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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.

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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.

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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.

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