Successful Data Monetization Strategy 2021

Category: Business

Successful Data Monetization Strategy 2021 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). Bringing top value to your data by successful data monetization strategy can lead to new relationships with other industry partners, help increase your revenue, and create other relevant information insights. 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. 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. Use technology to sell your data. Opportunities exist for data owners to reach new customers on marketing-driven and branded e-commerce sites, with descriptive, public-facing catalog pages to highlight their valuable assets. 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. He 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. For more such updates, check Out recent Martech Cube Guest blogs.