What are the Best Practices for Purchasing Data?

There are lots of rules and regulation to consider when you are dealing with data. To ensure you get the best price and service, and do not break any GDPR, there are several best practices to follow when you’re considering purchasing data. These best practices are generally aimed at ensuring your overall success when you purchase data or access data from any source.

The first thing you must determine is the purpose of the purchase and how much you will pay for it. What information do you need to know about your audience? What classification of data do you require? Do you know the difference between first, second, and third-party data? Do your research and have a thorough understanding of what you need and how you will use this data before you make any purchasing decisions. Once you have established this, you can move on considering best practices for purchasing data from anywhere on the internet, including websites owned by your competitors. There is no law that sets limits on the sites you can buy data from.

Which Data Provider Should you Purchase From?

The most common best practice for purchasing data from the internet is to use third-party services, if available. There are several reputable companies that will provide a range of services, including the storage of your data, and the delivery of it. The parent company whose product the internet user has purchased actually manages many of these services. This ensures that the parent company’s best practices for buying come into play and that they only promote the best practices.

The next thing to consider is how the data providers collect the data they are selling. You need to ensure that they are following GDPR and that the data is fully compliant. If it’s not, and you put this data to use, you could find yourself with a hefty fine. When considering which service provider to purchase from, research into how transparent their sourcing process is and what other customers have to say about their experience with them. Transparency in the sourcing process guarantees better record management, strategic purchasing practices, and cost reduction overall (Quandry Consulting Group).

Is the data accurate? Is it up to date? There’s no point purchasing data that isn’t what you need. But this happens often, because of a lack of clarity from both parties involved. Be sure to shop around – There are several places online that offer data. However, not these places can give you what you need. Therefore, before you commit to purchasing data, take the time to check out a few different places and compare the price and the service that each place can offer you.

As mentioned above, it’s then a good idea to find out what other customers have to say about the provider. Find out what they thought of the site, the customer service, the speed of delivery, and the actual product that they purchased. The best practices for purchasing data extend beyond the products themselves. Customer service is very important, and you want to make sure that the customer service you are getting is top notch- because, why shouldn’t it be? By working with an established company, you can get peace of mind because the company should have already proven itself to be trustworthy.

Typically, data is priced at CPM (cost per thousand unique views) and can range from $1 per CPM to $50 or more per CPM (Ed Higson, Analytics in Action). What data providers don’t tell you, is that you can choose which and what contact types you want, potentially lowering the price of your data. Most data which is considered ‘cheap’, is scraped from platforms. Scraping is the process of a tool being used to collect contact details online quickly. The problem with this is, it isn’t verified, most likely isn’t correct, and more likely isn’t compliant.

Post Purchase Best Practices

It’s considered good practice to keep the data you acquire. The data you obtain online may be unique, and therefore you want to ensure that you do not purchase any more data than you need. This means having a backup plan in place. Having a good backup plan in place also means keeping the original copy of the data. Many data recovery companies have a copy of the data you purchase in their database, so that if something does happen to the server they can easily restore the data. You should do the same.

Final Thoughts

Deciding where to purchase your data shouldn’t be a quick decision. You should spend time researching into different providers and take the time to find out as much information as possible. If you need advice on where to purchase your data, how to use your data or any guidance at all, Belu Media can offer support in all areas. Get in touch today: [email protected]

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Joe Allen

Joe has vast experience and knowledge accumulated and honed as a New Business Development Manager and Relationship Manager. Presently the Director at Belu Media.

Responsible for generating new business clients, looking after existing clients, sourcing new ventures and managing the company.

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