Having access to timely and relevant data informs decision-making and growth strategies for businesses across all industries. Today, thousands of companies are sitting on a veritable goldmine of invaluable data assets, and they are trying to figure out how they can monetize their data as a form of extra revenue source.
With the global data monetization market topping $6 billion by 2025, the benefits of having a successful data monetization strategy are just too great to ignore. Data monetization increases the value of data, helps create partnerships, strengthens customer loyalty, and boosts revenue streams.
But how do you get started? Many companies list their data on popular data exchanges like AWS or Snowflake. Companies can group all of their data from disparate sources on these exchanges. And the exchange can help to reduce data latency and data discrepancies.
But even if your data is out there on these exchanges, how will potential customers find your data?
Simply listing your company’s data on a data exchange won’t guarantee its success or bring in new revenue. Like any other product, marketing is integral for a successful data monetization strategy.
Very few products have ever become successful without the benefits of marketing, and data businesses are no different.
First Steps to Monetizing Your Data
Innovative companies should strive towards monetizing data. But they shouldn’t just focus on selling data to the highest bidder on a third-party selling form.
Before you can actively market your data, take internal steps to accurately organize your datasets. The quality of your datasets is important for a company looking to drive additional revenue streams. Once this is accomplished, your data can be used more effectively externally and internally as well.
Your company can monetize data directly (ie. sell data through a financial transaction) or indirectly (through the increased value of the assets).
Some examples of indirect data monetization are:
- Improving new prospects and new markets;
- Enhancing customer service and customer loyalty;
- Boosting supply chain productivity and marketing programs;
- Improving safety, and
- Lowering expenses like theft, waste, and fraud.
Bringing top value to your data can lead to new relationships with other industry partners, help increase your revenue, and create other relevant information insights.
Think e-Commerce When it Comes to Selling Data
If potential customers can’t find your data, it’s likely your business will have a hard time selling your data products. Your go-to-market strategy should be more comparable to an e-commerce business than a traditional, high-touch B2B sales approach.
Data ‘product pages’ appear at the top of customers’ search results, from a combination of maximizing keywords and SEO tactics. This results in potential customers finding data products that are most relevant to their needs.
I believe that a company’s data and information assets have so much more value than just the sale price, and that’s a huge, missed opportunity. Your data deserves to be branded and marketed, just like with any product. It’s time to let technology help your data get found.
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ABOUT THE AUTHOR
Nick Jordan, founder and CEO of Narrative.io
Nick Jordan is the founder and CEO of Narrative.io, the data streaming platform that makes it easy to buy, sell, and win. He previously worked with Tapad, Adobe, Demdex, and Yahoo!.