Recently signed into law, the Foundations for Evidence-Based Policymaking Act is going to have a big impact on the data business. It contains within it provisions to open up all non-sensitive databases, and make them easily available in machine-readable, non-proprietary formats. Russell Perkins explains.
Russell Perkins, our Subscription Insider Guide to Data Publishing Strategy, is the Founder and Managing Director of InfoCommerce Group.
InfoCommerce Group (ICG), founded in 2000, is a boutique consultancy serving the global business information industry, with a particular expertise in the area of commercial data products. ICG work with clients is centered on corporate and product data strategy, new data product development, assessment of existing products to help accelerate growth (or stem declines), and acquisition due diligence.
Russell has over 25 years experience in all facets of the database publishing industry. Prior to founding InfoCommerce Group, Russell was President/CEO of Dorland Healthcare Information, a venture capital-backed database information company serving the healthcare industry that is now a division of UCG Holdings. Prior to that, Russell was Vice-President of what is now a division of ALM. Previous to that, Russell was Group President at North American Media, where he was responsible for development and launch of its of media information and graphic arts industry databases. Russell has also been a staff consultant at AT&T, and an editor at ThomasNet. Russell is also the founder Morgan-Rand, Inc. a publishing and consultancy firm serving the yellow pages and specialty directory markets. Morgan-Rand produced the Report on Directory Publishing, a monthly newsletter, and the National Directory Conference, both of which were sold to SIMBA Information, now a unit of MarketResearch.com, and re-acquired in 2003. Russell is the author of Directory Publishing: A Practical Guide, which is now in its fifth edition, and InfoCommerce: Internet Strategies for Database Publishers.
How do you figure out what’s effective? Testing, endless testing, having a good research methodology (such as not testing multiple things in one email), and monitoring and recording results carefully.
The Customer Lifetime Value (CLV) concept has been around forever. What’s changed recently is increasingly easy access to a wide variety of input datasets (a/k/a/ “signals”) that work to increase the precision of these scores. CLV scores are increasingly used by companies to determine how they will interact with their customers. Russell Perkins explains.
Numerous online marketing trade associations have announced their latest initiative to bring structure and transparency to an industry that can only be called the Wild, Wild West of the data world: online audience data. Their approach offers some useful lessons to data publishers.
LinkedIn’s future is bright indeed, but it depends on management focusing on its remarkable data trove, rather than being a Facebook for business. Russel Perkins, Insider Guide to Data and Managing Director of the InfoCommerce Group, explains.
Some of the key success strategies in data publishing work just as well in other forms of publishing because they are so powerful and so fundamental. Case in point is Marvin Shanken. He is more than a successful publishing entrepreneur. He’s also a true industry innovator. He has started publications that were mocked at launch because nobody thought they had a chance (before they went on to achieve remarkable success). He blends B2B and B2C publishing strategies in ways that few have tried. He’s stayed focused on print more than his peers and continues to profit handsomely from doing so.
The opportunity for data companies to operate as central information exchanges is worth pursuing because they have a central position in their markets, and this neutral market position makes them trustworthy. Lots of sensitive market information gets exchanged through central data hubs. Companies routinely exchange credit data, pricing data, business metrics and much more. They do this because they know the data they submit will only be released in aggregate or anonymized form. As importantly, they do this because they need the answers that only data exchanges can provide. Is there an opportunity for your company provide this type of service?
While many successful data publishers obsess about continually adding new features and functionality to their data products, there are lots of good reasons to be regularly evaluating your data as well. Features and functionality matter, but a single new and well-chosen data element can add tremendous value, while simultaneously providing a competitive advantage and product differentiation.
"Flipping" data, enhancing data, and data exhaust are just some of the opportunities to create revenue-producing data products from free resources. Russell Perkins, Subscription Insider Guide to Data Publishing, explores how to create a data-focused product for your subscription business.
In a "Closed Data Pool' model, companies (and many times they are competitors) contribute proprietary data to a central, neutral data company. The data company aggregates the data and sells aggregate views of the data back to the very companies that contributed to it. Madness you say? Not really.