Data monetization is the process of using data to increase revenue.
Direct data monetization involves selling direct access to your data to
third parties. You can sell it in raw form, or you can sell it in a form
that’s already transformed into analysis and insights. Typical examples
may be contact lists of potential business prospects or findings that
impact on buyers’ industries and businesses. Indirect data monetization
is where things get interesting. Firstly, there’s data-based
optimization. This involves analyzing your data to reveal insights that
can improve your organization’s business performance. Data can identify
how to reach customers and understand customer behavior so you can drive
your sales. Data can also highlight where and how to save costs, avoid
risk and streamline operations. Secondly, there are data-driven business
models, where you use your data to discover new business opportunities
and customers. You can embed analytics into your products or services,
providing advantages for you and your customers. Customers benefit from
direct access to usage analytics and other data generated by each
product they already use. You benefit from offering this as a value
add-on or as a new tier of service, encouraging customer loyalty. In
turn, you get a better insight into how your customers are using your
products. Without the right data monetization strategies in place, you
risk missing critical insights that could improve your business. With
the necessary strategies in place, you are well equipped to sharpen your
competitive edge.

Patrick Callinan
https://www.linkedin.com/in/patrick-callinan-051b46/

The Data Standard
https://datastandard.io/
https://www.linkedin.com/company/the-data-standard/
https://www.youtube.com/channel/UCTuolowXD05RY9DkIWqRT6Q