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Big Data: How do I value and sell needed unique consumer data across a large market?

We are testing our MVP and conducting other market research. The actions people take will generate hard data that is needed for manufactures, marketers and retailers. All that currently exists is data that has been extrapolated.

It will be my responsibility to monetize this data. Where do I start? Do I work with a broker? To sell it myself I need to be able to value it and understand the distribution process...

Any suggestions how I can learn about this market? Who do you know who might be able to advise me?
Thanks... Robert

5 Replies

Karl Schulmeisters
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Karl Schulmeisters Entrepreneur
CTO ClearRoadmap
Well I think your first step is to identify a few potential customers and find out what connections you have to them and validate that you have a viable product. Its not clear to me how you know your product is a MVP without having already done this. And if you have already done this - this is what you ought be using as the launching point for your additional market research
Robert Gordon
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Robert Gordon Entrepreneur • Advisor
Co Founder at OurRecovery "Because No One Can Do it Alone"
Karl,

thanks for your response... I apologize for not being clear...

Your right... but I am looking to understand how data is bought and sold. It is my understanding that there are 2 main companies who buy the data, then they sell to companies like gartner who use it in their reports..
These companies also do their own surveys to collect more information. Our company will be able to report on actual buying habits & trends based on the actions this group has taken. We will have detail by age, sex, location, etc. As far as we know, no one to date has hard data based on actual buying. That's what I'm looking to sell...

If this will help, my market is kids 8 to 18 and their parents.

I need help to understand how this is being done.
best
r
Karl Schulmeisters
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Karl Schulmeisters Entrepreneur
CTO ClearRoadmap

well most of the chain stores, Amazon, and any other online vendor has actual buying habits and trends. Remember Target is so accurate in that analytics that it is able to predict pregnancy http://www.forbes.com/sites/kashmirhill/2012/02/16/how-target-figured-out-a-teen-girl-was-pregnant-before-her-father-did/

This IS fairly valuable information though. but there are other companies out there like http://www.acxiom.com/data-packages/

Robert Gordon
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Robert Gordon Entrepreneur • Advisor
Co Founder at OurRecovery "Because No One Can Do it Alone"

BIG DATA THANX

do you know who the master distributors are...

the companies that sell the data to other companies? or is that not how it works...

Mike Rozlog
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Mike Rozlog Advisor
Advisor at TechColumbus
This is a huge business potential and we created a product (no longer available) to supplement existing datasets with other datasets that we provided to give a person/company as full data set. In other words, if you think of your data as chains, there are always missing links, so we wanted to provide those links in a simple cost-effective way. We took the classic approach, Industry Analyst, trade magazines (thought leaders) and even a few limited ads. We had very little money to spend. The problem turned out to be getting people's attention - top of mind, there are some large companies out there doing this sort-of thing with deep pockets and a lot of marketing dollars behind them. Private message me and we can talk about out lack of market penetration and how now we would do it totally different.
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