Third party data provider negotiations made easy
Why you should evaluate third-party data providers
In some cases, using third-party data can actually be an asset to avoid wasting money on ineffective campaigns that target the wrong people or use the wrong messaging and to improve your ROI.
How to select the best 3rd party data provider
√ Define your data needs: Before signing up with any third-party data provider, you need to know exactly what kind of data you need and why you need it. Indaru can help you map out what sort of data would be most useful for your marketing efforts.
√ Set your budget: Your existing first-party data collection strategy already will be costing you money, so we will help you in deciding what a suitable third-party data acquisition budget would be, based on your marketing objectives.
√ Research providers: Once you know what sort of data you need, it’s time to start researching different providers. We will research and evaluate data providers on your behalf, using the benchmarks explained later.
√ Request a demo from shortlisted vendors: Once we have helped you narrow down potential data providers, we will set up a demo to test and evaluate the audiences. We will check whether the data providers meet our above criteria and test integrations with your existing marketing tools. This will also give you a chance to see how the data is presented and how easy it is to use.
√ Contract Negotiations: Once you have selected which data provider you’d like to partner with, we will assist you in negotiating the terms and conditions into a contract.
√ Agreement: We thoroughly check the final contract in writing. The final step is for both parties to sign the master service agreement and then the deal is concluded.
Benchmark used to evaluate data providers
1. GDPR/CCPA compliance
Third-party data providers must comply with GDPR/CCPA regulations for legal and ethical data usage. This is a must-have criterion.
We ensure the data providers pricing structures are in line with your budget, so you don’t overspend. Pricing often depends on the size and characteristics of the audience segment you need data on, and is generally charged on a CPM basis. However, every data provider prices their services differently.
3. Data value
The data you are purchasing should provide the insights you need in order to achieve your marketing goals. For example, if you are targeting renters and the data range is made up of homeowners, this data is not relevant to your objectives.
4. Quality control
Data should be audited regularly by third-party auditors and collected legally in a way that does not infringe on the privacy rights of individuals. We will check that data providers engage with has strict quality control.
It’s important to make sure that the data you’re paying for is accurate and up-to-date. We only engage with data providers who have strict quality control measures in place.
6. Data source
Any trustworthy data provider will gladly share its sources with you. This is an important factor to consider, because if data is pulled from an irrelevant source (such as a specific geographic location), it will not be worthwhile to purchase this data.
The best data providers will allow you to create your own audience segments for hyper-targeted campaigns.
8. DSP integration
If you use a particular Demand-Side Platform, you’ll want to try partnering with a data provider that integrates with your DSP seat for a seamless flow of information.
9. DMP integrations
Learn to which Data Management Platforms are the data providers integrated with and how they will push the segments.
If the data provider cannot offer fast and useful customer support, they are risky to partner with.
Reputable data vendors will generally have good reviews and recommendations online. For example, a trusted publication like Forbes might review and recommend third-party data providers. We do our due diligence and leave no stone unturned when evaluating a data provider’s reputation.
How Indaru can help you choose a data provider
Some of the most trusted 3rd party data providers you might have heard of include OnAudience, Oracle, Lotame and BlueKai. However, regardless of how well-known a third-party data provider may be, it is hard to know where to begin evaluating the value they could add. At Indaru, we have a diverse and experienced team of marketing experts with enough knowledge about the data providers strengths and weaknesses to be able to impartially vet and select only the most relevant data providers for your business.
Through our evaluation criteria, selection process and negotiation, we ensure your data management strategy is relevant to your marketing objectives.