Users may consider paying for privacy

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 03, 2021, 2:07 AM GMT+0

Market for a fully secure private social media network is valued at $14-$18 billion, as per the Emerging Market For Privacy report.

With more consumers considering privacy to be a premium feature, treating privacy as a product feature could help brands capitalise on this trend. Companies like Apple are already leveraging this privacy market, with new transparency features that allows consumers to control their data.

50% of Americans are willing to pay $8 per month for a fully private social media network. Businesses should build privacy-first products for consumers who aren’t regular online shoppers, as these consumers can pay as high as $10 for social media subscriptions.

Further, Android users will pay $3 for a social media product, and $10 for a smartphone with privacy features. This indicates consumers’ willingness to pay for data security and brands should ensure they match their consumers’ privacy aspirations.

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