OwnerIQ wants advertisers to have better access to consumer information and the ability to network with those companies giving permission to share the data. The company has been working toward this since the launch of its CoEx platform in 2012.
On Monday OwnerIQ will release data on its progress, having recorded more than 7,000 direct data deals -- up 30% from a year ago -- on the CoEx platform in the past 12 months.
"Each transaction represents someone going through the process and saying 'yes, I will let you use my first-party data for your campaign'," said Steven Ustaris, CMO at OwnerIQ.
The data being shared includes everything from browser behavior on a website to ecommerce transactions and point-of-sale data. Drop-down menus and a search bar enable the ability to search for specific data sets from companies, present and past, such as LG, Maytag, K2, and H&H Appliance Center.
The data is used for a variety of marketing and advertising strategies, including programmatic advertising, retail attribution, and customer insights. A brand typically knows the types of retailers that sell their products, so they will come to the site already knowing the type of data they want to buy.
Sellers of second- and third-party data have experienced many challenges. In traditional marketplaces like eBay or Amazon, the buyer and seller have a view into the transaction and the ability to communicate with each other. Nor do they have networking tools like the ones frequently found on LinkedIn.
This type of communication process doesn’t exist in the sale of third-party data. There is a layer between the buyer and the seller. The seller has no control or oversight on the data segment or the price.
The CoEx platform enables direct communication between the buyer and the seller. It supports networking tools, similar to LinkedIn.
Each data deal facilitated through the CoEx platform represents a direct second-party data agreement between a buyer, or advertiser, and the data owner or the seller. The majority of these deals are between ownerIQ customers who have an existing marketing relationship, such as retailers, brands, manufacturers, and OEMs, or their agencies.
Interestingly, companies selling the data can blacklist competitors, so they don’t buy their data. If Dell, for example, wants to share their data with Intel, they can. If they don’t, Dell can blacklist Intel, preventing the company from buying their data.
Once a retailer or brand approves usage of their data, the buyer or advertiser then has continuous access to it in the platform until the data owner shuts it off, which Ustaris says never really happens.