Interview with Christopher Miglino
Our technology unlocks data to reveal brands and content owners’ core consumers and their characteristics across marketing channels. By integrating all aspects of the advertising experience, including verified consumer participation, we deliver a digital competitive advantage for brands in the healthcare, CPG, automotive, sports and lifestyle verticals. Through our blockchain identification graph technology, the BIG platform, we are also developing a consumer-powered data marketplace where people will own and sell their data thereby providing everyone in the Internet ecosystem transparency, choice and compensation. Check out SRAX here
Hi Christopher! Could you please introduce your work with SRAX and tell us a bit more about what led to your co-founding the company?
Hi! How you doing? I'm Chris McGlynn the founder of SRAX and also CEO of SRAX we are a company that helps aggregate different types of data and then take that data and help marketers use it to better reach their audiences. We also own a platform that allows consumers to own all of their own data and get compensated for their data. So one of the big challenges that consumers are facing today is that Google, Facebook and lots of other big providers are taking data from consumers and not compensating them for that data. So we created a platform called Big Token which you can get in the App Store and the Play store and you can sign up to have all of your data in one centralized location and you'll get compensated whenever anybody wants to try to access that data for you. So that's SRAX. And we started the company around 10 years ago focused on aggregating different types of data. And you know we've always been in the Internet business of one form or fashion or another. And this is just something that we've evolved to over the years and now we think we're providing a solution for consumers that is very valuable and something that consumers are very interested in at this point.
Who have been some of the biggest clients and partners of SRAX thus far?
Some of our biggest clients within SRAX have been large package good companies. So companies that sell their products at big box retailers such as Wal-Mart, Target and places like that. So we have a variety of customers that do that we help them do online to offline attribution so consumers see the ads on the Internet. And then we can help determine if the consumers go into a store and make a purchase of those products. And we've done that by a variety of different data integrations. On the Investor side we have a product called SHRAX IR which our customers are all publicly traded companies. So anybody that's listed on the New York Stock Exchange, the Nasdaq, the OTC, the American exchanges and we help aggregate data about who those customers are. We did that same thing on the social side. We help aggregate data about social media activity. Then within big token are our customers are the consumer people that own their own data and people that are bringing their own data to a platform that allows that data to be sold out into a marketplace. So we've made the transition from being a buyer of that data and understanding how companies were benefiting from consumer data to being a proponent of helping the consumer own that data and monetize that data on their own. So you are our customer and we want to help you monetize all of your all of your data through our big token platform.
You've developed tools and subsidiaries like SRAXauto, SRAXshopper and SRAXmd. What has been the impact of these unique initiatives and how do you measure impact?
We've developed a bunch of different verticals and we've become experts at each of those areas. So within track shopper, like I just mentioned before we have a lot of information about shopper data so consumers that are buying specific products at certain retailers and then engaging those consumers trying to tell if they actually made a purchase of that product. And what happens is- over time you become an expert on identifying really good data sets and our expertise has helped those packaged goods marketers sell those products better in those marketplaces.
An example of something that we've done here is also our SRAX M.D. business which we sold last year in 2018. We had a vertical that was just focused around the pharmaceutical industry and we had all the doctors in the United States aggregated in different verticals so oncologists, cardiologists, neurologists and things of the sort. And we were able to build that business up and we sold that for around 52 million dollars last year to a private equity firm. So our goal with each of these verticals is to create a substantial amount of value within each one. So we have SRAX auto, SRAX shopper, SRAX I.R, Shrax Social and then separate then all of that is are our big token products. We measure the success of each of those on their own pnl's so each business vertical has its own pnl and we're able to see how successful each one of those verticals is doing. And then we aggregate all of the data for each of those subsets so we can say OK how much data are we actually aggregating for this vertical and what might that value be?
What are some of the biggest innovations and tools affecting the world of corporate data analysis?
I think that some of the most innovative things that are happening in data analytics is the advent of A.I. and everything that's happening around A.I. because there is so much data out there for people to look at and to analyze it's just impossible for the human mind to do that on its own. So building the tools that are necessary to identify different pieces of data and looking at trends and analysis of that particular data. Those are the things that we've been really good at building and we think that the industry is benefiting from. Obviously data is very valuable to any company. It helps them accomplish so much and if you can start to look at your customers, your purchase history, what's happening within your organization it can be very beneficial in driving more innovation and helping you close more business in the future. So I think companies like us where we're providing those insights to customers is a really valuable tool and I think that you know going forward that you're going to have two companies that are not analyzing data like that and looking at the their customer sets and all of their data are you will be beat by those companies that are. So I'd encourage everybody that has some form of data to start to look at that information so they can start to figure out how to better market to those people.