Data isn’t enough to get your multi-channel marketing campaigns to the desired results; you need data that’s not only powered by creative practices, but also approved and reliable. Businesses are more aware than ever of the value of licensed data and long-term arrangements for using or reselling marketing databases. This Infographic reveals impressive facts about b2b data licensing and its process along with various other factors need to be considered:
Process included in Data Licensing:
- Identify the proprietary data for usage
- Identified data should be protected by IP
- Knowing the ownership of collected/obtained data
- Right to usage of data for the parties involved
List of Factors determining the licensing of data:
- Data Ownership
- Type of data collected for usage
- Valid business reason for its collection
Data licensing involves an agreement between vendor licenses based on subscriptions which includes:
- Customer data
- Financial data
- Market Data
- Website data
- Unstructured data
Factors that needs to considered for data usage:
When it comes to data usage both data licensor & data licensee is directly involved in legal & business consideration for proper usage. Data licensor should seek what rights can be granted accordance with the business model for data usage.
- Confidentiality & security of the customer data should be maintained.
- Prohibits the vendor from using customer data unless it is necessary to provide service
Approaches to data licensing:
There are crucial factors which determine the usage of the data as it is protected by more than one or more third party license. Providing sub license to the data benefits users as well as data licensor to keep track of data usage.
- Treatment of original, derived & usage data
- Data Ownership & use
Why Data Ownership is important?
- The data owner has complete right to take any legal action if the information is breached by any of the external or internal entities that tries to modify data.
- Data integrity & confidentiality is maintained
- Marketing analytics can be monitored & helps in improving on it
- Licensed data should be used within the scope if obtained license is not permitted for generating any derived data.
- Licensor has right to get extra fee for additional usage of data
What are the benefits of Data Licensing?
- Explore the new possibilities of accessing complete details of structure data
- Analyze & plan your business goals with reliable & accurate data
- No more additional expense on validating data as data collected from authentic sources & verified.
- 24*7 Customer services available for your business support
- Pick your desired database management technique well suited for your business & company
- Cost efficient & result oriented improves the credibility of the services
- Improved data Security
- Highly useful for fresh market analysis & data acquisitions
- Having complete ownership & right to use the data
How data licensing helps email Advertisers?
- It helps marketers to get customized mailing list
- Regular enrichment & data enhancements
- Helps marketers to have a strong market research background on collated data
- Reduce email bounce rate as data is validated & verified through multiple sources