
You own your data and the rights to it. The new General Data Protecection Regulation (GDPR) helps to govern the use of our data. However, there are still companies out there using legacy data and you are probably still getting communications from brands and companies without your direct consent.
YDS have the ability to help you get removed from current marketing lists and continue to work to keep you from these lists.
By owning a YDS account you have total control over the companies and brands who are able to contact you via the YDS Network and the more data you share with our marketing pools the more rewards you can earn from targeted specific marketing.
“Your Data Safe. Pure Data, Rewarded”
Want to know more: Check out www.YourDataSafe.io
& Telegram www.t.me/YourDataSafe
