By Ayah Dweik
Today’s data-driven economy thrives on the constant exchange of information, with businesses employing a host of innovative ways to extract data that can help them craft targeted marketing strategies. That makes your personal information a valuable commodity.
But it’s been tough to earn money with your data because so many companies historically collected it without your knowledge or consent. However, that’s changing in ways likely to help you profit.
But let’s back up a bit. In the mid-90s, companies like DoubleClick started incorporating personal data into advertising strategies, sparking a 30-year battle for user data. But, instead of giving users control of their data and compensating them for it, tech giants like Google and Facebook have built “digital mouse traps” to collect personal data without users’ knowledge or consent.
Data collection backlash
That’s sparked a backlash and public support for stricter data protection laws. In fact, several new laws have passed both in the U.S. and abroad to give consumers more control over what they share.
Whether you want to make money by streaming shows, working out, or shopping online, these companies promise cash and other valuable rewards for selling the information you previously gave away for free.
Services like Fetch, Pogo, and Surf are competing in this evolving landscape, each offering unique features and approaches to data monetization. Fetch rewards users for sharing data from their favorite apps, for example. Pogo pays users for sharing location data. And Surf operates as a browser extension that rewards users for browsing the internet.
However, a company called Caden provides an even better option.
Earn cash with Caden
Caden aims to put control back in users’ hands and let everyone participate and benefit from the open data economy. To make this happen, Caden brought together a group of industry veterans who created an app that allows users to control their data, gain valuable insights, and earn money from what they choose to share. The guiding principle was simple but revolutionary: everything the app does must benefit users and preserve their privacy.
Focused on transparency and control, Caden offers users insight into what your data says about you. It then provides you with the ability to decide which businesses can access it. And it pays users cash each month, based on a formula that rewards you for the type of data you share and how widely you share it.
This young app puts consumers in complete control of their “data vault,” deciding what to share and what to hold back. Notably, the data is anonymized and aggregated before sale, so buyers don’t know who you are.
To be sure, selling your data won’t generate a fortune. Caden estimates that the average consumer will earn between $2 and $50 per month.
That said, as users demand more robust privacy laws, your data is likely to become more valuable. And as more people flock to apps like Caden, seeking to monetize their data, businesses will be forced to adapt and rethink their strategies. That gives you more power — and a greater ability to profit.
Want to make money from your data? Click here to download the Caden app.