How much should data cost me? Get me a piece of string!
I've been working in data for a decade now and the number one query raised by both prospective and existing customers is always around the cost of data. In many sectors that would be an easy answer. How much is the 4GB 500 minutes sim deal? £8 per month. How much is this ergonomic office chair? £395. How much do you charge per hour for consultancy? £75. But the answer is not so simple in data.
If you've spoken to me about data costs before, you'll know I pretty much reply with "how long is a piece of string". It might sound like a very cocky response, it's just me being a blunt northerner. As a list broker, the answer is that the data we provide can range from £100 per 1000 to £1000 per 1000. Don't forget, Databroker are not selling our own lists. We are providing an impartial recommendation based on our knowledge, understanding and extensive research of the data market. So, if we go back to the question, how much does data cost? Would we ask an insurance broker, how much does insurance cost? Not unless we wanted the piece of string response!
Like many of the answers given by a true list broker, the answer depends on the data brief. Training newer recruits, the other week, I likened data to coffee. How much coffee can you get for a tenner? At a budget supermarket, probably 5-6 jars. Do you expect the finest quality and taste? No, but it is still classed as coffee. If you want pods for your posh coffee machine, you'll get about 30 for your £10 note. Of course, you'll expect a more premium coffee as a result. And finally, if you're in one of those trendy coffee shops where your thimble-sized cortado comes on a wooden board, you may only get 2 or 3 coffees for a £10 bill. Naturally, you’d expect to taste the nectar.
Data is much like coffee. Oooh, data the caffeine of marketing, I like that, I feel another blog coming next month!
Let's take a real example. Our client's brief is HR decision-makers across the UK with a direct business email address. Databroker can offer the client multiple options at differing price points. At the budget end of the scale are files that are still compliant but are verified less regularly and have a slightly higher expected hard bounce rate (around 15%). However, you're looking at getting 20,000 contacts for around £100-150 per 1000.
In the middle, quality directory-based data files will offer circa 24,000 contacts for around £200-250 per 1000. These types of files are typically call-centre verified every 6-9 months.
Finally, at the premium end, files that are verified every 6 weeks, guarantee 1-4-1 replacement on errors, offering around 10,000 contacts for £450-600 per 1000.
Databroker will open your eyes to what's available for your data brief. If you're shopping at the budget end, you'll be fully aware of the expectations around accuracy, if you choose the premium file, you'll know you're shopping with confidence in data accuracy. That's why many data purchases are made via a broker, peace of mind.