A modern data acquisition technology stack allows you to maximize your data enrichment capabilities
What is a data bake off?
Bake offs are a big deal
- Contracts are a time-consuming hassle that require involvement from legal and business development leads
- Optimizing a data portfolio across multiple supply sources is complicated by problems such as duplication and data that doesn’t provide signal
- Integrating each data set is a time suck for both product and engineering, taking away from time spent completing more valuable roadmap work
In theory, a bake off lets the data buyer save time and money by selecting a partner from all the bake-off participants. They’d “make do” with the data the selected partner provided. The other three or four data providers lose access to any revenue opportunity, leaving some of the smaller players with great data behind with nothing.
Bake off problems for sellers
As the Head of Partner Success at Narrative, sellers often ask me, “Who are we up against?” I would argue that they are asking the wrong question. What they should be asking is, “How well does my data match the buyer’s needs?”
Separately, the dichotomy of winners and losers that these bake offs create isn’t healthy for the ecosystem. Competition is a prerequisite for any efficient market — in the long run, the bake off actually discourages competition by creating a winner-takes-all effect. There’s a better way to do this that will help buyers and sellers both win.
How to kill the data bake off
A data commercialization platform allows buyers to select the data they need from a variety of sellers.
Here’s how it works:
- The hassle of striking a contract with each seller is now easier because you only need paperwork with the data commercialization platform
- You can acquire data on a per record or per event basis — no need to make the huge investment of buying the firehose from everyone
- You can do one integration and have access to everyone on the platform.
Just as buyers have greater opportunity with the platform, sellers have new and easier revenue opportunities available to them under this model. The data commercialization platform gives sellers the opportunity to sell data to a large pool of buyers that may only want some of their data.
Data Economy 2.0
“There’s a way to do it better — find it.”
— Thomas Edison
The data acquisition process is long overdue for a more modern, nuanced approach. If data is democratized through a data commercialization platform, buyers can get all the data they need and sellers have access to more revenue-producing opportunities for their data.
Go beyond the bake off
Do today’s methods of transacting data actually work for you?
Think creatively about how you can approach data acquisition to get away from the win or lose, all or nothing approaches that dominate the market. There’s a way to get the data assets you need without having to walk away from valuable, useful data that can help you achieve your goals. Don’t let the status quo dictate future data acquisition efforts.
By Madeline Power
Data Partnership Manager, Narrative