As you begin to explore data monetization for your organization, you may have asked yourself these questions:
1. What type of data should I monetize?
2. How do I productize my data?
3. What price should I charge?
4. How can I deliver my data products to customers?
This post is part of a four-part series on how to bring your data product to market with an effective go-to-market strategy. Download your copy of the free e-book Visionary Leader’s Guide to Data Monetization to read it in full.
An effective go-to-market strategy comprises five steps, namely, identifying high-value data assets, structuring your data product, pricing, marketing and delivering your product. With an optimum strategy in place, your organization can easily create data products for commercialization and benefit from new revenue streams.
Identifying high-value data assets
Data monetization begins with determining if the data that you have is of any value to consumers. Raw data is often the most valuable as it allows consumers to perform their own processing on it. However, for consumers who are simply looking for insights, smaller datasets that focus on specific topics of interest would be more valuable to them.
To identify high-value data assets, your organization can take two approaches. The first approach is to talk to potential buyers to determine the type of data that they require. By gathering feedback from potential buyers, you will have first-hand information on what type of data products are in demand.
The second approach is to test the market directly by offering what you think is the best data product for your prospective consumers. Although this approach allows you to launch your data product quickly, it carries significant risk if you do not have a good understanding of the market demand.
If your competitors are offering similar datasets or if there are alternative datasets that could be used as a substitute for yours, the demand for your data product may be affected. Consider how you can differentiate your data product from those of your competitors in order to increase your competitive advantage in the market.
To learn more about how you can identify high-value data assets within your organization, download your copy of the free e-book Visionary Leader’s Guide to Data Monetization today.
Stay tuned for industry best practices when structuring your data product for sale in part 2 of this series.