Even if you have never seen the movie Jerry Maguire, you’ve heard the phrase, “Show me the money!”. Naturally, everyone is worried about being able to make money. So it makes sense that many of our most commonly asked questions are centered around it – How does TARTLE actually make money? How much does a buyer need to spend to get the data he is looking for, and how on earth does that lead to money for the buyer?
Let’s tackle these in order. First, TARTLE does make money off every purchase of data. The way we do that is we get paid a certain percentage of the bid price, but added after the bid. So if a seller sees a bid for his data at $10, the seller actually gets $10. He gets every penny he thinks he’s going to get. The buyer then pays TARTLE an additional 5% of the purchase price. So in this case, the buyer spends $10.50. $10 goes to the seller and fifty cents goes to us.
So, how much do you as a buyer actually pay per unit of data? Well, that’s going to vary a lot depending on the kind of data being purchased. A medical record complete with identifiers, DNA, and personal habits might go for a $1000 per record. A Facebook profile that is largely public will go for something a lot closer to a dollar. It all depends. In general, prices will follow the going market value of given units of data.
What about something long term? Rather than a one-time purchase of data you are looking to do a more long-term study, tracking the information of several people over a period of weeks or months? There are some serious advantages to getting data in this way. Perhaps the biggest is that you can actually get to know the people behind the data a bit. You can really learn not just the choices people make but how those choices might change over time and why they might change.
As an example, say a regional orchestra runs a subscription service. People pay a certain amount of money to get access to concerts at a discounted rate. The orchestra would be interested in tracking how many people actually go to their shows, how many they go to, and even more important, they can learn what it was about those particular shows that drew people to them. That kind of in-depth study can help guide the orchestra’s show choices for the next season.
Okay, but how does that kind of study work from a pricing standpoint? Easy, just tell us how long you want to collect data for, at what frequency and from how many people and we’ll get it set up. It’s as easy as that. No, this isn’t a subscription model service. If all you want is a month, just pay for the month. If you want 19 months, you can do that too. Whatever it is that you need.
How do you the buyer make money from the data you buy with TARTLE? Well, that one is on you. If you are already making money with data now, TARTLE can help you make more by supplying you with higher quality, more personal source data. If, on the other hand, you just have servers full of data laying around that probably aren’t helping to make your organization any money, we can definitely help. Chances are that you have just a bunch of meaningless data that was skimmed from various interactions online. The problem with those is that they lack context. If there is one thing we are good at here, it is data with context.
If you are a buyer looking to get access to higher quality data that can actually help you get some of the answers and direction you are looking for, sign up at tartle.co. It’s free to sign up and we’ll work with you to help you understand our system so you can get the most bang for your buck and start actually putting data to work to build your organization.
What’s your data worth?
How do you the buyer make money from the data you buy with TARTLE? Well, that one is on you. If you are already making money with data now, TARTLE can help you make more by supplying you with higher quality, more personal source data. If, on the other hand, you just have servers full of data laying around that probably aren’t helping to make your organization any money, we can definitely help.
Speaker 1 (00:07):
Welcome to TARTLE cast with your host Alexander McCaig and Jason Rigby, where humanities steps into the future and source data defines the path.
Alexander McCaig (00:25):
Fire FAQ Number three.
Jason Rigby (00:27):
Market mechanics and economics.
Alexander McCaig (00:30):
Market mechanics, and economics.
Jason Rigby (00:34):
Yeah, yeah, yeah, we're going to talk about money because that's what's important.
Alexander McCaig (00:37):
Yeah. People want to know where's the money? Show me the money.
Jason Rigby (00:40):
Yeah. Show me the money. If I'm a buyer. Yeah. What's what's how good is this data and show me the money.
Alexander McCaig (00:45):
Yeah. That's exactly right. And you know, everyone wants to wonder, first of all, how do you guys make money?
Jason Rigby (00:51):
Yes.
Alexander McCaig (00:51):
And then beyond that, how do I know how much I'm supposed to pay these people for their information?
Jason Rigby (00:56):
Yeah. That's always the question.
Alexander McCaig (00:58):
This is great. Right. So first of all, here's how the structure works. We feel at TARTLE that the sellers should receive 100% of that bid value, that we shouldn't take any sort of cost cut from them. Cool. Now for the buyer, you're 1% of the world, you typically hold the majority of the resources, financial resources. So it makes sense that you share in that burden, right? You're going to collect back to you.
Jason Rigby (01:33):
You're asking and somebody giving.
Alexander McCaig (01:35):
You're asking, someone's giving. And you're going to honestly recoup from that spend.
Jason Rigby (01:41):
Right.
Alexander McCaig (01:41):
That costs spend much faster than an individual would. That's our philosophical approach we're taking. So when you go to institute a bid on TARTLE, when you're going to make a payment, okay. 100% of that bid value is going to go towards the buyer. Okay. So say I'm going to buy a piece of data for a dollar. You spend that dollar on the person, and then you also pay a 5% fee that comes to TARTLE. So we collect five cents on that dollar. So you pay a dollar and five cents to buy a piece of information. That's the cost structure. Simple, not difficult.
Jason Rigby (02:16):
Wow. Okay. We're done. Thanks guys.
Alexander McCaig (02:18):
Bye, see you later.
Jason Rigby (02:20):
Hopefully I answered that frequently asked question.
Alexander McCaig (02:21):
Yeah, there you go. That's how it works. And then people want to know, what's the range of data in terms of data values. So we got some examples on there.
Jason Rigby (02:30):
Yeah. No, I like this. You have healthcare data is de-identified for a medical record, typically moves around the range and there's different ranges dollar-wise. When the record is published to the marketplace, the costs raises to a maximum of 10X the value. So explain that, 10X the value. So let's just say a hundred dollars.
Alexander McCaig (02:49):
We've had conversations with pharmaceutical firms that purchase deidentified data and they say this data is frankly useless because it doesn't have any identifiable markers for us. So they're like crap, we've paid $1-$200 per record of our R and D budget and information that got us nowhere. And so what they've said is that, and what they've shown is that there's a 10 times value increase when you have the identifiable markers. So you can do the math. I don't have to shout it out. And if you add other special stuff on top of a health record.
Jason Rigby (03:22):
DNA.
Alexander McCaig (03:24):
DNA. That bumps it closer up, that's another grand worth of stuff.
Jason Rigby (03:28):
Right, yeah. Well, let's go really simple, a Facebook profile.
Alexander McCaig (03:33):
Facebook profile a lot of that, information's inherently public, so it's not going to really have a lot of value. If I'm coming in to buy that information and I'm not your friend, but I want to know everything you're doing on Facebook, okay, then I'll come in and to pay for that. Not adding you as a friend and figuring out what's going on and really seeing it in the back end of how you operate. That didn't sound right. When I say backend, I'm talking about on the servers, how they record the info.
Jason Rigby (04:03):
Yeah. Not us literally trying to go around something being dishonest.
Alexander McCaig (04:09):
So, that's going to carry a lower cost and we've seen that, some Facebook data is, that goes for about a dollar.
Jason Rigby (04:15):
Right. Yeah. Yeah. It's all how labor-intensive is too.
Alexander McCaig (04:21):
There's a lot, there's interesting, there's pieces that go into creating a data packet. So we have the ability for sellers to tie in the systems they use on the backend through APIs. These programmable interfaces are things that automatically pulling down and filling in data for them automatically. And then, that's a low labor cost, but it could be high value. So we have to look at what's the granularity of the volume and the identifiable markers in an automatic process. And then on top of that, you also have the ability to run something that's more manually intensive for the people, literally asking the questions, going through survey formats, scaling, whatever it might be, and that requires work.
Jason Rigby (04:57):
Right.
Alexander McCaig (04:58):
And so the depth of that work the amount of time is it combined with data that's being pulled down from APIs? You as a buyer need to think about how that data packet is actually put together so that you can say, "Okay, I see what the perceived value is. Now. I want to bid on that value." And if I'm really unsure, there's market prices that you can look at. If you were, stocks are trending, okay, Bitcoin's at 40,000. You'll know what the other part of the market is buying that data at.
Jason Rigby (05:25):
Yeah. And so we'll use an obtuse example if you don't mind.
Alexander McCaig (05:30):
An obtuse example.
Jason Rigby (05:30):
I was talking with someone last night and she was talking about symphonies and we were going to that because she plays instrument and we were going into how many symphonies there is in the United States and how many are in the world and different composers and people making new music and just incredible. There's incredible amounts of people making classical music right now.
Alexander McCaig (05:52):
Yeah.
Jason Rigby (05:53):
And shout out to those that, there was a lot of them that did you special pieces for Charleston and what went on there and all that. So question I was asking her was, and this is where I want to talk to when we get into multi purchase studies. I was like, "How often do these symphonies communicate to their subscribers?"
Jason Rigby (06:13):
Because there's people that are paying, because basically what happened was I used to go see [inaudible 00:06:18] symphony all the time and you would just pay, I'd pay for a six concert or an eight concert, one payment, or they would break it up and payments or whatever. But I didn't really, I expected to get tickets in the mail and that was about it.
Alexander McCaig (06:31):
Yeah.
Jason Rigby (06:32):
But what if you could communicate with that person at a higher level? What if you wanted to do, or maybe you're a health or whatever, but a multi purchase study?
Alexander McCaig (06:41):
Yeah. If I want to go deeper, the marketplace offers two options for how you go to facilitate a study or purchasing data. I can come in as a buyer and say, "I only need this information once. That's all I need." But to other people, for our other buyers, they have an incentive where I need to continue to study this group of people for a specific length of time. So what we do is we stitch together that bidding process that you'd find in the single bid format. And we say, "Okay, how long do you want to do it? For what volume of people and what frequency?"
Alexander McCaig (07:14):
And so you can choose how that buying purchase goes. So if I want to do a six month study, a one-year, five-year on a group of people I can choose to do that. So then my relationship with them is extended for quite a huge body of time. And I can really start to get to know the data and who that individual really is. I can do a lengthy study depending on my choice and where I'm going to say, "Okay, that's enough data for me."
Jason Rigby (07:38):
Yeah. And I think, I mean, using a symphony, as an example, if you'd had a group of people of your subscribers and you ask them, "Did you actually go to all of these shows? Did you go to all six of them?" Okay. Now we've eliminated something. Okay. Now, "What shows did you appreciate the most? What spoke to you the most? What pieces? What are some things that we did, we mixed this up and did this, this and this. We had a movie night where we played Star Wars soundtracks, did you bring kids to it?" I mean, there's so many different things and variations.
Alexander McCaig (08:08):
And you can try and solve for an unknown once, or you can constantly try and solve for the unknown.
Jason Rigby (08:14):
Yeah that's what I was getting at.
Alexander McCaig (08:15):
Which will deductively over time, refine you down to what the real answer is. That's, what's cool about it. And the system has that flexibility for you as a buyer.
Jason Rigby (08:24):
Yeah. And even through that, you can have those people donate back to you.
Alexander McCaig (08:28):
Yeah. Here's the best part, you spent the money, buying the data, they can choose as a seller to actually donate right back to you because it's a cause they care about.
Jason Rigby (08:37):
Yes, exactly.
Alexander McCaig (08:38):
It's just a great cycle that is right here. And it's so beneficial for everybody.
Jason Rigby (08:43):
Yeah. I mean, if you own a foundation or something like that, and you want to speak to your people and you want to use TARTLE.
Alexander McCaig (08:48):
Or if you want to expand your foundation.
Jason Rigby (08:50):
Yes. Yeah, exactly.
Alexander McCaig (08:52):
It can all be done here.
Jason Rigby (08:53):
Yep. It's very simple to do we'd to be able to have a conversation with you. You can go to TARTLE, T-A-R-T-L-E.co. Dot CO, not com.
Alexander McCaig (09:01):
We don't need the extra M, it's a waste of time.
Jason Rigby (09:03):
Yeah. The less words is better.
Alexander McCaig (09:05):
Yeah.
Jason Rigby (09:05):
And you can sign up. There's a little button on the top. Very simple to do. You can sign up for free and there's no subscription model.
Alexander McCaig (09:13):
No subscription model, nothing. You only pay for data when you want to pay for it.
Jason Rigby (09:17):
And we'd love to have you kind of go to YouTube, subscribe to our channel, look at the other buyer videos. We have a playlist that's available for you and you can watch the other ones. And if you do have any questions you can contact@tartle.co, right?
Alexander McCaig (09:34):
Yep.
Jason Rigby (09:34):
Is our email.
Alexander McCaig (09:35):
Or you can do podcasts@tartle.co. As you listened to it on here. And we'd more than happy to answer it. We answer it for our sellers all day long. And there's a larger volume of them than there are you.
Jason Rigby (09:45):
In fact, if you send us a question at podcast@turtle.co, we will address it on the show.
Alexander McCaig (09:52):
Yeah.
Jason Rigby (09:52):
We'll just add it to another-
Alexander McCaig (09:54):
We'll make a show out of your question.
Jason Rigby (09:56):
Yeah. I mean, we'll just do more, frequently asked questions.
Alexander McCaig (09:58):
No harm, no foul. We're all about educating.
Jason Rigby (09:59):
Yeah. So it's podcast@tartle.com.
Alexander McCaig (10:01):
All right. Thanks everybody.
Speaker 1 (10:10):
Thank you for listening to TARTLE cast with your hosts Alexander McCaig and Jason Rigby, where humanity steps into the future and source data defines the path. What's your data worth?
