Over the past decade, Data Monetization has become a hot topic and a key strategy for many organizations to enhance current revenue streams or develop new revenue streams. With the growing interest in the topic, there has been a significant amount of confusion over what is Data Monetization. Questions like what strategies should be given further investment or evaluation? Can we even identify the opportunities? At Trianz, our Data Monetization team practices some basic tenents that can be used to guide you towards maximize your revenue.
Let’s look at some questions that one can ask to further clarify your Data Monetization strategy.
What could possibly work and what has worked that can be repeated?
It’s not always necessary to create a new or widely innovative strategy. Learn and emulate what has worked in the past and think beyond the proven strategy to ask what else could be added or modified to enhance the value.
How can we provide value, knowledge and insights versus just data? Even when selling raw data.
In many instances the upside of monetizing data is not realized unless it is applied to a particular use case. Raw data in most cases has the lowest value of external data monetization strategies, but with the right packaging and guidance can be invaluable in the right circumstances. At Trianz, our Analytics practice has a wide experience over multiple industries and can help you identify those right circumstances and help you to plan your enhancements.
Which methods, standards, and consulting should we include in our offering?
The most lucrative Data Monetization strategies occur when it’s accompanied by guidance on:
- How to use the data most effectively.
- What the limits and capability of the data are within a business model.
- How can one provide interpretive consulting along with the data.
Many organizations that are potential customers of your Data Monetization strategy will be hesitant to purchase unless they have a roadmap to understand clearly how to apply the data and how the data specifically applies to them within their business process and model. At Trianz, we can help you package your data into a Snowflake Data Sharehouse or help you develop Looker Blocks for better visualizations, increasing your data’s value with ready made analytics.
Does your data solve a problem or provide an insight that’s not easy to imitate? Is it truly unique in some way?
When we assess the value of your data we consider a number of questions:
- Is the data unique and hard for others to imitate?
- Is the data in consideration a commodity data set?
- Is it easy to replicate?
- Are there other barriers to entry to prevent competitors from generating similar data and taking market share?
There are several dimensions to finding or even creating data that is unique and hard for others to duplicate. During our Data Monetization engagements at Trianz, we help you to:
- Examine your business model and dissect what data collection and data transformation capabilities you have that others don’t.
- Assess how this data on its own or combined with other data, provides value that potential competitors can’t emulate.
- Identify non-core data points you are gathering that may fill an intelligence gap in the marketplace.
- Apply possible machine learning data model on your collected data.
- Apply a proprietary index or ranking to your aggregated data.
What’s the easiest way to get the data into the market place?
Many of the most successful Data Monetization strategies are not full-blown subscription model applications. In fact, most data consumers would rather purchase data than to take on another subscription.
How do we stay market focused and not product focused?
Monetization product(s) should flow from a rigorous market analysis of the candidate concepts developed in an ideation process. The product formation is the last thing to happen, not the first. At Trianz we focus on those ideas that the research says might be a 10x opportunity. Our methodology will have you filling-up the funnel with many candidate concepts and then doing many levels of market analysis. Research will help tweak your ideas, so you focus on the market opportunity and not refactoring your products.
Do you have the right team composition and leadership?
Without a varied team across many competencies, bringing a new product to market can be challenging. You’ll want input from all types and levels within your organization as concepts are formed, evaluated, research and tested. Instead of single-threading your efforts you want your team to have competencies over all areas of ideation, business acumen, and marketing. No two monetization concepts are the same and it takes a team of individuals who are familiar with product ideation, innovation and development working across all levels of the organization to be successful.
If you’re thinking of pursuing a Data Monetization program, contact us at firstname.lastname@example.org.
If you want to find out more about how are partners gather data in new and interesting ways, as well as how Trianz can help you monetize your data, please attend our webinar with Datalytyx on July 23rd at 11:00 am – 12:00 EST.
Vice President of Analytics
With almost three decades in the data and analytics field, John has led programs and worked with a wide variety of customers in all types of data-centric projects.