‘It can be tough to choose which data sets will be the most appealing to customers’ according to CITO Research.
To make sure you’re picking the ones that will make you the most money, follow this step-by-step approach to data monetization. First, consider what your customers need and how you can serve them. Then, look for ways to create new revenue streams based on that information. By following these steps, you’ll be able to maximize your earnings potential:
STEP1. Identify valuable data
Business Intelligence, or BI, is all the rage these days. It’s the process of collecting information and using it to be more effective at all your day-to-day practices, and it’s a great way to improve all areas of your business. There are a few ways to collect business data. You can do it yourself by going through the painstaking process of gathering reports, compiling them into a spreadsheet, and then doing all the math yourself, or you can pay someone to do all the work for you. If you choose the latter option, you’ll likely be on the hunt for a business intelligence agency. If you’re not sure what you need yet, you can contact a business intelligence agency and have them do a data audit for you, which will allow you to get a better idea of what you need. If you already have a good idea of what you need, you can have them just get started on the project right away.
STEP2. Organize and clean the data
The data is the reason why your BI tool is so important. If you want to make the best out of it, your data must be organized and clean. The cleanliness of your data can decide the value of your BI tool. The best way to organize your data is by implementing a rigid data management strategy.
STEP3. Develop a monetization strategy
Developing a monetization strategy for your business data is one of the most important steps in your business intelligence project. The monetization strategy is designed to identify potential areas of revenue and profit for your business by using BI tools. This is the first step in your data monetization process and can be seen as an opportunity to map out your data strategy.
STEP4. Identify valuable data Add self-service or extensibility
You may not realize how valuable your data is until you see others using it. Based on the free content you offer, customers will begin to ask for additional perspectives, and angles, and may request white labelling or on-brand customization to create a cohesive experience for their own users. Your answer should be “Yes, for a fee.” Furthermore, this is where self-service analytics becomes an invaluable solution. By giving your customers the ability to create and customize their own dashboards, you increase analytics adoption and empower end-users to make more informed decisions – which positively impacts both their business and yours.
STEP5. Utilize the data to create personalized experiences for customers
The more specific and personalized you can make your analytics, the better. Consider mixing in external data sources like geodata, address enhancement, machine, weather, demographic, or business data to enrich the data you already have. This will give your customers a more customized experience that they can control themselves.
STEP6. Continuously gather feedback from customers and incorporate their insights and preferences
Your customers are always requesting new types of analytics, whether it’s for churn analysis, internal activity reports, or longer views of historical information. As a result, you’ll get ideas for additional data products. it can be an indication that they are looking for more specific insights or information that can help them make better business decisions. For example, if a customer requests a churn analysis, it could mean they want to understand why customers are leaving and how to retain them. Similarly, if a customer requests internal activity reports, it could mean they want to monitor the performance of their employees or teams. By listening to these requests, you can gain valuable insights into your customers’ needs and use this information to develop new data products that align with those needs. Additionally, by providing longer views of historical information, you can help customers gain a better understanding of trends and patterns over time, which can be used to make predictions and plan for the future.
STEP7. Create reports and dashboards
Use the insights gained from data analysis to create visually appealing reports and dashboards that can be shared with stakeholders.
Conclusion: In our opinion, any business that collects data will be able to benefit from Business Intelligence (BI). This is because BI allows you to take your data and turn it into information that you can then use to make better business decisions. If you are looking for a way to monetize your business data, BI is for you. You can use BI to improve your business in several ways. You can improve employee productivity, you can optimize your business processes, and you can improve the customer experience. If you are interested in finding out more about how to monetize your business data, we invite you to contact us at email@example.com. We would be happy to discuss how you can apply BI to your business.