Lotame claims four in five marketers don't trust the accuracy of audience data sets right now
Data management provider, Lotame, has debuted its new second-party data marketplace, an offering it claims will help the four in five marketers struggling to trust accuracy of external audience data sets today.
The company’s new private data exchange (PDX) will be exclusive to data sellers vetted under the new ‘data nutrition label’ standards introduced by the US-based Interactive Advertising Bureau (IAB) Tech Lab. Those participating in this program will undergo annual audits to verify self-reported claims about the quality of their data, including its provenance, recency, and segmentation criteria.
The ambition is to have a curated global marketplace of high-quality second-party data sellers as well as some third-party data providers, Lotame said, helping both sides to connect in a more transparent, flexible and trusted environment. Marketplace buyers and sellers also need to adhere to GDPR and California Consumer Privacy Act standards.
To highlight the importance of such an initiative, Lotame pointed to recent research it has conducted on the state of audience data. This found just 20 per cent of respondents to be “very confident” of the data they’re using or have purchased.
“In today’s transparency-driven and privacy-sensitive climate, finding the right data partners is harder than ever,” said Lotame founder and CEO, Andy Monfriend. “Our post-GDPR world has eroded trust and heightened standards, in turn making the process of vetting partners and understanding data provenance an almost herculean task.
“Lotame knows quality and reliability are paramount when choosing a data partner, which is why we have created a venue for highly regarded providers and authenticated sellers.”
To support the centralised marketplace, the vendor has created tools such as direct connections providing insight into a buyer and seller’s audience, the ability to negotiate privately on commercial terms, a variety of buy-side data types, delivery channels and applications, and tools for onboarding data sets.
PDX is the result of Lotame merging its Syndicate Seller and Second Party Data marketplace, as well as working with advertising data expert, Aruna Paramasivam, who joined the vendor as GM of the global data marketplace.
Lotame said it’s also been building relationships with premium buyers and forged trusted partnerships with second- and third-party data providers globally to bring in data sets such as raw, modelled, OTT, mobile and location-based.
The latest offering comes off the back of a wave of heightened interest into data sharing. The ability to swap data has become a vital piece of enterprise software offerings such as Salesforce and Oracle, for example, and data sharing deals are increasingly common.
A few Australian examples include that between News Corp and realestate.com.au, Tourism Australia and its commercial partners, Qantas via its Red Planet business, and through data sets managed by Quantium.
Australian operator, Data Republic, has also set up a data marketplace offering, securing more than $10 million in funding from Westpac, NAB’s venture capital fund and Qantas Loyalty in 2016 to build its operations.
Read more: Why second-party data is crucial to marketers
Lotame itself has previously said it saw 460 per cent growth in second-party data adoption globally in 2018 through its Lotame Syndicate marketplace. Within this, APAC region users grew 300 per cent since 2017.
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