--- title: "Putting a Price on Big Data: How Society Values Information" description: There is a significant perception gap between how consumers and businesses value data. In this article, FlexMR's Information Security Officer explores how can this gap be closed and how we can calculate the true value of information. image: https://blog.flexmr.net/hubfs/Putting%20the%20Price%20on%20Big%20Data%20Image.png --- close ## Ready to level up your insights? Get ready to streamline, scale and supercharge your research. Fill out this form to request a demo of the InsightHub platform and discover the difference insights empowerment can make. A member of our team will reach out within two working days. close ## Cost effective insights that scale Quality insight doesn't need to cost the earth. Our flexible approach helps you make the most of research budgets and build an agile solution that works for you. Fill out this form to request a call back from our team to explore our pricing options. [![FlexMR logo](https://www.flexmr.net/skin/images/images-custom/2b221b67-b091-4584-9017-872ee2ddf960-logo.svg)](https://www.flexmr.net/) Book a Demo Request Pricing [Contact Us](https://www.flexmr.net/contact/) Menu - [Home](https://www.flexmr.net/) - [InsightHub](https://www.flexmr.net/insighthub/) - [What is InsightHub?](https://www.flexmr.net/insighthub/) - [Data Collection](https://www.flexmr.net/insighthub/data-collection/) - [Data Analysis](https://www.flexmr.net/insighthub/data-analysis/) - [Data Activation](https://www.flexmr.net/insighthub/data-activation/) - [Research Templates](https://blog.flexmr.net/topic/survey-templates/) - [Information Security](https://www.flexmr.net/insighthub/information-security/) - [Services](https://www.flexmr.net/services/) - [Our Expert Services](https://www.flexmr.net/services/) - [Support & Education](https://www.flexmr.net/services/support-and-education/) - [Consultative Services](https://www.flexmr.net/services/consultative-services/) - [Insight Delivery](https://www.flexmr.net/services/insight-delivery-services/) - [Research Methods](https://www.flexmr.net/methods/) - [Sectors We Work With](https://www.flexmr.net/sectors/) - [About](https://www.flexmr.net/about/) - [About Us](https://www.flexmr.net/about/) - [Leadership](https://www.flexmr.net/about/leadership/) - [Meet the team](https://www.flexmr.net/about/meet-the-team/) - [Advisory Board](https://www.flexmr.net/about/advisory-board/) - [Press & Media](https://resources.flexmr.net/tag/press) - [Accolades](https://www.flexmr.net/about/accolades/) - [Careers](https://www.flexmr.net/about/careers/) - [Blog](https://blog.flexmr.net/) - [Resources](https://resources.flexmr.net) - [Contact](https://www.flexmr.net/contact/) - [Book a Demo](https://blog.flexmr.net/) - [Request Pricing](https://blog.flexmr.net/) - [Home](https://www.flexmr.net/) - [InsightHub](https://www.flexmr.net/insighthub/) - - [What is InsightHub?](https://www.flexmr.net/insighthub/) - [Data Collection](https://www.flexmr.net/insighthub/data-collection/) - [Data Analysis](https://www.flexmr.net/insighthub/data-analysis/) - [Data Activation](https://www.flexmr.net/insighthub/data-activation/) - [Research Templates](https://blog.flexmr.net/topic/survey-templates/) - [Information Security](https://www.flexmr.net/insighthub/information-security/) - ![Camp InsightHub](https://blog.flexmr.net/hubfs/Website_Files/Images/Navigation/camp_insighthub_nav.png) Embark on a new adventure. Join Camp InsightHub, our free demo platform, to discover the future of research. [Sign Up Today](https://insighthub.flexmr.net/users/new) - ![FlexMR InsightHub](https://blog.flexmr.net/hubfs/Website_Files/Images/Navigation/insighthub_screenshot.png) Read a brief overview of the agile research platform enabling brands to inform decisions at speed in this PDF. [Download Brochure](https://blog.flexmr.net/hubfs/Public_Files/InsightHub_Brochure.pdf) - ### InsightHub on the Blog - [Surveys, Video and the Changing Face of Agile Research](https://blog.flexmr.net/surveys-video-changing-agile-research) - [Building a Research Technology Stack for Better Insights](https://blog.flexmr.net/research-technology-stack) - [The Importance of Delegation in Managing Insight Activities](https://blog.flexmr.net/delegation-importance-insight-activities) - [Common Insight Platform Pitfalls (and How to Avoid Them)](https://blog.flexmr.net/platform-pitfalls-how-to-avoid-them) - [Services](https://www.flexmr.net/services/) - - [Our Expert Services](https://www.flexmr.net/services/) - [Support and Education](https://www.flexmr.net/services/support-and-education/) - [Consultative Services](https://www.flexmr.net/services/consultative-services/) - [Insight Delivery Services](https://www.flexmr.net/services/insight-delivery-services/) - [Research Methods](https://www.flexmr.net/methods/) - [Sectors We Work With](https://www.flexmr.net/sectors/) - ![FlexMR Services Team](https://blog.flexmr.net/hubfs/Website_Files/Images/Navigation/services.jpg) Our services drive operational and strategic success in challenging environments. Find out how. [Download Brochure](https://blog.flexmr.net/hubfs/Public_Files/Brochures/FlexMR_Services_Brochure.pdf) - ![Video Close Connection Programme](https://blog.flexmr.net/hubfs/Website_Files/Images/Navigation/video_services.jpg) Close Connections bring stakeholders and customers together for candid, human conversations. [Read Press Release](https://resources.flexmr.net/close-connections-launch) - ### Explore our Practices - [Communities Practice](https://www.flexmr.net/insighthub/) - [Closeness Practice](https://www.flexmr.net/practices/customer-closeness/) - [CX Practice](https://www.flexmr.net/practices/customer-experience/) - [Insight Communications Practice](https://www.flexmr.net/practices/insight-communications/) - [About](https://www.flexmr.net/about/) - - [About Us](https://www.flexmr.net/about/) - [Leadership](https://www.flexmr.net/about/leadership/) - [Meet the Team](https://www.flexmr.net/about/meet-the-team/) - [Advisory Board](https://www.flexmr.net/about/advisory-board/) - [Press & Media](https://resources.flexmr.net/tag/press) - [Accolades](https://www.flexmr.net/about/accolades/) - [Careers](https://www.flexmr.net/about/careers/) - ![FlexMR Credentials Deck](https://blog.flexmr.net/hubfs/Website_Files/Images/Navigation/flexmr_credentials.png) The FlexMR credentials deck provides a brief introduction to the team, our approach to research and previous work. [Download Credentials](https://blog.flexmr.net/hubfs/Public_Files/Brochures/FlexMR_Credentials.pdf) - ![FlexMR Insights Empowerment](https://blog.flexmr.net/hubfs/Website_Files/Images/Navigation/insights_empowerment.png) We are the insights empowerment company. Our framework addresses the major pressures insight teams face. [Download Brochure](https://blog.flexmr.net/hubfs/Public_Files/Brochures/Insights_Empowerment_Brochure.pdf) - ### Latest News - [Insight as Art Shortlisted for AURA Innovation Award](https://resources.flexmr.net/aura-innovation-award-2021) - [FlexMR Launch Video Close Connection Programme](https://resources.flexmr.net/close-connections-launch) - [VideoMR Analysis Tool Added to InsightHub](https://resources.flexmr.net/videomr-launch) - [FlexMR Makes Shortlist for Quirks Research Supplier Award](https://resources.flexmr.net/quirksmr-mr-supplier-award-2020) - [Blog](https://blog.flexmr.net) - - [Latest Posts](https://blog.flexmr.net) - [Strategic Thinking](https://blog.flexmr.net/topic/strategic-thinking) - [Technology & Trends](https://blog.flexmr.net/topic/tech-trends) - [Research Methods](https://blog.flexmr.net/topic/research-methods) - [Practical Application](https://blog.flexmr.net/topic/practical-application) - [Insights Empowerment](https://blog.flexmr.net/topic/insights-empowerment) - [View Full Blog Archives](https://blog.flexmr.net/all) - ![FlexMR Close Connection Programme](https://blog.flexmr.net/hubfs/Website_Files/Images/Navigation/close_connection.png) Discover how to build close customer connections to better support real-time decision making. [Build Connections](https://blog.flexmr.net/practical-support-real-time-decisions) - ![Market Research Playbook](https://blog.flexmr.net/hubfs/Website_Files/Images/Navigation/market_research_playbook.png) What is a market research and insights playbook, plus discover why should your team consider building one. [Discover Playbooks](https://blog.flexmr.net/market-research-playbook) - ### Featured Posts - [Five Strategies for Turning Insight into Action](https://blog.flexmr.net/5-strategies-turn-insights-into-action) - [How to Design Surveys that Ask the Right Questions](https://blog.flexmr.net/effective-survey-design-guide) - [Scaling Creative Qual for Rich Customer Insight](https://blog.flexmr.net/scale-creative-qual-rich-understanding) - [How to Measure Brand Awareness: The Complete Guide](https://blog.flexmr.net/measure-brand-awareness) - [Resources](https://resources.flexmr.net) - - [All Resources](https://resources.flexmr.net) - [Client Stories](https://resources.flexmr.net/tag/case-studies) - [Whitepapers](https://resources.flexmr.net/tag/whitepapers) - [Events & Webinars](https://resources.flexmr.net/tag/events) - [The Open Ideas Panel](https://ideas.flexmr.net/auth/sign_in) - [InsightHub Help Centre](https://help.flexmr.net/en) - [FlexMR Client Network](https://www.linkedin.com/groups/9165407/) - ![Insights Empowerment Readiness Calculator](https://blog.flexmr.net/hubfs/Website_Files/Images/Navigation/insights_calculator.png) The insights empowerment readiness calculator measures your progress in building an insight-led culture. [Get Your Score](https://resources.flexmr.net/insights-empowerment-calculator) - ![MRX Lab Podcast](https://blog.flexmr.net/hubfs/Website_Files/Images/Navigation/flexmr_podcast.png) The MRX Lab podcast explores new and novel ideas from the insights industry in 10 minutes or less. [Listen Now](https://resources.flexmr.net/mrx-lab-podcast) - ### Featured Stories - [Specsavers Informs Key Marketing Decisions with InsightHub](https://resources.flexmr.net/specsavers) - [The Coventry Panel Helps Maintain Award Winning CX](https://resources.flexmr.net/coventry-building-society) - [Isagenix Customer Community Steers New Product Launch](https://resources.flexmr.net/isa-insights) - [Curo Engage Residents with InsightHub Community](https://resources.flexmr.net/curo) - [Research Methods](https://blog.flexmr.net/topic/research-methods) / - [Strategic Thinking](https://blog.flexmr.net/topic/strategic-thinking) / - [Practical Application](https://blog.flexmr.net/topic/practical-application) / 6 MIN READ ## Putting a Price on Big Data: How Society Values Information #### Louisa Thistlethwaite # [Workshops and Beacons: A Guide to Building Custome...](https://blog.flexmr.net/workshops-beacons-customer-salience) Most organisations are not short of data, insight or decks.Their biggest challenge is not whether cu... [Read more](https://blog.flexmr.net/workshops-beacons-customer-salience) 9 MIN READ #### Ed Hill - [Events (1)](https://blog.flexmr.net/topic/events) - [Insights Empowerment (38)](https://blog.flexmr.net/topic/insights-empowerment) - [Practical Application (178)](https://blog.flexmr.net/topic/practical-application) - [Research Methods (285)](https://blog.flexmr.net/topic/research-methods) - [Strategic Thinking (232)](https://blog.flexmr.net/topic/strategic-thinking) - [Survey Templates (7)](https://blog.flexmr.net/topic/survey-templates) - [Tech & Trends (397)](https://blog.flexmr.net/topic/tech-trends) As demonstrated by another of our [blogs](https://blog.flexmr.net/responsible-research-data-and-marketing), our digital society is continually producing enormous amounts of real-time data. Through our smart home devices, smart phones, social media accounts, web behaviours, travel patterns, and card transactions to list but a few, we are constantly creating a rich and messy, complicated web of data as we charge through our busy lives. I think we would all agree that this data has value; however, that perception of this value varies depending on which position you occupy within society, and how much knowledge you have of the uses of this data. At its most basic, the user of data will have a very different view and range of priorities, when contrasted with the creator of this data. | ![Tweet from FlexMR](https://www.flexmr.net/images/webpage-images/45-tweet-this-from-flexmr.png) | ***Tweet This*** | | --- | --- | | [At its most basic, the researchers and businesses (data users) will have a very different view and range of priorities when contrasted with consumers (data creators) - this makes defining the value very tricky indeed.](https://ctt.ac/5auce) | | ### Value to Business For a business, the value of data is largely conceptualised in financial terms – thank you Big Data!  By collecting numerous data points and combining vast datasets, the messy web of data can be transformed into something a bit more intelligible. With the right knowledge and the right analytical tools, the vast amount of data takes on meaning and becomes insightful information – information that describes consumer preferences, priorities, and needs, perhaps even in greater detail than the consumer could have known about themselves. It is fair to say, the evidence-based decision making associated with big data has revolutionised how a business thinks and operates. Its application allows business to identify crucial opportunities and cut costs across a whole range of operations. Customer acquisition and retention, NPD and automation are just a couple of the many fields that are applying big data to predict behaviour, tailor and personalise offerings to yield competitive advantage. Research consistently shows that companies using a big data strategy outperform those that don’t – estimates vary depending on the source, but this in some cases can be by as much as up to 30%. Indeed, the European Commission forecasted in 2017 “that even limited use of big data analytics solutions by the top 100 EU manufacturers could boost EU economic growth by an additional 1.9% by 2020”. ### A Shared Perception? So for business, big data is a key commodity; but do consumers share this view of data as representing a key financial opportunity? In short – no. While data clearly has financial value, at this moment in time, the opportunity for the everyday person to capitalise and achieve a financial return through the sharing of their data doesn’t really exist yet; or if it does, it isn’t widely known. There is an abiding belief in some parts of the corporate world that consumers are willing to actively trade their data in exchange for the ‘benefits’ brought about from big data analysis. I would, however, question the extent to which consumers actually appreciate the contributory role their data plays in driving improvement and innovation within a business or industry. While the much cited ‘benefits’ of big data, i.e. convenience and personalisation, are certainly demanded and valued by consumers – the mechanisms behind these experiences are intangible and unrecognised. ### How Consumers Perceive Data Consumers have a much more emotional relationship with their data and its value can best be understood through the notions of ‘cost, ‘loss’ and ‘compromise’. People in general have a strong loss aversion preference; that is, the prospect of losing something weighs heavier and is emotionally more potent than any potential gain. When it comes to data, this instinct is extremely high. | ![Tweet from FlexMR](https://www.flexmr.net/images/webpage-images/45-tweet-this-from-flexmr.png) | ***Tweet This*** | | --- | --- | | [Consumers have a much more emotional relationship with their data than businesses do, and its value can best be understood through the notions of ‘cost, ‘loss’ and ‘compromise’.](https://ctt.ac/06YUu) | | The consumer experience of data is one that is inherently personal and full of context and meaning, therefore the prospect of sharing or disclosing it represents a threat. Consumers fear that their data may, in some way, negatively impact them or be used against them to their disadvantage.The most obvious example here would be the impact of a data breach, but it goes deeper than that. There is a concern that data might give something away about them that they wouldn’t want others to know, or create an image about them that is inaccurate or undesirable to them. As an example, think about attitudes to advertising. Many people will adamantly deny being influenced by advertising in any way – yet we know advertising has a power to influence consumers into a purchase. It is as though there is a kind of vulnerability associated with a consumer’s data, acknowledging its impact is like admitting weakness. The same can be said of the consumer relationship with data – people want to guard and protect it out of concern that it represents a version of them that they do not agree, recognise, or wish to be associated with. ### Putting the Price on Data – Next Steps So, given the significance of big data for business, what strategies can be applied to make the exchange of data more palatable to the consumer, to counter the natural instinct of loss and to focus on the gain? Transparency and integrity are obviously vital when it comes to consumer data and are critical for building consumer trust. The next step is to demonstrate the value of data of the collected or sought from consumers. It is not enough to simply describe how data is going to be used – businesses need to work harder to create opportunities for meaningful dialogue with customers about the positive impact their data has had on the company and crucially their own experience of the company. Under GDPR, people are increasingly more conscious of their data rights and the methods by which they can control their data – if businesses are to ensure that the benefits of big data continue to be realised, they need to look for ways to empower the consumer and recognise the value they associate with data. [![New call-to-action](https://no-cache.hubspot.com/cta/default/1682149/a07b9b9f-fee9-447c-a050-1e3fa9d77f53.png)](https://cta-redirect.hubspot.com/cta/redirect/1682149/a07b9b9f-fee9-447c-a050-1e3fa9d77f53) #### About FlexMR We are The Insights Empowerment Company. We help research, product and marketing teams drive informed decisions with efficient, scalable & impactful insight. #### About Louisa Thistlethwaite Louisa is a self-described Info Sec Warrior, who has been key to our success in obtaining the ISO 27001 and Cyber Essentials Plus certifications. #### Stay up to date ## You might also like... ![Blog Featured Image Header](https://blog.flexmr.net/hubfs/Marketing_Files/Blogs/Headers/ways_build_customer_salience_focus_groups.png) ### [5 Ways to Using Focus Groups to Bol...](https://blog.flexmr.net/focus-group-customer-salience) In today’s complex business environment, customer-centricity is no longer a competitive advantage, it’s a baseline expectation. That being said, many organisations still struggle to move from talking ... [Continue reading](https://blog.flexmr.net/focus-group-customer-salience) 7 MIN READ ![Blog Featured Image Header](https://blog.flexmr.net/hubfs/Marketing_Files/Blogs/Headers/qual_research_methods.png) ### [4 Qualitative Research Methods to I...](https://blog.flexmr.net/qualitative-research-methods-customer-centricity) In today’s data-obsessed world, it’s easy to get lost in quantitative data with businesses able to generate quantitative data at scale in quicker times than ever before. But true insight experts know ... [Continue reading](https://blog.flexmr.net/qualitative-research-methods-customer-centricity) 8 MIN READ ![Blog Featured Image Header](https://blog.flexmr.net/hubfs/Marketing_Files/Blogs/Headers/10_common_questions_about_insighthub.png) ### [10 Common Questions About InsightHu...](https://blog.flexmr.net/10-common-questions-about-insighthub) With a suite of impactful integrated data collection, analysis and activation tools, FlexMR’s InsightHub platform is used by many insight teams and experts for impactful insight generation and activat... [Continue reading](https://blog.flexmr.net/10-common-questions-about-insighthub) 13 MIN READ ![](https://www.flexmr.net/skin/images/images-custom/48f118ee-cef9-42d6-b60b-5575d5ac26e3-flexmr_footer.svg) - [Home](https://www.flexmr.net/) - [Contact Us](https://www.flexmr.net/contact/) - [Privacy Policy](https://www.flexmr.net/legal/privacy/) - [Cookie Policy](https://www.flexmr.net/legal/cookies/) - [Terms of Use](https://www.flexmr.net/legal/terms-of-use/) [Follow us on Facebook](https://www.facebook.com/flexmr/) [Follow us on Twitter](https://twitter.com/_flexmr) [Follow us on LinkedIn](https://www.linkedin.com/company/flexmr) [Follow us on YouTube](https://www.youtube.com/c/FlexmrNetOnlineResearch) [![Grit Top 50 Logo](https://www.flexmr.net/uploads/photo-gallery-include-images/34/44258f4d-7452-40d6-bb23-0e220c8ba21f.png)](https://www.greenbook.org/mr/grit/business-innovation-edition) [![ISO 27001 Alcumus](https://www.flexmr.net/uploads/photo-gallery-include-images/34/fa89f9b3-d866-43b8-8de0-4a052a9053d8.png)](https://www.alcumus.com/en-gb/certification/iso-27001/) [![Cyber Essentials Plus Logo](https://www.flexmr.net/uploads/photo-gallery-include-images/34/cba57df6-75a2-4544-9599-dcc0c2f14b79.png)](https://blog.flexmr.net/hubfs/Public_Files/Other/FlexMR_Cyber_Essentials_Certificate.pdf?__hstc=163229475.dde2c3d212762f49b059c9f62e7537a0.1624542718433.1626339489304.1626701624468.7&__hssc=163229475.2.1626701624468&__hsfp=3142549060) © FlexMR 2021. All rights reserved. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Louisa Thistlethwaite", "url" : "https://blog.flexmr.net/author/louisa-thistlethwaite" }, "dateModified" : "2021-07-22T11:43:02.262Z", "datePublished" : "2019-06-14T11:25:31.000Z", "headline" : "Putting a Price on Big Data: How Society Values Information", "image" : [ "https://blog.flexmr.net/hubfs/Putting%20the%20Price%20on%20Big%20Data%20Image.png" ], "mainEntityOfPage" : { "@id" : "https://blog.flexmr.net/how-we-value-big-data", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.flexmr.net/hubfs/Website_Files/Images/Logos/flexmr_logo_amp.png" }, "name" : "FlexMR" } } ```