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

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 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 marketers take Big Data more seriously, the doors open for more Big Data projects and 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:

 

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. 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.

 

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

How Much Are You Paying for Data?

Whether you run a large, established company or a small startup, you need to buy data. The problem is finding a provider that fits all your needs. Large DMPs can offer impressive scale but no flexibility. After all, large DMPs have hundreds of clients, and the needs of one client 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

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.

 

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

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

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