Companies have experienced a radical transformation in the wake of digital and technological advancement. Innovation in technology has brought on new and changing consumer demands that have pressured businesses to change how they operate. Companies have never been more challenged to evolve from enhancing customer experience and identifying new opportunities while distinguishing themselves from competition to driving revenue growth and getting new clients.
The good news is, most companies already have what it takes to ride the wave of change to profitability. Some of them are embracing the power of big data monetization to aid in improving service delivery. However, it is still a largely untapped field. Your company data is a vital business asset that you can take advantage of to help you grow into a market leader. We will explore ways you can make the most of it to increase your revenue. Let’s dive in.
Identifying Your Available Sources of Data
If you are in banking or telecommunication and have been running your business for decades, you have information to monetize. The first step is to invest time to identify it, as well as anything else that you may need. You can resort to data monetization companies to take stock of the wasted data and see how everything relates to each other. Their skills can also help you determine how other organizations would benefit from this info. Remember, it needs to be dependable and relevant.
Once you have identified your sources, you now need to organize your information. It needs to be in forms that can be used effectively. You can combine, attribute, connect, and validate it. Here, you can enlist the services of companies skilled in offering data monetization services to arrange it in practical and useful ways for other businesses. Do not limit the data to one format; it can be in XML, Excel, Delimited text files, JSON, among others.
Invest in Research and Analysis
You want to look at the material you have collected to see what benefits it could bring to other organizations — researching the impact of source material you possess is helpful as a selling point to other organizations. Your potential buyers will need to understand the benefit of buying the data. Your advantage could be insights into your customers’ demographics, online behavior, preferences, and interests.
For any company, understanding the information could be valuable for internal data monetization. This can improve logistic decisions. An organization’s maintenance info can also be useful in changing business decisions that can lead to value-added service to customers.
Setting Your Terms and Prices
Now that you have invested and looked at the available data, organized it, and researched it to know what you have to offer, you need to set a competitive price. As you come up with the pricing, you also have to choose the avenues your potential buyers will access your offer. Whether you consider big data monetization in telecoms or utilize it in a small business you have been running for years, you need to reckon for legal and privacy issues. We will discuss privacy in detail after the last point.
For now, let’s talk about pricing. It can be determined by:
- The cost you incurred to create the data
- The value the buyer will derive from it
- The volume you are offering
- Its completeness
- The frequency of collecting the data
- How scarce it is
- How it is organized
- How easy it is to analyze
Packaging the Product
At this point, you can now launch your data monetization business. You can package it into products and market it to your potential clients. It’s also possible to offer additional services such as analytics and real-time updates to the available information. Making it gradable and customizable is helpful in different data sets that can be tailored to your consumers’ needs.
Privacy and Data Monetization
Sadly, data monetization has gained a bad reputation in recent years as companies liaise with advertising agencies to sell their customers’ data. This has raised privacy concerns as users are apprehensive about who can access their personal details and when.
Data monetization in the age of big data doesn’t have to compromise on customer’s trust. It’s possible to generate revenue by selling data without infringing on your customers’ privacy.
One effective way is investing in security. The process can involve tracking various data points anonymously. It’s advisable to ensure your data doesn’t include any identifiable information belonging to your customers, whether you are investing in mobile data monetization, banking, or any other sector. You can also incorporate various methods of securing customer info, such as:
- Encryption – This method keeps the data secure and protected in case it lands in the wrong hands. Data can be encrypted at all times when it’s being sent to another user or accessed by privileged individuals.
- Authorization – You can use authorization to control who has access to data. However, this is a minimal level of protection.
- Masking – With this option, you ensure the data is still useful, but sensitive information remains hidden. You can mask the entire set or keep in its original form but mask whenever necessary.
- Tokenization – It reserves certain elements of the data but replaces the values of the information that you want to stay protected. This method keeps it well secured while giving you the flexibility to decide the fields that can be tokenized.
Data monetization definition is the process through which you can use data to increase your revenue. It can entail utilizing the information internally in your organization to grow your business, spur growth, and improve customer experience. You can also market it to other organizations and gain revenue in the process. To do so, you need to identify the available sources of reliable and relevant info that you can package. Once that is done, organizing the data is a crucial step in your data monetization process. You cannot stop at the organization; you need to invest in research and analysis to see how it will benefit you and other businesses and set the price. Packaging your product helps you look at various products that you can incorporate, such as real-time data analysis and updates.
All in all, your customers’ privacy should always be a priority. You need to look into innovative and creative ways of monetizing the information while fostering trust with your customers. Using safe and secure anonymized data is a good start. Please let us know how data monetization has benefited your company.