Brainstorm on status of social data for marketing
A quick brainstorm on data, social media, and privacy. In general, I believe the concern is overblown on both sides. Digital communication mirrors the real world, and there's not an option to go backward. In the future, most of the concerns about data & privacy now will seem relatively meaningless.
- Data is not the new oil. Unlike oil, it's not scarce, it powers nothing, and is only valuable in very specific systems
- Most social media data is useless and ineffective in determining who will make a purchase
- Cambridge Analytica scandal was overblown in the immediate look for something to blame, other than the voters, as a result of the 2016 election
- Social media mostly amplifies what is already being said in the 'real world' and is merely noise
- Detrimental effects of social media should be regarded in comparison to any alternative
- Disinformation campaigns have existed forever. There's never been a single agreed upon perspective of all events.
- Future generations will not consider social media as problematic because it's the known landscape, and backwards tech alternatives seem quaint, at best.
- Bubble will start going out on user data and the power it has to predict customers
- Visa, Amex and Mastercard have long known as much about our purchasing habits as tech companies
- More data about individuals is not necessarily more invasive
- Beyond basics that have known to direct mail marketers for decades, most data is an excuse to charge more for 'targeted' ads