Today, companies have access to a wide range of highly coveted data about customers, such as their lifetime, browsing habits, consumption habits, interests, etc. According to a study, however, only a few companies monetise their data. If you have evaluated the data and determined that you could potentially monetise it. Find out how to monetise the data.
Identify the sources of available data
You need to determine what you have and what information you need, if any, to make the data equally valuable to the advertiser or to enhance its value. Essentially, this step is about taking stock of the data you have in order to gain the necessary perspective. You should, at this stage, start thinking about how the client could use this data to identify other information you want to collect to make it more marketable. Integrating embedded analytics into the product offering is the effective strategy for monetising data.
Organise the data
In this step, you need to organise the data into a form that is easily usable. Among other things, this requires structuring, allocating, connecting, unifying and validating the data. Your data will, in this part of the process, start to look like the product that potential advertisers will want to buy. This is an area where the data management platform, or DMP, and other services will be particularly useful. The DMP will also allow you to gather all the data in one place, count it, segment it, prepare it and organise it for transfer and analysis.
Performing analysis and research
You will then need to analyse the data to identify its potential. Many factors are important, such as the freshness, volume and reliability of your data. When you start selling the data, you will communicate these benefits to buyers to help them understand the interest and potential and to increase the performance of future customers. These benefits could include information on customer demographics, online behaviours, preferences, interests as well as volume, reliability of collection source, etc. Also, you will need to take into account the various legal constraints that are linked to this data, especially when it comes to personal data. The traceability of people’s consent to use the data for the said purpose is, in fact, essential. However, this will only accentuate the qualitative aspect of the valuable data. In addition, it is also necessary to set prices and conditions.