The first question that we get here all the time, rightfully so, is “can you explain to me what a Data Broker is?”. Wikipedia describes data brokers (“Infomation Brokers”) as individuals that “collect information about individuals from public records and private sources including census and change of address records, motor vehicle and driving records, user-contributed material to social networking sites such as Facebook, Twitter and LinkedIn, media and court reports, voter registration lists, consumer purchase histories, most-wanted lists and terrorist watch lists, bank card transaction records, health care authorities, and web browsing histories.” Terrorist watch lists? Sounds quite daunting.
We at Deviation Standard like to redefine the meaning of data brokers by using the definition of a real estate agent for information, or as described on Wikipedia: “A real estate broker or real estate salesperson is a person who acts as an intermediary between sellers and buyers of real estate/real property and attempts to match up sellers who wish to sell and buyers who wish to buy.” That’s it. No more, no less. Take that definition and replace “real estate” for “data” and you have a solid understanding of our core business. In order to best understand what our team of data brokers do, and how they can help your business grow, it is best to examine our 3 core competencies.
Data Procurement, or the buy side of a data broker’s job, involves sourcing, negotiating, transporting and delivery of your information. The process can be understood graphically via the buy-side cycle that we adhere to:
Within the lifecycle, there are 8 steps in our process:
- Business Goals Discussion – We will sit down and work with your team to understand exactly your company/team/project’s objectives and how to define success, and how & where the information will be used. Our team will make recommendations and provide industry guidance on best practices, prices, and timelines.
- Data Search – After understanding your goals, we will begin to scour our network of data aggregators, resellers, and niche data providers to obtain the necessary information. The partnerships we have built allow our Data Brokers priority access and premium pricing throughout the industry.
- New Provider Enablement – In the event that one of our data partners does not carry the information your business needs, we will begin an external search and establish terms with new providers as necessary on your behalf.
- Deal Arrangement – Once the assets are identified, we will work with your team to review each opportunity and discuss pros/cons, delivery and payment. We work as an intermediary to establish terms (legal & financial) of the sale of data.
- Data Transformation – To best help your company leverage your new asset immediately, we can work on your behalf to reshape, pivot, or augment the dataset before delivery, saving your team time and money.
- Data Delivery – Upon successful transmission and transformation of your dataset, we will then work with your team to deliver the asset in a storage facility of your choice, whether it be on premise server, cloud database, or flat file.
- Delivery Completion – After the data have been delivered to your team, we will follow up to ensure customer satisfaction and utility of your new information.
- Data Usage – At this point your information will now be at your disposal for any and all use as defined by the terms and conditions in #4.
The sell side of a Data Broker’s job is very similar to the buy side, but obviously now he or she is attempting to identify buyers instead of sellers of data. We will work closely with your technology or marketing teams to identify sellable assets, conduct market research and demand planning, and help forecast competitive pricing of your data. We will also ensure all sales are completed in a privacy-safe and industry-compliant manner. If the sale of data requires a 3rd party team (such as a Data Management Platform, Agency, or similar), our team of Data Brokers will represent your company or alongside your resources to ensure successful transmission. Again, similar to data purchasing, we will work to establish terms based on your corporate guidelines.
At the core of each data brokers’ skillset lies the mathematics and science of information management. Our team of highly skilled experts can help provide strategic guidance on the storage, transformation, and usage of your newly acquired digital asset. Whether your goal is to conduct industry analyses, demand planning or forecasting, digital marketing or beyond, we can work with your team every step of the way. Being your data agency of record, we will act as an extension of your team with any 3rd party companies or partners, ensuring a successful project completion. As the range of services required can vary greatly, we suggest contacting us for a free consultation.