I just stepped off of the stage at DMA2013, where I announced that DMA’s own think tank – the Data-Driven Marketing Institute (DDMI) – has released the findings of a ground-breaking new study: “The Value of Data: Consequences for Insight, Innovation and Efficiency in the U.S. Economy.”
This first-of-its-kind study – commissioned by DDMI and undertaken by Professors John Deighton of Harvard Business School and Peter Johnson of Columbia University – quantifies the value of the Data-Driven Marketing Economy (DDME). DDMI commissioned this study to give policymakers in Washington and beyond the facts about the vital role of responsible data use in fueling innovation and economic growth – and what would be lost if regulation impeded responsible exchange of data across the DDME.
And the facts are remarkable…
- The DDME added $156 billion in revenue to the U.S. economy and fueled more than 675,000 jobs in 2012 alone.
- The real value of data is in its exchange: 70% of the value of the DDME depends on the ability of firms to exchange data across the DDME.
- Innovation and small businesses are the biggest winners in the DDME.
- The DDME is “made in America” and data-driven marketing is a major U.S. export.
- The Bottom Line: Legislation or Regulation Restricting the Responsible Use of data would impact innovation, small businesses, jobs and economic growth…and harm the U.S. Economy.
I urge everyone to download the report and get the facts. DMA will be using this information as part of our advocacy work in Washington and state capitals and in our public opinion outreach to promote the value of data driven marketing to the economy and consumers.
There are two immediate ways you can engage with this research:
- On October 17, DDMI will host a webinar for the data-driven marketing community to learn more about the findings in its groundbreaking “Value of Data” study straight from the authors themselves.
- On October 29, DDMI will host policymakers, industry thought leaders and the press at the National Press Club in Washington, DC, to discuss what the study findings mean for regulatory debates about the use of data. You are invited to register now. The event will feature a keynote address by Representative Lee Terry (R-NE), Chairman of the House Energy & Commerce Subcommittee on Commerce, Manufacturing & Trade; a briefing by study authors John Deighton and Peter Johnson: and a panel discussion on “Balancing Privacy and Innovation” including Jessica Rich, Director of the FTC’s Bureau of Consumer Protection; Stu Ingis, Partner at Venable LLP; Jason Bier, Chief Privacy Officer at ValueClick; and Pam Dixon, Executive Director of the World Privacy Forum.
I hope that you will download the report, share the facts far and wide, and join us for these upcoming events. I look forward to your feedback and comments on the findings, as well.