A Data Marketplace: Unlock New Opportunities for your Organization
If your organization is data driven (who isn’t these days?) a data marketplace can be a needle-mover for your company. With capabilities to empower over 1 million organizations to monetize their data assets and unlock 3.6 trillion USD by 2030, data marketplaces are trending in the MadTech (Think, MarTech meets AdTech) revolution. If you’re curious about what data marketplaces are and how they can benefit your organization, you’re in the right place!
A data marketplace is a one-stop shop for buying and selling data. Buyers use data marketplaces to browse, compare and purchase data from multiple sources, while sellers can monetize their data assets. A cloud-based exchange provides an open platform where individuals or businesses upload disparate data (such as demographics, personal information, research, and market data) from various sources.
A data marketplace works like any other marketplace (think retail websites). But instead of products like clothes, shoes, and movie subscriptions, data is the trading material.
A data marketplace typically includes five fundamental steps that bring together buyers and sellers:
- Data Browsing: Offers buyers the chance to apply relevant filters and refine their searches, for a simplified data browsing process.
- Data comparison: Should be unbiased and avoids comparisons. Lets buyers compare data among different vendors and select the appropriate datasets, a data marketplace encourages productive and transparent means of data exchange.
- Data Sample: Buyers need to ensure that the external data they have selected must fulfill minimum requirements:
- Supports informed decision-making.
- Flexible to integrate with organization’s internal applications.
- Manageable and maintainable
- A data marketplace should offer a secure, smooth, and quick data sample test to buyers
- Data Purchase: A data marketplace should have multiple methods to purchase:
- Single data purchase: Buyers pay for a single dataset or database at a fixed price.
- Data subscription: Buyers may opt for monthly or yearly paid subscriptions (often with data sets that are continually updated from a supplier)
- On-demand data license: Buyers pay for on-demand data to sellers.
- Data Review: Data sales should be transparent. A good data marketplace should invite buyers to leave reviews after their transactions
- A data marketplace enables B2B businesses to know where their data is and track its usage.
- It allows companies to solve data-related painpoints more effectively with enhanced analytics.
- Since a data marketplace collects and stores real-time data, it helps marketers create holistic customer profiles and implement personalized marketing campaigns.
- Data marketplace companies like Microsoft, AWS, Adobe Audience Manager Marketplace allow you to quantify your efforts and quickly determine your success or failure. Ultimately, your organization should be able to attribute success, or track ROI based on data purchased from a data marketplace
A data marketplace is an excellent place to start when looking to purchase data for your organization. With the potential to house, manage, and distribute new data in near real-time, it can help you provide you with the data quantity, quality, and recency you need for your business.
Want to learn more about data tactics? Continue with these articles:
Data Governance: Take a Holistic Approach to Expand Data Value
3 Trends Creating a More Secure Data Privacy Landscape
Want to get started purchasing data? True Influence has partnered with LiveRamp to sell data segments on their Data Marketplace.