With the Internet overwhelming us with the information overload, Handshake, a UK based startup is working on streamlining this information revolution-redefining relationships between brands and consumers.Handshake is a completely new way for companies and consumers to communicate.They give back to individuals the control over the personal data, so if brands want to know more about someone, what they’re into and what they do. This also helps them to communicate and negotiate directly with them.
Brands get new classes of data at a lower overall cost
Once you sign up to Handshake and complete your profile and then add in more data in response to surveys from Handshake that will provide information that is of interest to brands and organisations. Brands get to know user’s opinions, intent and behavioral patterns and opens a new channel for negotiation.
Whose data is it?
Handshake is trying to answer some real pressing problems that brands and in fact the whole world is facing. We are in amidst information revolution and we are constantly gathering and manipulating data, that is affecting our lives and businesses on a larger scale. There are challenges like privacy, data tracking, data theft and hacking data. But all of this mean only one thing: ownership and control. Handshake is an answer to these poignant issues.
What is Handshake creating?
Duncan White, CEO of Handshake mentioned to us, “I think the issues around data privacy and the EU ruling that data is a new asset class is making consumers more aware of the value of their personal data and the fact that other people have been making a lot of money out of it. If you are a ‘hard to reach’ segment then your time and attention is very valuable for organisations.” At the moment the relationship between brands and consumers is far from fair and Handshake is working hard to make it a fair relationship.
For example, just take a look at any direct marketing campaign, where the usual response rate maybe around 3% and the rest 97% are seemingly not happy with your engagement strategies. So you tend to leave out a large, really large portion of your target audience somewhere in the dark. With Handshake, you would know exactly what it would cost you to talk to people who wanted talk to you and as an individual you get to say which brands you want to talk to or not. There is a special negotiation engine that sits at the heart of Handshake that allows multiple individual negotiations to happen simultaneously. As a result, you as a brand are negotiating with each individual.
Own your own data and also make money from it through Handshake
EU ruling has it that data is a new asset class is making consumers more aware of the value of their personal data. So if you as an organisation hold data about me then that data is legally belongs to me. When that organization is using that data to make money, it makes sense for me as a user to have a share of the same. So Handshake as a part of their beta programme is offering equity to users who help them build the community. Very soon they will also start working to sign up brands with them.