Is That Data You’re Buying Any Good? on bigdataexchange.com

Is That Data You’re Buying Any Good?

3 big problems with common, overused data resources

The sale of data is big business. Data is of course used by businesses to target consumers who are likely to be interested in their products. Media companies use this same information to sell advertising packages for everything from TV and radio spots to direct mail services and digital ads on websites. And many organizations use data to inform market research that drives strategic decisions.

Unfortunately, there are three big problems with much of the stuff that is being sold and used: data that is too vague, massive overuse of the same third-party data, and flat-out incorrect information.

Problem #1 – Data that is too broad

The data that is being sold by most companies tends to be very broad and much of its use is based on predictive analysis rather than solid information. For instance, the predictive analysis projects that 10 million people might be looking to buy a new car, based on third-party data that shows these individuals are about to pay off their car loan. However, statistics might indicate that only about 1 million of those people will be actively looking to purchase a new car.

Marketers who rely on traditional data and predictive analytics are forced to market to all 10 million – wasting nine out of every 10 ad dollars on people who will never turn into customers. The numbers get even worse, of course, when factoring in the different response rates for different marketing vehicles.

And certain marketing firms looking to sell a business a direct mail campaign or an online ad buy, for examples, aren’t always interested in having a client reaching an exactly relevant audience. It’s in their best interest for the marketing vehicle to work, of course – but it’s also in some of their interest to upsell campaigns to 10 or 20 or 30 million potential targets, necessitating more impressions or pieces of mail.

Problem #2 – Massive overuse of third-party data

Another common problem is third-party data overuse. Basically, everyone is using the same playbook. Or the same databases, in this case.

If football teams followed this strategy, games would be a lot less competitive. The problem with overuse is that most platforms sell much of the same info to everyone, and the information they do sell is not very narrowly targeted. This doesn’t provide much of a competitive edge, in addition to the inefficiencies involved.

Problem #3 – Incorrect data

If you buy data from a company, you probably assume the information is correct. In many cases, this assumption is wrong. There are often mistakes in lists. The data could identify a consumer as a 35-year-old male when that person is actually a 35-year-old female. An individual could have moved from a previous address four years ago, but if the data is not sufficiently cross-referenced with other sources to verify it is current, more marketing dollars are wasted.

It’s crucial to authenticate data, and not all platforms have the capacity to do this effectively – either because they don’t have the right algorithms or they don’t have access to a wide enough range of sources.

How BDEX solves these problems

BDEX collects data in real time based on known behaviors of consumers. For instance, our data tracks when someone has searched online for a car or any other product or service, such as appliances, flights, and even diapers.

We also use the technology called “geofencing” that allows you to see the physical locations people have visited, whether that’s a car dealership, an IT services provider, or an appliance store. This gives you better quality data that includes your true target audience – only the individuals who are actively looking to buy your product, rather than the 10 million or so who are just maybe, possibly, likely to buy.

We also double, triple, and quadruple check information from multiple sources, to authenticate our data and ensure that it is current and correct.

Read more about how BDEX gathers its data.

BDEX features the first-ever Data Exchange Platform (DXP). The BDEX DXP and DAAS platforms enable companies to acquire impartial, quality-scored, third-party data reaching the right people at the right time like never before. We offer cross-device matching, auto dealership services, DAAS, real-time targeting, and custom segment building that is ideal for any industry, including auto dealers, retailers, brands, agencies, out-of-home, and franchises. Contact us today to get your customized marketing data.

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 basic factors you should know:

A Simple Definition

There are hundreds of definitions for Big Data. For years its meaning 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.

It’s 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 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 data services, visit our website or email a representative.

Image CreditFlickr/Colin Kinner

Consider These 3 Factors When Selling 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

Why You Should Consider DaaS

You’ve probably heard the term SaaS. SaaS, or Software as a Service, combines the services of a software provider with a self-service approach. For a monthly or yearly subscription fee, customers can utilize software themselves, no hardware required. As the Internet became faster and as virtualization and big data tools developed, SaaS became more available, setting a precedent for other user-friendly tech products and services.

One of the byproducts of SaaS is DaaS, or Data as a Service. “In the last few years many businesses have sprung up offering cloud-based Big Data services to help other companies and organizations solve their data dilemmas,” says Big Data expert and writer Bernard Marr. And with more and more businesses utilizing data, it only makes sense that companies are offering “data on demand.”

But not all DaaS services are created equal. With BDEX’s data services, businesses can get the combined benefits of a data marketplace and data services without the upfront cost. For a fixed monthly fee, retailers, brands, and marketers can receive services like:

  • Email Retargeting

This service gives businesses the ability to automatically email users that have visited their website, even if a visitor leaves and never registers with the site. It is an opportunity to reach an otherwise completely lost website visitor.

  • Access to In-Market and Real-Time Data

Companies receive up-to-the-minute, real-time data about consumers looking for a product or service. This data can enhance current marketing and lead generation efforts.

  • Geofencing

Businesses can better target prospective buyers within a pre-defined geographic area.

  • Direct Mail Targeting

While digital marketing tends to be the primary focus in the use of online data, combining digital with more traditional forms of advertising, like direct mail targeting, is now possible.

With over 5,500 data categories, including finance and retail, the BDEX DXP has data for businesses big and small. Email us at info@bdex.com to learn more.

Image via Pixabay

Does Your Data Need a “Spring Cleaning”?

In a previous blog post, we discussed the benefits of having a centralized marketplace, a location where brands, retailers, and agencies can source any type of third-party data they need. And while a DXP like BDEX makes the process easier, buyers may still feel overwhelmed by their choices:  Am I purchasing the right data? Not enough? Too much?

If your company has a plethora of data you don’t know what to do with, it may be time to organize your data and sort the treasures from the trash. And if you have holes in your data strategy, there’s no better time to easily resolve those issues.

Take Advantage of Custom Segment Building

The key to sourcing quality, third-party data is to know what you’re looking for. Who is your customer? What are their interests? What are their shopping habits? When you identify the common characteristics and habits of your clients, you buy only the data you really need. The BDEX Custom Audience Creator makes it easy to combine segments from over 5,500 different data categories, allowing brands to create the perfect custom audience.

Real-Time Data is Ideal

You can also give your data a good “spring cleaning” by making sure your data is timely. While most DMPs offer data that is at least one month old (or even older), BDEX has a wealth of real-time data sourced from thousands of websites and apps, allowing companies to execute the timeliest campaigns possible. The best part: when you buy data from the BDEX marketplace, you own, not rent, the data. You can even refresh the data once or as many times as you like.

Big Data Doesn’t Have to be Expensive Data

It’s important to be conscious of not only the data you buy but how much it costs. Traditional DMP services can cost thousands of dollars a month. BDEX offers a variety of solutions, including subscription services, that allow businesses the opportunity to use the BDEX marketplace without breaking the bank.

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. Email us for more information.

Image via Flickr/Philip Wilson

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.

 

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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