Consumers are becoming aware of how valuable their personal data is to advertisers. While many are open to a fair data exchange, this does not mean that they are altogether resistant to sharing their information. However, with around 43% of 18-24-year-olds using adblockers in the UK, it’s clear that brands need to find new ways to improve the online advertising experience to regain this audience’s attention.
Two brands that appear to understand this value exchange are Brave and Pick My Postcode!
Brave is a privacy-centred browser that is looking to transform the relationship between advertisers and consumers. Their adverting platform, Brave Ads, is an opt-in system that is designed to reward consumers for their attention; they claim that ads viewed through their platform have a click-through rate of 14%, compared to the industry average of 2%.
So, how does it work? When a user actives Brave Ads, Brave looks at their browsing history to privately match them to an appropriate advert. Brave then pays the user 70% of their revenue ad share in the form of a Basic Attention Token (BAT). The BAT token is a cryptocurrency that can be exchanged between advertisers, publishers and consumers. Consumers can use the BAT that they’ve earned to anonymously donate to their favourite publishers –YouTube, Twitter, or website content creators.
Pick My Postcode! is another brand that is offering consumers ads in exchange for the chance to win daily cash prizes. They’ve also gone one step further, allowing brands to survey their community for the same tangible rewards. Could these be the alternative experience consumers have been waiting for?
However, there are some questions surrounding their effectiveness. How can these sites be sure that users are actually paying attention to the ads, and not using their platform to just receive rewards? Will this be enough of an economic incentive to encourage more users to the platform?
Regardless of whether you’re impressed by these innovations or not, through rewarding consumers for their attention, respecting their privacy and only showing them relevant adverts, there is the potential to radically improve the relationship between consumers, publishers, and advertisers.
Data as Currency, Foresight Factory, October 2018
Online advertising in the UK, DCMS, January 2019
Brave Browser wants to pay you to view ads but there’s a catch, PC Mag, January 2019
Picture Johan Viirok – Hacking