You have thousands of data attributes, dozens of data distributors and acquirers, multiple data categories and quite many data exchange options. Moreover, you have all the data out there, but you are still struggling to find the right data. Curious how to cross the bridge between these two?
Data exchanges are one-stop-solution to discover and acquire data sources. You can quickly find diverse data in one place, analyze new data and fuel revenue operations.
They share, source, manage and do everything else to your data. They help you find the right data and work rightly all the way for the most effective targeting.
Catch a glimpse of everything we are going to discuss in this article:
- What Is Data Exchange?
- Who Needs it?
- Why Do You Need a Data Exchange?
- Does it Work for You?
- What Benefits Does It Bring for You?
Dive in to know more!
Firstly, Do You Know What Is Data Exchange?
It primarily shares data between various stakeholders and provides access to data segments from around the world to gain easy in-depth knowledge of your audiences.
For instance, with access to these platforms, you can access millions of audience segments and countless datasets and strengthen your marketing campaigns, build advertising decisions and pump-up data-driven marketing activities.
Who Needs It?
The two main parties that mainly benefit are the data providers and the data acquirers.
With their setup, the publishers and marketers as the data providers can define and market the data they are willing to offer. These platforms and tools will also help to understand how attractive a dataset is and thus describe and publish them. As a result, these tools give control of who accesses the data and how they do it.
With these technologies, the data acquirers consisting of brands and agencies can find the data they need. They can search, discover and then assess the published data.
In addition, it allows for multi-criteria and filtered searches. These are enabled with data visualization and sampling tools and therefore furnish the data acquirers with their specific data needs.
Why Do You Need to Exchange Data?
It allows you access to as many data points as you require and to fill the connecting bridges of information about your current audience.
Therefore, let us see why people around the world opt for incorporating methods and tools in their businesses.
- Firstly, they bring out a complete view of the customers and can target audience.
- Secondly, they help you with finding new potential customers beyond the known ones.
- Thirdly, agencies can share important insights to clients for campaign targeting.
- Fourthly, marketers need them to learn about their audiences.
- Fifthly, it is required as it can extend the campaign reaches.
- Finally, its notable benefits increase CTR, conversions and revenues.
How Does It Work for You?
In this process, you gather and analyze your first-party data from the websites. Besides, you can also purchase it through social media or email lists. However, this data is not all that you need. You will need more data to know about your potential audience and reach them.
Therefore, a quality data exchanging marketplace does that for you. It provides access to the real, accurate and up-to-date information that comes from several sources of data.
Primarily, these work for you in a manner such as:
(i) Collecting and analyzing the data from the data sources
These platforms collect data from many different sources and bring up data such as:
- Firstly, it collects the behavioural data from customer relationship management (CRM) services and the demographic data known as the CRM data from businesses around the globe.
- These tools gather mobile data (behavioural and demographic) from across millions of devices around the world.
- Moreover, it identifies audience inclinations and interests from the website data.
- These platforms collect social data as the information on the declared social actions (posts, shared content, votes and more).
- The company and professional data as the B2B data is collected for competition and market analyses.
- Finally and most importantly, the platforms collect data on customer purchases as the purchase data from global retailers.
(ii) Understanding your target audience and identify new potential segments.
For instance, you can identify your target audiences and use their demographic similarities, behavioural patterns, and interests groups. This helps you to understand them better and target them with relevant messaging and services. Similarly, you get to find new potential segments, and you can work on it for greater results,
(iii) Integrating the shared data with data mapping and data exchange
You can now use this information to understand your target audience better and predict potential new audiences based on the data you collect in this manner. Similarly, you can use your data mapping technology and exchange this information to design campaigns.
After this, you can create accurate marketing activities with maximum chances to get converted. Use this opportunity to utilize the available data to the most. Further, you can practice data monetization and app monetization and maximize revenues to drive an excellent ROI.
What Are the Benefits of a Data Exchange?
Digital marketers, publishers, agencies, and trading desks all around the world today rely on high-quality third-party data provided by websites and platforms to fuel their data-driven campaigns.
It serves the following main benefits:
(i) Helps in Data Sourcing
Firstly, they optimize the sourcing of external data. It provides for onboarding and managing external data providers. You can keep full control over the growing data provider ecosystem and further facilitate new data discovery.
(ii) Allows Data Sharing
These tools optimize data sharing across organizations. With them, you can streamline, secure and facilitate the data flow. Also, it helps in removing data silos.
(iii) Data Exchange Manages Your Data
These platforms improve data literacy and bring in a data culture all around in the company. Similarly, with a data exchange program, you can manage your customer data as a valuable asset.
(iv) Provides More Accurate Insights
These platforms help you to derive more learning about your audiences and consequently give you better clarity of your customer interests and preferences.
(v) It Enables Extraordinary Targeting
With these, you can get rid of unnecessary data and get accurate audience insights and the right information of your target audiences. After this, you can make useful decisions regarding campaigns and target and monetize audiences to maximize your revenues.
(vi) Focuses on Quality and Eliminates Bots
Data asset exchanges focus on quality and remove all unnecessary data identified as bots. It ensures you to focus on the right people. It takes care that your campaigns are projected towards in front of the right people.
(vii) It Reduces Wasted Expenses
Because they drive effective segmentation of the right audiences, it eliminates sending messages to irrelevant or ineffective audiences. This way, you can engage a highly result- oriented audience segment and gain successful outcomes.
(viii) Facilitates Orchestration and Commercialization of Data
Finally, these are the orchestrator of a two-way data ecosystem. It brings additional value to your suppliers, clients, and partners. With these you can discover great data potential and maximize your revenue through data monetization. As a result, it improves ROI.
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