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In today’s online world, millions of users are using internet for a wide range of activities – from as small as searching meaning of a word, to enabling a complex concept successfully. With increasing internet usage and awe-inspiring rise of social media, the number of companies looking to utilize the value of this channel is rising substantially. It has elevated the interest of business owners to use data for multiple purposes such as:
As is evident, these crucial success metrics enabled by buying and selling of data to study market pulse is vital in driving the corporate fortunes in the future. This helps bring in the ‘intelligence’ in your marketing and business decisions.
Although, there is a plenty of data available for research, it is in its raw format and is available as disparate sources in diverse formats. Therefore, it needs various levels of processing to transform this raw data to intelligent data for better decision making. There are various data providers with the required expertise in this domain, who crawl data and put it up for sale. There is a wide range of data available which can be utilized to increase revenue and profit of your business. Thus, data for business growth is readily available if your approach is right and expected outcome is clear.
You need to be updated about current market trends, consumer demands and behavior, and the technologies trending, in order to grow your business. However, with world changing faster day by day, market trends are also changing at a frantic speed. Hence, the frequency of tracking changes in the market has increased drastically. Consequently, data for the analysis also needs to be procured rapidly in order to avoid becoming stale. We strongly believe that analysis is only as accurate as the data used as an input for the same. Getting the right sample and quality data are of utmost importance. Hence, it needs required expertise and dedicated resources aligned to it.
The upward surge in the demand for data has resulted in growth of quite a few data providing firms catering to this need. They sell you appropriate data to satisfy your analysis need. However, there are certain basic aspects you need to be mindful about. Data is gathered from various sectors such as consumer, business and public. Hence, along with accuracy of the data, you also need to take care of data collection period. Getting old data can be irrelevant even if it meets the quality. Getting real-time quality data is something you should aim for while purchasing the data.
Data is used as an input for multiple purposes and then process it and analyze it to take important business decisions. There are various types of data available to a business today:
A sample could be general population of age 18+ years old or it could be physicians with certain qualification. The cost of procuring the sample varies on the basis of availability and qualification criteria of the sample. As a general rule, a low availability and a high qualification criteria of a sample makes it expensive.
Data providers take your sample requirement, timeline and budget as input and pull data through various modes and methods like using panel’s databases, scraping a website, sending invite links to registered users of a website etc.
There are certain points you must take care of before buying a sample:
E.g. Your survey needs respondents to be 18+ years old and have used a product, e.g. a sunscreen lotion, in the past 3 months. You’ll not get sample satisfying exact criteria. Hence, you need to give additional inputs like demographic region. Respondents from region with less sun exposure may not pass these criteria, thus resulting in high dropout rate and low incidence rate. Make sure you test the credibility of the data by asking for a small trial and see how it comes up in terms of quality and relevance
Like buyers, sellers also need to adhere to certain standard practices to thrive in the business.
Determining the quality of the data is very subjective to the needs. Hence, you need to have an extensive checklist in place to verify the accuracy of the data at various levels i.e. Pre, During, and Post data purchase.
Before buying data, you should understand
In case you are buying a sample which needs to be interviewed for data collection purpose, verify the opt-in data. This will allow you to check if all the contacts in the mailing or caller list have given their permission to be contacted for survey purpose.
Also, check how latest is the data verified and updated, if all the details in the list are still valid or anything is changed or any contact is deceased. E.g. demographic data such as education degree, marital status, residential region etc. are subject to changes and hence it is very imperative to validate the data periodically.
One of the ways to verify if a data supplier adheres to industry standards and best practices is to check Membership of the Direct Marketers Association. Member companies are known to provide ethical and responsible marketing based on data.
Understanding consumer behavior was never as open as today with so many online retail websites, social media being available where a user doesn’t need to pretend and hence helps in reflecting true behavior. This definitely is helping to bridge the gap between customer demands and service providers. And what better way to do this than by buying or selling data to ensure that your company remains profitable in the long run.
Overall, the significance of data is very high for any business to endure and prosper. Including the buying and selling of data in your marketing and operational process will provide you the impetus to gain an unbeatable competitive edge. However it entails a few necessary checks such as
Following this will help you to get maximum from the business data trading business.
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