Revolutionizing the data trading landscape, a pioneering solution steps forward in response to the elimination of third-party cookies and the growing challenges in lead generation. In an era characterized by the dynamic evolution of digital commerce, this transformative approach presents innovative alternatives, empowering both businesses and consumers in the effective utilization of data.
In the ever-evolving landscape of digital commerce, data has emerged as the cornerstone of business strategy. Companies, regardless of their size, have traditionally relied on obtaining customer data from marketing campaigns. Especially third-party cookies were a favourable tool to generate, retarget leads and overall reach the company’s target group. But since the beginning of 2024 third-party cookies are no longer available. Therefore, companies must find new ways to generate and target leads.
However generating leads brings challenges with itself. Customer data can still be collected via different marketing channels and campaigns, but sometimes that is not enough, is not cost-efficient or does not achieve the result the company wanted to reach.
To close the gap between the actual number and the desired number of leads, customer data can be bought from several companies. This a quick and affordable way to receive new potential customers and has been used by a lot of companies. However, there are a few aspects that make this form of lead generation problematic e.g., the data quality is often not as good as they wished for and regarding the GDPR it is ethically questionable to buy consumer data without their knowledge. Furthermore, it can be dangerous for a young and unknown brand to contact bought leads, since the brand simply does not know the actual outcome of this action. Will these leads become fans and customers? Or will they be angry because of being contacted without actual permission to do so? This is a delicate question that each company must answer for itself.
IDyou has disrupted this paradigm and set itself the task of building a new and attractive option for lead generation while placing the power back into the hands of consumers and new potential leads.
The Data Dilemma: A Crumbling Foundation
Data is undeniably the currency of the digital age, fuelling the growth of enterprises and shaping the future of industries. With a staggering €500 million invested yearly in customer data in Germany and a global market estimated at a whopping $200 billion, the importance of data is irrefutable. However, the conventional approach to data acquisition has been plagued by challenges, particularly in the realm of lead generation. The existing ecosystem often falls short when it comes to data quality, with businesses grappling with inaccuracies, unverified leads, and a lack of transparency.
Over 15% of the data in companies’ CRM systems is out of date. This of course makes it impossible to turn leads into customers. And it leads to the fact that companies don’t receive the outcome they wish and work for. If you can’t reach the leads and customers you already have, you are surely doing something wrong.
This shows that data maintenance is a challenge for most companies and must ultimately be overcome.
However, data maintenance is not the only challenge; many companies have not yet fully implemented the GDPR. In 2022, only 22% of the companies surveyed had fully implemented the GDPR. 40% had largely implemented it and 33% had partially implemented it. Shockingly, 2% had only just begun implementation at that time.
If we then look at the increasing fines companies must pay when they do not follow the GDPR rules, this failure to comply with GDPR is even more dangerous. These increasing fines are also connected to greater notoriety of GDPR rules and rights within the population. The consumers are simply more aware of their own rights and how to use them against corporations. These fines can easily cost a company 20% of their yearly turnover.
Source: IDyou (2024)
GDPR in Lead Generation: A Crucial Piece of the Puzzle
In the intricate landscape of lead generation, GDPR compliance is of paramount importance. The regulation dictates that contacting an individual without their explicit consent is prohibited. The challenge of generating GDPR-compliant leads has rendered the task increasingly complex for businesses, pushing some to exploit uncertain grey areas by resorting to purchasing leads through dubious means. Furthermore, the GDPR compliance lead, at least for a good part of companies, to the fact that complete departments became unnecessary since they simply are not allowed to do their work anymore.
IDyou’s Vision: Empowering Users and Businesses Alike
IDyou, a trailblazer in the data industry, was founded in January 2023 with a mission to redefine the dynamics of data trade. The central question guiding IDyou’s inception was, “How can end-users benefit more from their own data?” Recognizing the pivotal role data plays in the future, IDyou aimed to shift the paradigm away from a select few corporations profiting from data to those to whom the data truly belongs – the users. IDyou’s approach in the Business-to-Consumer (B2C) domain is revolutionary. Through its app available on Google Play and the App Store, users can now monetize their data, deciding which companies they want to connect with and share their data for a period of six months. The selected companies can then contact them according to the terms set in their offer. The heart of IDyou lies in its unique concept of “IDYs” – offers presented in the app. Users consciously choose companies aligned with their interests, ensuring a more personalized and meaningful engagement. As a reward for sharing data, users receive direct monetary compensation from the
companies, credited to their app account. If the accumulated amount exceeds €10, it is transferred to their specified bank account at the beginning of the following month.
Crucially, users retain control over their data, deciding with whom to share it, thereby mitigating privacy concerns. The IDyou platform also promotes responsible data trading by allowing users to control the frequency and type of data shared.
Source: IDyou (2024)
In the Business-to-Business (B2B) area, IDyou offers a seamless solution for companies looking to connect directly with end-users.
Companies can register on the IDyou portal, creating and managing their campaigns effortlessly. The registration process is straightforward, ensuring the creation of a profile that is not only easy but also cost-free. The real value comes in the creation of campaigns, where businesses can provide detailed information about their offerings, ensuring that the leads generated are of the highest quality.
Campaign creation involves specifying crucial details such as company information, product names, and IDY descriptions. The ability to add images for in-app advertising, ensures a visually appealing and informative campaign. Importantly, businesses can tailor their outreach by choosing how customers are contacted, whether through email, post, and/or telephone and if they want to reach a specific target group based on age, gender, or preferences. Herewith, IDyou gives total control of communication to their B2B customers.
The transparency and efficiency in IDyou’s B2B model are exemplified through the immediate preview of the campaign in the app. Businesses can assess the content and, if satisfied, proceed to create the campaign, receiving the invoice upon completion. The entire process ensures clarity and quality, distinguishing IDyou from traditional lead generation solutions.
Source: IDyou (2024)
The Future of IDyou: Continuous Evolution and Transforming Data into Opportunities
In conclusion, IDyou not only addresses the prevalent challenges in data quality and GDPR compliance but also paves the way for a future where data empowers both businesses and individuals. As the digital landscape undergoes seismic shifts, IDyou stands tall, providing a bridge between data and opportunity, setting the stage for a more equitable and sustainable digital future.
With a commitment to continuous improvement, IDyou remains at the forefront of innovation, constantly evolving to meet the dynamic needs of the digital age. The platform’s dedication to transparency, user control, and GDPR compliance positions it as a beacon of change, reshaping the narrative of data utilization in the modern era. As businesses and individuals navigate the complexities of data, IDyou stands as a guiding force, offering not just a solution but a vision for a data landscape where empowerment and responsibility go hand in hand.
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