Successful Data Monetization Strategy
Nick Jordan, founder and CEO of Narrative talks about customer loyalty and other factors in data monetization. He underlines ecommerce as a pillar for potential customers to find businesses. Having access to timely and relevant data informs decision-making and growth strategies for businesses across all industries. Like any other product, marketing is integral for a successful data monetization strategy.
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. Very few products have ever become successful without the benefits of marketing, and data businesses are no different. 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.
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.
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