Targeting recipients using high-quality data can be the difference between emails becoming clicks or just clutter – which is why B2B agencies often purchase data for clients. Could you discover an additional revenue stream by becoming a data reseller?
Good quality data is obviously a huge boost to any sales team, but considering that only 45% of SMEs actually track their data it seems like the majority of businesses are unlikely to have all the data they need.
Buying data from a data provider to sell to your clients is a great way to help them fill the blanks in their database and could open up an extra revenue stream for you.
Here are 5 questions you’ll need to ask yourself first:
1. Do you know businesses who would be interested?
Obviously, every business is different but a large proportion of B2B marketing data can be put to good use by most organisations. If you have a good understanding of the data available for reselling, you’ll be able to discern who might be interested in your services.
2. What can you offer that other resellers can’t?
Whilst competing on price or strength of service are options, distinguishing yourself from your competitors by offering something unique is a surefire path to success as a data reseller.
Offering your marketing, analytic or strategy skills alongside your data, or possibly the other way around, can help cement your business as a go-to partner for smaller businesses that don’t have access to resources like a marketing department or analytics software.
3. Are you simply selling data or recent data?
More data is being collected from more sources than ever before, which means there’s a lot of data out there for you to resell – in fact, not even 1% of all data captured is ever analysed. Businesses don’t just want more data though, they want recent and relevant data, with over half of businesses negatively affected by out-of-date data.
4. Will reselling this data break the law?
Data compliance is a very topical subject, with consumers’ rights the subject of many high-profile debates. It’s important to remember that if you’re reselling data, you should always request proof from your provider that all their data is 100% compliant with current UK regulations.
All data providers in the UK need to be able to prove that they’ve obtained their data legally and that it complies with regulations set out in the Data Protection Act – with tougher legislation coming in 2018 as the EU’s GDPR takes effect.
As a data reseller, you need to not only be able to provide proof for 3rd party usage but should also be in a position to provide any consumer, should they request it, with details of any organisations you’ve given their data to – normally going back at least 12 months.
5. Can you guarantee the data is clean?
Incomplete, incorrect, outdated or uncompliant data is often referred to as bad or dirty data and is estimated to cost businesses 10-25% of their revenue on average.
As a reseller you’ll need to ensure your provider has proof they regularly perform data cleansing to scour their database of all dirty data.
Data reselling is an opportunity to offer your customers the data they need for successful B2B marketing campaigns on top of your regular services.
It’s no get-rich-quick scheme though and only organisations who approach reselling with the same intelligence and dedication they have for their current operations will find it profitable.
If you’re interested in learning more about how becoming a data reseller could help you open up new revenue streams for your business, download our free guide today.
