Big Data map

New Year, New Data

With the new year comes resolutions, and though vowing to exercise more regularly or cut down on carbs is a worthy personal resolution, it’s important to make professional promises as well. The BDEX teams believes, more than ever, now is the time to take advantage of Big Data.

But it’s not just us. Experts believe 2017 will be a pivotal year for Big Data as well.

“2016 was an exciting year for big data, as finally, Big data is no longer a hype or a buzzword. This means that organisations are actually developing real world solutions and applications with big data analytics that have a big impact on their bottom line,” Mark van Rijmenam of Datafloq tells KDnuggets. As brands, retailers, and agencies take Big Data more seriously, the doors open for more Big Data projects and ultimately, Big Data solutions.

The BDEX Data Exchange Platform (DXP) has steadily grown to offer our customers the most comprehensive collection of timely, third-party data on the market. We’re happy to announce that our marketplace is more robust than ever. Look at a few of our updated marketplace statistics below:

 

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Shopping Cart Retargeting, or targeting customers who have shown interest in a product on a retailers’ website, is a common data service. The BDEX Shopping Cart Engine, or C2E service, takes this retargeting to the next level by linking retailers with the email addresses of customers who did not even register or purchase on the website. In other words, retailers can connect with potential customers who have shown an interest in their products, whether or not they wanted to purchase merchandise at that particular time.

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Want to learn more about Big Data or BDEX? Visit our website, bdex.com, or email us at info@bdex.com.

Image Credit: Flickr/KamiPhuc

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How Much Are You Paying for Data?

Whether you run a large, established company or a small startup, you need data. The problem is finding a provider that fits all your needs. Large DMPs can offer impressive scale but flexibility is often an issue. After all, large DMPs have hundreds of clients, and the needs of one client, especially a small startup, are not their only priority.

Ed Armitage, an ecommerce consultant previously with British book seller Waterstones, points out this dilemma in a Marketing Week article. “The trouble is that large companies can lack the flexibility or the attention a company needs to make the most of its solution.”

The article goes on to suggest that startups, and other small companies, can offer great customer service and flexibility but lack the scale of bigger providers. BDEX, the first ever DXP (or Data Exchange Platform), is different. With over 400 billion total data points in over 5,000 different categories, BDEX offers even more data than the average DMP—with no minimum payments required.

In other words, BDEX gives brands, retailers, and agencies scale and functionality. Marketers can gain access to data collected from over 75 different sources, including Neustar, and small agencies can purchase a subscription (as low as $500 a month) and buy only the data they need. And because the BDEX DXP is a marketplace, sellers set the price for their data and can change it based on the success of competitors’ prices. Sellers can even see the optimal price point for their data via their account portal. BDEX’s marketplace approach to data keeps prices as low as possible for buyers while allowing sellers to get the best price possible for their data.

With data available in virtually every industry from shopping and retail to finance and the automotive industry, the BDEX marketplace makes sense for virtually every company big and small. For more information about the BDEX marketplace, email us at info@bdex.com.

Image via Flickr/TaxCredits.net

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BDEX CEO David Finkelstein Talks Data on Radio Show Building the Future

On Tuesday, November 15, BDEX CEO and cofounder David Finkelstein was featured on radio show Building the Future, where he discussed his various entrepreneurial ventures, including BDEX, the first ever Data Exchange Platform.

Every week host Kevin Horek (@kevinhorak) speaks with a different entrepreneur or investor “helping to make our world a better place.”

David discussed BDEX and the business of buying and monetizing data, as well as his early years in Ramsey, New Jersey working at his father’s business. It was there he was bit by the entrepreneurial bug.

“It was sort of embedded in me from the day I was born.”

After attending Rochester Institute of Technology and working in the IT department of a small computing company, David started his first business, National Internet Source, Inc. in 1994. After selling the business to the U.S. Cable Corporation and briefly working for the company, David cofounded, along with fellow BDEX cofounder and CDO Michael Aronov, an internet advertising platform called Contextuads.

After 10 years and realizing “the technology [for internet advertising] had become commoditized,” the duo turned Contextuads into BDEX, understanding that their most important product was the data they had accumulated.

BDEX is the largest data exchange platform in the U.S. Unlike most data platforms, BDEX receives between five and 10 million real-time data points a day, allowing brands, retailers and agencies to target their audiences like never before.

Listen to the entire show via SoundCloud below or visit the Building the Future website. For more information on BDEX, visit our website or email info@bdex.com.

 

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When Real-Time Data is Actual Real-Time Data

Many data platforms claim they can provide their customers with real-time insights, but their definition of “real-time” is often debatable. True, real-time data is not only obtained in real time but offers brands, retailers, and agencies up-to-the-second information on their customers’ behavior. After all, if you acquire information about an online shopper one minute but the information is 30 days old, the data’s value is greatly diminished. But if that same online shopper searches for sandals on one website one minute, and the marketer learns that information a minute later, the data is priceless. “Organizations can reap a lot of benefits by accessing real-time analytics purely because of their close relevance to market realities” (Techopedia).

Mobile Data

Real-time data can be learned a variety of ways, perhaps most obviously, through mobile IDs. Every Apple device has a UDID, or Unique Device Identifier. “Originally, the UDID was intended as a sort of serial number for Apple devices. But, as the industry began to explode, app developers turned to the UDID to help track and target mobile users.” Apple later denied app developers access to users’ UDIDs and created a data set called IDFA, or Identifier for Advertisers. Unlike the UDID, the IDFA is not easily linked to devices or users. In fact, users can even opt of advertising tracking altogether if they wish.

Despite mobile advertising regulations, mobile ID tracking provides valuable data for marketers, especially when tracking real-time behavior. With over 100 million mobile device IDs tied to AAIDs and IDFAs, the BDEX DXP has some of the most comprehensive and diverse mobile data on the market.

Cross-Device Matching

Ninety percent of today’s consumers bounce back and forth between devices when making purchases. When you consider that 65% of the revenue generated online comes from purchases that are made across multiple channels, you have little choice but to target users with ads regardless of the device they’re using to access these channels” (Shopify). To target the same consumers across multiple channels, however, marketers must link those consumer’s various IDs. Not surprisingly, connecting the ID “dots” is easier said than done.

There are over 80 million email-to-mobile ID and email-to-cookie ID matches available in the BDEX marketplace. Thanks to a plethora of data provided by more than 75 sources and custom BDEX identifier tags, marketers can link their consumers’ information across multiple sites and platforms and use that data to advertise via mobile, email, display, or any other channel.

Moving Beyond Interest and Intent

While interest and intent data is certainly valuable, when you add a real-time element to the equation, the information learned is not only a predictor of what a consumer may buy but an indicator of what he/she will buy. With millions of new data points received daily across thousands of categories, the BDEX Data Exchange Platform offers the most comprehensive and time-relevant data on the market. For more information about our platform, visit our website. Want to get in touch? Email info@bdex.com.

Image via Flickr/Jean-Pierre Bovin

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BDEX to Present, Compete at 2016 Florida VentureTech Showcase

BDEX, the first ever Data Exchange Platform, is proud to announce that the company has been selected to present as a finalist at the 2016 Florida VentureTech Showcase in downtown Tampa November 1st. The winner of the Space Florida Accelerating Innovation Award will receive a $100,000 prize and the runner-up will receive $50,000.

The Florida Venture Forum, founded in 1984, is the “leading entrepreneurial and private company investor networking group in Florida.” Past presenters at the conference have raised almost three billion dollars in venture capital investment for their businesses. With board members that include strategic corporate investors as well as active venture capital funds, the non-profit member organization is an instrumental tool for Florida’s entrepreneurial community.

David Finkelstein, CEO and co-founder, along with CDO and co-founder Michael Aronov, will attend the conference. Presenters were chosen by a selection committee assessing growth-stage companies in Florida. BDEX, founded in Florida in 2014, also has offices in New York City and Seattle, Washington.

Longtime business partners, Finkelstein and Aronov founded one of the first Internet service providers in the country, National Internet Source, Inc. in 1994. The pair sold the company to U.S. Cable Corporation in 2000 before founding Contextuads, which serves advertising networks and PPC search engines through more efficient ad targeting. After finding themselves with an abundance of useful data at their fingertips, Finkelstein and Aronov created BDEX. Combining the functionality, data, and reach of a traditional DMP in a true marketplace environment, BDEX enables companies to acquire quality, impartial third-party data to target their audience like never before.

To learn more about BDEX, our services, or investment opportunities, visit our website or email us at info@bdex.com.

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Make the Most Out of the Election with Big Data

In an innovative and ultimately game-changing move, Barack Obama and his campaign team took advantage of the Internet, social media and data analytics to reach voters and harness volunteers.” The strategy, used in both of his successful presidential runs, led current nominees Hillary Clinton and Donald Trump to follow suit. This time, however, the data learned and used is bigger than ever; In fact, it’s Big Data.

Politics and the Data Marketplace

But you don’t have to be a political marketer to see the advantages political data segments have to offer. Used in conjunction with other segments, political data can be used by political (and non-political) brands, agencies, and retailers to gain a more well-rounded view of their target consumer. These segments often contain information about consumers’ party associations and their outlooks on specific issues.

The BDEX Difference 

Not all data is created equal, however, so not all data providers provide the same quality or number of data segments. With over 200 billion data points in 5,500 different data categories, BDEX has one of the largest reservoirs of quality, third-party data on the market. With millions of data points on politics alone, BDEX is the only data platform you need this campaign season. BDEX even has specific data segments dedicated to consumers with a somewhat conservative political outlook, a very liberal political outlook, and a “middle of the road” political outlook, to name a few.

Look-Alike Modeling

One of the most useful tools for marketers wanting to target specific voters and political thinkers is look-alike modeling. By simply identifying the key factors and behaviors that make up their target audience, marketers can actually build their ideal customer and find consumers who match that ideal. If you know that the majority of your existing consumers are male, aged 30 to 50, make $100,000 or more a year, and tend to vote republican, you can find millions of others who meet that criteria with look-alike modeling. BDEX’s Custom Audience Creator makes look-alike modeling and segment building even easier. Combined with a strategic marketing campaign, look-alike modeling is one of the simplest but most effective ways to reach new consumers.

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The first ever Data Exchange Platform (DXP), the BDEX marketplace combines all the data, reach, and functionality of a traditional DMP in a true marketplace environment. With no minimums for data buyers and available at no cost to sellers, BDEX is the ideal choice for a variety of marketers. With data collected from 70+ vetted websites and sources, including Neustar and Acxiom, BDEX is your one-stop shop for all things data.

Image via Flickr/Steve Trottier

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Consider These 3 Factors When Monetizing Your Data

Big Data’s incredible economic and social influences are evidenced in the variety of industries it’s revolutionizing. For example, healthcare providers can better “predict epidemics, cure disease, improve quality of life and avoid preventable deaths” (Forbes). Brands can better serve their existing customers while attracting new ones, and retailers can predict what trends will resonate with their shoppers.

However, those new to the data monetization side of the Big Data industry may feel a little overwhelmed since there are thousands of companies ready and willing to utilize their data. Before you take the plunge and decide where and how you should sell your data, consider these important data factors: location, price, and privacy.

Where You Sell Your Data Matters

You’re probably wondering, “Where do I sell my data?” After all, the “personal data economy is fairly new.” While you can sell data to a variety of websites, the process can be time-consuming, as tech blogger Chris Hoffman points out. And if you’re selling a limited amount of information, weighing the amount of time spent selling versus the value of the actual data is important.

But as the data monetization industry grows, more and more options become available. Data marketplaces, or online stores where people can buy and/or sell data, are alternatives to the traditional DMP. Data marketplaces allow a wider range of businesses to take advantage of data monetization. Some marketplaces, like BDEX’s, don’t even require revenue sharing.

The Price Must Be Right

Determining the value of your data is perhaps the most difficult part of monetizing data. If you set the price too high, buyers will choose other providers, but if the price is too low, your chances of creating a decent margin are squashed. In a marketplace environment, data sellers can determine the price of their data based on that of the competition. BDEX even shows their data sellers the optimal price point of their data so they raise or decrease the price when necessary.

Customer Privacy is Essential

Sharing data should be a mutually beneficial experience for all involved, including the consumers. To ensure that your consumers’ information is protected, you should encrypt the data or hire a third party to do it for you. You should also be sure that the website or marketplace that buys your data is doing their part to protect the data as well. Data sellers who take advantage of the BDEX marketplace can rest assured that their customers’ information is anonymized and protected.

BDEX is changing data monetization. Sellers can enable activation and monitor their data, while buyers can access tremendous scale and even integrate the BDEX DXP into their own DSP. When they utilize BDEX’s data monetization services, data sellers have complete control of what data they sell and its individual price point. For more information, email us at info@bdex.com.

Image Credit: Flickr/http://401kcalculator.org

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New to Big Data? You Don’t Have to Face the Giant Alone

The term “Big Data” is used regularly by those who work in the digital marketing, technology, or data industries. If you’re a business owner trying to market your brand, product or service, however, you may be a little confused as to what Big Data actually is. Analyzing data and marketing based on those results is no longer essential to only online stores or big businesses. Small and middle-tier companies are reaping the benefits of third-party data, including increases in brand awareness and revenue.

Big Data may seem overwhelming, but you don’t have to be a data scientist to learn the essentials. Below are three Big Data basics you should know:

A Simple Big Data Definition

There are hundreds of definitions for Big Data. For years, Big Data was determined by the big Vs: volume, variety, and velocity. But Big Data is not as simple as its size; it’s also the technology that consumes and reads the data.

First-party data is gathered first-hand, like when an online store asks their consumers to fill out customer experience surveys. Third-party data is learned from other sources. By utilizing both first- and third-party data, businesses can gain the most comprehensive and useful insights possible.

Big Data is Not Just a Buzzword

When news of Big Data started circulating in the tech community, some people were skeptical of its size and capabilities, but Big Data has become an essential asset to digital marketers and an impressive money-maker. According to the most recent Worldwide Semiannual Big Data and Analytics Spending Guide from research firm IDC, global revenues for Big Data and business analytics will grow from nearly $122 billion in 2015 to $187 billion by 2019 (CIO).

As demand for Big Data increases, demand for Big Data-related jobs continues to grow. According to Forbes, IBM and Oracle “advertised 26,488 open positions that required big data expertise in the last twelve months [The article was published in November 2015].” Typical Big Data roles include Data Scientist, Big Data Platform Engineer, and Data Quality Director, but you don’t have to be a data expert to reap the benefits of Big Data; there are a number of data companies that can perform the hard work for you.

The Difference Between a DMP and a DXP

DMPs, or Data Management Platforms, are basically data warehouses “most often used to manage cookie IDs and to generate audience segments, which are subsequently used to target specific users with online ads (Digiday).” Often, however, marketers find that the information learned from DMPs is not specific enough since it’s typically single-sourced. Most DMPs don’t have real-time signals either, so often the information becomes stale quickly. A DXP, or Data Exchange Platform, has the benefits of a DMP but operates in a marketplace setting. Advertisers, retailers, and brands can obtain data from a variety of industry-leading sources and gain real-time insights in one place, making campaign management easier, more efficient, and more effective.

BDEX is the first-ever DXP. Whether you’re new to the data world or are a marketing expert looking to make the most of your marketing budget, BDEX can help you reach your target customers across the U.S. For more information about BDEX’s unique Big Data services, visit our website or email a representative.

Image CreditFlickr/Colin Kinner

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Why You Shouldn’t Limit Retargeting to Lost Customers

According to retailnext.net, at least four trillion dollars’ worth of merchandise was abandoned in online shopping carts in 2014 and over half of that amount is likely recoverable. So how do you turn those losses into gains? By retargeting—but not just any type of retargeting.

Modern consumers know they have the world at their fingertips—literally. They browse online stores, compare prices, read reviews, and more on their desktops, laptops, tablets, and smart phones. In short, consumers hold the power; they can either choose to boost a brand’s sales or purchase a different, and possibly cheaper, option. That’s why retargeting should be an essential step in every marketer’s strategy.

What is Retargeting?

Founder at AdProfs, a digital advertising consultancy in Canada, Ratko Vidakovic describes retargeting as a way “to show ads directly to visitors after they’ve left a site or landing page, providing multiple shots at the conversion.” Once a consumer visits a particular website, a piece of code is added to the landing page. A cookie is then placed in the shopper’s browser and she is added to a specific audience list and targeted with ads customized to meet her needs and interests.

Retargeting is not a new concept, however. Brands, retailers, and agencies have been taking advantage of this marketing tool for years. But why limit retargeting to only your lost customers? By taking advantage of the breadth of information in a data marketplace, like BDEX’s, you can retarget customers who not only visited your website but those who are shopping for your products or services elsewhere.

Why Retarget?


“It’s not uncommon to see amazing CTRs [click-through rates] with retargeting, anywhere from 0.30-0.95% – which is 3-10x higher than the industry average,” according to Vidakovic. In short, retargeting is a proven way to increase conversions and is more effective than regular targeting alone.


By courting consumers who have previously purchased or currently show interest in a product or service, marketers have a much better chance of increasing conversion rates. Retargeting potential consumers who have shopped for the same or similar items on other sites or apps increases the chances of boosting sales even more.


How Can I Retarget Better?


Most DMPs offer retargeting solutions in some form or another, but with an ever-changing marketplace to consider and new technological innovations being introduced constantly, taking advantage of the most advanced retargeting solutions can be difficult. A DXP like BDEX tracks millions of users across every channel, making it easy to target campaigns geared toward particular consumers. For example, if your business sells garden equipment, you can retarget ads to people who have either been to your website or recently bought garden equipment on another website or are in the market for new garden equipment. When you add a real-time element from outside your system to the scenario, you can find the most recent, relevant data possible. You can retarget with even greater specificity, leading to more sales.


Retarget better with BDEX. With over 20 billion new data signals on U.S. consumers every month, the BDEX marketplace is the most comprehensive data source of its kind. Whether you want to target—or retarget—consumers, the BDEX Data Exchange Platform offers in-depth insights perfect for any marketing campaign. To learn more about BDEX’s unique services, click here.

Image credit: Flickr/Bernard Goldbach

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Using Too Many Data Sources? We Need a Centralized Marketplace


Data sourcing has never been a piece of cake. Brands, retailers, and agencies are always looking for the newest, most relevant data, but since the information first-party data provides is single-sourced, companies need to rely on third-party data for most of their campaigns.


Between managing each provider individually, overseeing numerous contracts, trying to match mobile IDs with email addresses, and weeding through the data, marketers hardly have the time to merge these disparate data sources let alone use the learned analytics effectively. With the advent of true data marketplaces, obtaining quality, real-time data pre-merged to a single unified ID is now as simple as shopping online.


Marketers have been reaping the benefits of third-party data for years, but the process of obtaining that information is easier said than done. While using third-party data allows brands and retailers to better understand their consumers, seemingly boundless intelligence can also be overwhelming. From hiring data scientists to dissect every statistic to creating an infrastructure to save every fact and figure, multisourcing is not only complicated but incredibly expensive.


A common challenge faced by marketers employing third-party data is knowing how to source, organize, and manage that abundance of information.


“The more variables you have, the more complex data gathering and consistent reporting becomes. Endless combinations of inputs and outputs can soon become unwieldy and hard to manage,” according to Greenstone, a leading provider of non-financial reporting software in the UK.


But sorting the information isn’t the only difficulty marketers face. They have to screen vendors, establish guidelines for data retrieval, address contract security and privacy issues, and manage the business relationship. In other words, utilizing a variety of analytics companies makes the data management process more complicated, more expensive, and more time-consuming. Often, after going through the trouble of obtaining the information, marketers find the acquired data to be too similar, stale, and, ultimately, not worth the trouble.


Another issue brands, retailers, and agencies face is linking IDs across multiple sites and platforms. Connecting users is especially important since mobile is “the leading digital platform, with total activity on smartphones and tablets accounting for 62 percent of digital media time spent, and apps alone now representing the majority of digital media time at 54 percent,” according to the 2015 US Mobile App Report.


Keith Sayewitz, Chief Marketing Officer at BDEX, believes that having a breadth of data that connects patterns and trends among consumers is essential to creating a successful campaign.


“When you get all of your data from a marketplace like BDEX’s, you’re not only receiving information from companies like Neustar but thousands of mobile devices and clicks in real time,” says Sayewitz. “The ability to link customers’ mobile, cookie, postal and email IDs makes the marketing process even more efficient.”


Marketers can then target customers from a variety of angles, increasing the chance of better results and ultimately a higher ROI. Though the development of linking big data is still a work in progress, the most innovative companies have begun taking advantage of the scale of information available and are acquiring pre-merged data from the marketplace.


BDEX provides brands, retailers, and agencies with extensive, quality data from a variety of sources in a true marketplace environment. With over 20 billion data points tied to mobile IDs and every channel added to the marketplace each month, buyers can understand consumers like never before and create compelling campaigns that return real results.

Image Credit: FreeDigitalPhotos.net/hywards

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