Lotame recently launched a Private Data Exchange (PDX), which it says will now require a vetting process for all data sellers and give buyers the ability to name their own price for the data.
The vetting process follows several sets of standards. For starters, the standards known to the advertising industry as “data nutrition labels,” a standards process developed by the Interactive Advertising Bureau (IAB). It asks data providers to offer information about the data, such as segment quality, how recent it was collected, provenance, criteria and more, so advertisers know what they are buying. PDX also follows Europe’s GDPR and California Consumer Privacy Act standards.
Only 20% of data buyers are confident about the accuracy of their data, according to a Lotame study of 300 brand marketers.
The exchange launched with partners Dentsu, IPG, GroupM, and other major holding companies. Aruna Paramasivam, GM of Lotame PDX, will oversee the exchange.
“The exchange lets brands have open conversations with sellers,” Paramasivam said. “We’re not part of those conversations.”
The most unusual piece of the data store, a “name your own price” feature involving only the buyer and the seller. It may mean the data is free, meaning that no money moves back and forth between the two companies.
The conversations are conducted through the market exchange or through a Lotame rep.
Adam Solomon, CMO at Lotame, said the marketplace was built on its tech infrastructure and data exchange that maps to Lotame’s ID Graph.
Solomon sees PDX as a gateway to offer analytics. It will transfer data from “point A to point B, but as it passes through to look at overlays and overlaps.” This means two parties will have the ability to analyze the data to see where it might overlap, for example. Holding companies also may have the ability to create a consortium, so they can distribute the data to all their agencies. This would become open to buyers or sellers that want to combine their data.