Why GenZ Is Sharing Personal Data With Companies Willingly
Summary is AI generated, newsroom reviewed.
Generation Lab's new platform, Verb.Ai, allows users to earn money by anonymously sharing data, aiming for fair compensation. By tracking browsing habits, it creates digital twins for accurate market insights, shifting how companies approach data collection.
The way people perceive data sharing is changing. Generation Lab, a youth polling company, has a new product called, Verb.Ai, which is revolutionising market research by offering users a chance to earn money by sharing their data anonymously, according to Axios.
According to Cyrus Beschloss, CEO of Generation Lab, "We think corporations have extracted user data without fairly compensating people for their own data." This new platform aims to change that by providing users with transparency and fair compensation.
For just $50 or more per month, users can download a tracker on their phones, which takes only 90 seconds to set up. This tracker monitors browsing habits, purchases, and streaming app usage, all while keeping bank account activity private. The data collected is used to create a digital twin of each user, allowing companies to gain a deeper understanding of consumer behavior.
Imagine a political advocacy group seeking to understand where women under 30 get their news. With Verb, they can query the digital twins that fit this demographic and receive accurate answers. This method of polling is likened to an MRI machine, as described in Generation Lab's pitch deck: "For decades, market research has been the equivalent of a doctor asking a patient to describe their symptoms. VERB is an MRI machine."
A significant portion of Gen Z is open to sharing personal data, with 88% willing to share information with social media companies in exchange for incentives. This demographic shift is changing the way companies approach data collection. As Beschloss notes, "We think users should know exactly what data they're giving us and should feel good about what they're receiving in return."
By tracking user behavior rather than relying on self-reported data, Verb provides a more accurate picture of consumer preferences. With a goal of reaching 5,000 users by the end of September, Generation Lab is poised to disrupt the market research industry. The future of polling has arrived, and it's all about buying and selling data in a more transparent and fair way.
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