The Future of Data-Driven Marketing — David Finkelstein // BDEX

Quotes

• “With landscape, I think people have been collecting data forever. 20 to 30 years ago, data was collected on consumers and it was just really sold as a list.” -David“Today, it has evolved to somethingthat is obviously much more dynamic where rather than selling just the list, companies are able to collect data in real-time and they are able to act on that data in near real-time.” -David“I think the companies that are collecting data have an ethicalresponsibility on how that data is used.” -David“From my perspective, I think the goal here is to improve the consumer experience and there is a real opportunity to do that right now where it didn’t exist previously.” -David“What we are doing at BDEX is taking the approach of, ‘if data was treated in a way similar to stocks, then it could be traded on an exchange’ and that’s really what we built where we call it a data exchange platform.” -David“The idea of a data exchange platform is that as data becomes available, it is sent into the exchange and buyers can consume that data in near real-time which enables access to data quickly and reach consumers at that right time.” -David“The idea that one could speculate on the future value of data is veryinteresting to me. It is something that we have thought about internally.” -David“We are definitely following trends internally on what we call behavioral and intent data. We believe that today, it has the most value and will continue to have the most value moving forward.” -David“Being able to identify those intents as they’re happening is super valuable to those brands that are trying to reach the consumer.” -David“What we are seeing in the marketplace is basic demographic data is losing value because it’s too widespread.” -David“Most of the data that is in the marketing ecosystem is in what they call an audience group and those audience groups are often comprised of data that is gathered from multiple sources and take time to build.” -David“We have a very scrutinizing process that we go through with our data partners before they are even able to sell data on our platforms. We do rigorous checks of the quality of their data such as how is it being collected, privacy and usage rights before we even let them sell data on our exchange.” -David“In a typical scenario, most cases, when you’re doing online advertising, you are leasing data. What that means is that there is some owner of that data out there who is putting it into a platform and telling them that you want to create an ad campaign and you want to use your data to target it essentially you are paying an ongoing percentage or amount on a CPM basis to the owner of that data for as long as you use that data.” -David“With our platform, we are enabling our customers to acquire the data and that gives them a lot more power such as bringing it into their own internal platforms that allows them to push it to an advertising platform and also use it for direct mail as well.” -David“The more you can understand about what else the consumer is doing outside your own ecosystemfurther helps you determine how you can segment your existing customers to target them for other products and services.” -David“Some data value will go up and that depends on all kinds of things from marketing conditions to what is going on in different industries while data segments especially those that are readily available will certainly go down in value.” -David