- California Consumer Privacy Act presents opportunity – not inhibition – to data management companies
- SRAX prioritizes consumer experience as well as the consumer’s ownership of data
- Launch of new program allows public companies to conserve cash, purchase ads with stock payments
Digital marketing and consumer data management technology innovator SRAX Inc. (NASDAQ: SRAX) is adapting to and overcoming the new challenges of 2020. From new laws regarding data collection and elimination of social gatherings due to stay-at-home orders, SRAX is helping consumers and the brands they trust stay connected.
The California Consumer Privacy Act (CCPA) has presented both challenges and opportunities to businesses regarding data privacy regulations. Following the precedent set by the 2018 General Data Protection Regulation (GDPR), California set out requirements of its own that are anticipated to influence similar legislation across the rest of the United States.
In a recent article, Tech News World identified these legal implements not as inhibitors to business but rather as opportunities for the industry to enhance customer experience (http://ibn.fm/Rglz3). Consumers who opt into the sharing of data are more likely to fully engage with brands. What some see as inflexible standards of the CCPA can actually be mechanisms to help companies build trust and transparency with an interested audience.
While many in the data management realm are playing catch-up to these new legal requirements, SRAX has prioritized customer control from its inception. The Company provides all stakeholders – marketers, content owners and consumers – tools to unlock the value of data. All of the data collected by SRAX is opted into by the consumer, making it more valuable with long-term recurring revenue to the companies who access the collected information. Not only are consumers receiving a better overall experience from the companies they choose to interact with, but the companies are accessing high-quality data with higher conversion rates – a win-win situation orchestrated by SRAX’s strategic design.
2020 has brought more changes then data privacy. In fact, more people are online right now than ever before. Social distancing has forced the world out of the office and into cyberspace, and companies are having to pivot quickly to meet the new needs of their consumers. Understanding this new challenge and the opportunity accompanying it, SRAX launched a Stock for Ads program (http://ibn.fm/OusoP). This new program allows public companies to conserve cash by purchasing media across all marketing channels with stock payments.
“We understand what it means to be a publicly traded company and we want to help businesses continue, not halt their marketing efforts,” SRAX founder and CEO Christopher Miglino stated in a news release. “With our custom media plans, businesses can attract and engage customers with digital ads, covering expenses up to a year in exchange for stock of their company.”
Now more than ever, people are seeking community. The new virtual happy hour (http://ibn.fm/oBpCb) is evidence to how, when faced with any odds, humans still seek connection. Consumers are turning to the tools they have on hand, and those tools are digital. SRAX has worked hard to create a platform that empowers the consumer to take charge of their digital content. When companies sign up, they are communicating to potential consumers that they value and respect their privacy. They are seeking a relationship built on trust and loyalty and aren’t looking for shallow connections. SRAX provides a platform that enables both consumers and brands to reach their full potential.
For more information, visit the company’s website at www.SRAX.com
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX
