BIGtoken, built by SRAX (Nasdaq: SRAX), is the first consumer-managed data marketplace where people can own and earn from their data. Through a transparent platform and consumer reward system, BIG provides consumers choice, transparency, and compensation for their data. The system also provides advertisers and Media Company’s access to transparent, verified consumer data to better reach and serve audiences.
SRAX is a publicly-traded digital marketing and consumer data management technology company that has been serving the digital advertising and consumer data industries since 2010. During that time, the company has experienced firsthand the inefficiencies and inaccuracies that challenge corporations working with consumer data. It has also developed a deep understanding of the limited awareness, choice, and compensation consumer’s face when it comes to the data you produce online. The BIGtoken vision of a transparent and humanized exchange of verified consumer data is the natural outcome of this experience and understanding.
BIGtoken is expanding its global reach and recently announced the association with Yash Birla Group.
Medianews4u.com spoke to Christopher Miglino, CEO and Founder at SRAX on their Global expansion and the tie up with Yash Birla Group in India
Can you tell us a bit more about SRAX?
BIGtoken is a wholly owned subsidiary of publicly-traded company, SRAX (Nasdaq: SRAX). Founded in 2010, SRAX’s technology delivers the tools to unlock data to reveal brands core consumers and their characteristics in the CPG, automotive, investor relations, luxury, and lifestyle verticals. Today, the projection of our digital self-spans social media sites, dating apps, video games, and all the other places we visit on a daily basis to be more connected, informed, entertained, and efficient.
What are your plans to take this forward in India?
A marketplace requires supply and demand. For the supply side, the platform has grown almost exclusively through word of mouth, user referrals, and user generated content. We plan to leverage this same approach in India through working with social media and social influencers to leverage the community and viral components of the platform. We will also partner with key media organizations to create data and user consortiums.
BIGtoken is the first platform that includes in consumers in the data economy by compensating them for the value of their data. Once people discover the value, platform adoption happens rapidly.
The demand side will grow as partnerships develop with brands and advertising agencies to access large, anonymized data sets for market research and advertising.
Decision to partner with Yash Birla Group in India?
Bigtoken has started to grow organically in India, so we recognized that we needed a partner that understands the Indian market and the value of the consumer. We have partnered with then Yash Birla group to help us navigate the India market. We could not be more excited to have such an icon in the market helping us.
Mr. Anant Vardhan, Prsident, Yash Birla Group added, “A venture with the Yash Birla group will effectively give us the reach within India and the region. India is a sunrise market for our company and our research says that digital economy is now growing at a very rapid pace in India. Getting quality data still remains a challenge. Providing data which is well structured, tailor made for the need of the promoter with consent provides a wholesome solution which is lacking in many areas of this growing economy. Therefore, promoting brands and services with well researched data is the need of the hour and India with having a huge consumer base will definitely benefit by this offering.”
Data has been termed as new oil in India, your take on this?
Data is an asset. Unlike oil, data comes from people, and it’s not a single use asset. Data can be used many times for many uses simultaneously.
How will this association empower consumers, what will marketers gain out of this?
Brands are targeting segments of the advertising. So we put the anonymous segments. We never sell any names, any email address or anything like that but we will create a segment that can be targeted from a marketer. Once that data is targeted, consumer can earn money. Sometimes we pay them upfront from some of their data.
BIGtoken’s core values or transparency, choice, and compensation. We are completely transparent about the data we are collecting and how it’s packaged in segments for ad targeting and research. We want to make the consumers the key part of the data economy. You now own your data and you earn from your data. In this platform, each thing that you do, you earn money. Inside the platform I have the transparency over my data. I have complete control on my data.
How would you describe the current scenario of digital marketing and data management technology in India?
India is one of the fast growing advertising markets in the world. As the country continues to grow in economic prosperity, the consumers in India will become more valuable to advertisers and as a result their data will become more valuable giving each user more earnings. This is the perfect time for advertisers and consumers, and BIGtoken is a platform that will create value for both consumers and marketers.
Views on data privacy – digital identity
Digital privacy was designed to put the consumers in control of their data. Tech Company should not decide what happens to your privacy.
Data and privacy regulation is a big step in protecting and empowering consumers. Data regulation requires informed, transparent opt in. BIGtoken values and embodies these principles and goes above and beyond these requirements.