"Data Monetization" is a term you might have heard a lot lately. But what does it really mean for you and your business? There is gold in your data, but how can you extract it to gain all its benefits without adding resource burdens on your business? We collected the main approaches successful companies are using to give you inspiration and insight into how you can use data you already have to improve efficiencies, create new revenue streams or increase value and hence your wallet share from your current customer base.
It is not always about the big, earth shaking decisions. What if we can empower our employees to choose better paths in incremental fashion? Which ad to place in an available space? How to utilize remaining capacity on a shipment? Those items may each mean just $50.00, or $1,000.00. But people can be easily making 50 decisions like that per day.
You can leverage data you already have to allow your customers to improve their decision-making and receive
additional value from your “core” product. The popular support management platform Zendesk used their Insights product to incentivize customers to upgrade to higher tiers. The firms Coupa and Vancouver-based PayByPhone sell analytics as a separate line item.
Are your customers using your core product in the way that benefits them most? Unfortunately, they often don’t know what they don’t know. Think Amazon’s “people who bought this item also purchased” but translated to the actions people take with your product. Firehouse Subs, in their award winning “Station Pulse” application provides franchisees with a detailed scorecard that compares their operation to their peers across key metrics.
Machines can find interdependencies, understand or generate text or speech, predict the future, recommend an action. All that wizardry can be used as a force multiplier for any of the approaches mentioned above.
Want to learn more about how we can help find gold in your data? Get your free copy of our Elements of a Successful Data Product white paper.
The Keboola Team