We know, we know. We usually come up with some sort of snazzy title for our blog posts, but this one needs to be straightforward and to the point. Why? Because the point we’re trying to make is equally so. And that is just because you have data doesn’t mean it’s making you money.
We’ve gone on and on about some of the concrete uses of data, but we’ve never broken things down into simple pounds and pence. However, it’s high time we do so because like it or lump it, if you’re sat on a pile of data (which you probably do considering 37% of companies are now using some kind of data analytics) you’re going to have to put in a little effort to make it work for you.
This isn’t about selling the data you have. It’s about using it efficiently to incentivise customers and future customers to make a purchase…
This isn’t about selling the data you have. It’s about using it efficiently to incentivise customers and future customers to make a purchase from you, which you can do in some very interesting ways. The best way to get your data monetisation hat on is to think: what data would most impact sales performance?
First, think data velocity. You have tons of data swirling around about people who are using your site and interacting with your company online. Can you segment a few types of data and really narrow in on a prospect or customer at the right time? For instance, e-commerce companies could use shopping cart history to retarget those who haven’t checked out on various other websites, via email and, if applicable, on your mobile app.
Next, think fusion. Data works most efficiently when you combine various data sets to complement one another. ITV monetises its data through data fusion. Since it needs to pay third-parties for bandwidth to stream its videos, it serves customers with advertising. All throughout a customers’ experience online, ITV collects data such as how long the customer is on the site, watching and browsing behaviour, key times they customer is online, etc. It then uses this data to understand more about how to create compelling content for customers. It therefore is able to boost its dwell time and customer base, which is justification for higher advertising rates.
Data works most efficiently when you combine various data sets to complement one another.
Finally, open data can be combined with the data you collect on your users to make it even more effective. You’re probably thinking that the last thing you need is more data, but some things can help put a personalised cherry on top of the proverbial customer cake. For instance, you could hire a third-party company to cross reference your list with other databases to find the competitors your customers use.
Every company today has a role to play in the data game. Some companies consume data. Others aggregate it. And others still, like Mojn, create new data products. It may not be your prerogative to be a creator, too, but you’ll want to use the data you’re collecting or consuming to the best of its ability to produce leads and convert those leads to sales.
How do you monetise your data?